Indian Finance Minister: “cryptocurrencies are NOT banned in the country”

Indian Finance Minister: “cryptocurrencies are NOT banned in the country”19.07.2019

Indian Finance Minister: “cryptocurrencies are NOT banned in the country”

Bitcoin will remain legal in India while legislators are working on regulation, an official spokesman for the government said.

When asked about clarifying the state’s views on cryptocurrencies, Anurag Thakur, Minister of Finance and Corporate Affairs of India, rejected the assumption that all cryptocurrencies are banned in the country.

These comments contradict the content of the alleged bill that appeared online this week. It sets out plans for a complete ban on cryptocurrencies and the punishment of a fine and / or imprisonment for their use. The document, posted on the Internet by a local lawyer, apparently served as the basis for questions to Thakur, who did not directly refer to its content.

“Taking into account the issue of regulating cryptocurrencies, the government has established an Interagency Committee, chaired by a secretary, who will report to the government,” he said.

In addition, Thakur noted that existing laws apply to cryptocurrencies while the government is developing special regulation.

“Now there is no separate law to resolve issues related to cryptocurrencies. Therefore, all interested ministries and law enforcement agencies, such as the Central Bank, the Law Enforcement Administration, the Tax Service, etc., take measures in accordance with the current legislation, ”he confirmed. “Likewise, the police and courts are taking action against crimes related to cryptocurrencies. In addition, given the risks of cryptocurrencies, the government and the Central Bank issue recommendations, press releases and circulars to the public. ”

After the bill banning cryptocurrencies, a well-known cryptocurrency enthusiast, venture investor Tim Draper, sharply criticized the Indian government. In particular, he stated that "the government of India is miserable and corrupt."

Due to the lack of regulation, the issue of the ban on banking services of cryptocurrency companies initiated by the country's Central Bank is still not resolved, and the other day Facebook announced that it would not launch Libra cryptocurrency in India due to regulatory problems.

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