India: Cryptocurrencies are not prohibited in India, says MoS for Finance and Corporate Affairs

  • 19 July 2019, Friday, 12:10

The Indian cryptoverse lacks clarity on the government’s take on cryptocurrencies, after another alleged draft of the cryptocurrency bill circulated on social media. However, the community remained in good spirits and finally, found some relief after the Minister of State for Finance and Corporate Affairs, Anurag Singh Thakur, responded to a few questions in Parliament.

According to CoinCrunch, the MoS for Finance was asked whether cryptocurrencies in India are prohibited, to which the Minister said, “No.” Even though this seems like the bare minimum of a reply, it is a breath of fresh air for crypto-enthusiasts in the country who are being suffocated under the smog of negativity regarding cryptocurrencies.

Thakur was asked several questions regarding the status of cryptos in the country in the Rajya Sabha, the upper house of the bicameral Parliament of India. Thakur said that the Government had taken notice of the prevalence of cryptocurrencies in India, and that they have set up an Inter-Ministerial Committee [IMC] to look into it.

There was another major question regarding the penal clauses associated with trading cryptocurrencies, to which Thakur said that there are no separate laws for dealing with cryptos currently.

Even though this statement provided relief to people operating in crypto, the government will have to formulate more concrete regulations or at least clarify the status of digital assets in India, for users to avoid jail time for merely holding any crypto.

AMBCrypto did reach out to MoS Anurag Singh Thakur. However, he wasn’t available for comments.