RATE Group | Bitcoin Not Banned in India, Finance Minister Tells Parliament
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Bitcoin Not Banned in India, Finance Minister Tells Parliament

21 Jul Bitcoin Not Banned in India, Finance Minister Tells Parliament

Posted at 02:47h in Bitcoin News by

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Holding or trading cryptocurrencies like bitcoin is not banned in India, union minister Anurag Singh Thakur told the upper house of Indian parliament.

The Minister of State to Ministry of Finance said the issues of permitting the trading of/in cryptocurrencies remains under examination of a government-appointed interministerial committee. He stressed that the Reserve Bank of India and the Ministry of Finance had issued a string of circulars and notices regarding the use of bitcoin and other similar coins. Nevertheless, only a final report from the committee could shed more light on the final status of such nascent asset class.

“Presently, there is no separate law for dealing with issues relating to cryptocurrencies,” wrore Thakur in his response. “Hence, all concerned Departments and law enforcement agencies, such as RBI, Enforcement Directorate and Income Tax authorities, etc. take action as per the relevant existing laws.”

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