Rumors Busted! Finance Minister Tells Parliament, Bitcoin Not Banned in India!

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

The Minister of State to Ministry of Finance said, issues and concerns relating to Crypto currency is still under radar and investigation of a government-appointed inter ministerial 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.

As of now it’s cleared that Bitcoin is not banned in India! 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.”

Thakur went on stating “It is difficult to state a specific timeline to come up with clear recommendations. The Inter-Ministerial Committee (IMC) under the Chairmanship of Secretary, Department of Economic Affairs is examining all issues, including the pros and cons of the introduction of an official digital currency in India. No decision on licensing and authorising any entity or company to operate such schemes or deal with Bitcoins or any virtual currency has been made as yet.”