Has the government banned cryptocurrency? That’s the question Telangana Rashtra Samithi Rajya Sabha MP from Nizamabad, Dharmapuri Srinivas requested in the Rajya Sabha. He questioned,”Whether the government has taken notice about the prevalence of cryptocurrency from the country and if any action is being taken against the people who are responsible for running the cryptocurrency on the marketplace?” “Further, in light of the risks and risks connected with cryptocurrencies, authorities and RBI have been devoting advisories, press releases and circulars to the general public,” Thakur added. However, in his July 16 statement, Thakur said the IMC has submitted its report. This indicates that a report has been submitted between July 8 and July 16. However, when consulted a section of economic affairs senior official informed Inc42,”No report was submitted by the Inter-Ministerial Committee between the said deadline”
Can MoS Finance Mislead The Parliament?
The draft cryptocurrency regulations charge 2019, if true, shows that the government recommends a complete ban. The government has not introduced the draft in parliament or in people so it might be contemplating further modifications. Crucially, Thakur had stated,”it is hard to say a specific timeline to come up with clear recommendations”
The IMC has submitted the report on the authorities.” Revisiting another announcement from Thakur on July 8, it’s apparent that the report was not close to being filed.
Reacting to S Gnanathiraviam DMK MP out of Tirunelveli in Lok Sabha, Thakur had asserted the IMC with representation from MeitY, RBI, SEBI and CBDT is still working to develop a framework for regulating cryptocurrencies. Thakur added the IMC is examining all issues involving the advantages and disadvantages of the introduction of a official electronic money in India, stating that”the section is pursuing the matter with due caution.” “Presently, there is no separate law for managing issues concerning cryptocurrencies,” Thakur went and added on to state that concerned government departments and law enforcement agencies, such as RBI, enforcement directorate and earnings tax governments take action according to the applicable existing laws. So, the government has not prohibited cryptocurrency in India.
The DEA official had earlier told Inc42 that report was actually submitted in April 2019. The Indian government has time and again clarified that it does not reevaluate cryptocurrencies as legal tender, got the central bank to pub trading through any way, also has gone to predict them Ponzi schemes. Whatever be the reason, this doesn’t be clarified by the answer of Thakur, and if anything it gives hope. However, the confusion concerning the destiny of cryptocurrency has not cleared. Minister of state for fund Anurag Thakur had stated’No.’