Bitcoin Is Not Banned In India: Finance Minister

The union finance minister of India, Anurag Singh Thakur is in the latest cryptocurrency news for a statement in which he said that holding or trading cryptocurrencies like Bitcoin is not banned in the country.

As Thakur told the upper house of the Indian parliament, the issues of permitting the trading of/in cryptocurrencies remains under full examination of a government-appointed interministerial committee.

Thakur also 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. Nonetheless, only a final report from the committee could shed light on the final status of such nascent asset class.

His statement showing that Bitcoin is not banned in India was all over the altcoin news too and read:

“Presently, there is no separate law for dealing with issues relating to cryptocurrencies. 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.”

The response also followed Bloomberg Quint’s coverage which was based on an alleged crypto ban draft which mentioned that the government of India would sentence crypto traders with a ten year jail time. However, the Finance Minister Thakur said that Bitcoin is not banned in the country.
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Also, a New Delhi-based lawyer named Varun Sethi this week shared a leaked page from the same draft which clarified that the Indian government was planning a crackdown on crypto traders.

“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,” he said in the document which was shared on many best cryptocurrency news sites.

The reply about the question of whether Bitcoin s banned or Bitcoin is not banned comes ahead of the next Supreme Court hearing of the so-called Crypto vs. RBI on July 23.