Answering the question concerning clarifying the state`s position about cryptocurrency, Anurag Thakur, the minister of finance and corporate affairs of India, rejected the assumption that all cryptocurrencies in the country are forbidden.
These comments contradict the content of a presumed bill, which this week has appeared on the Internet. The bill opens the plan of complete cryptocurrencies ban and a penalty in form of a fine and/or jail time for their usage. Apparently, the document, posted on the Internet by a local lawyer, served as a base for questions to Thakur, who, in his turn, didn`t directly refer to its content.
“Taking note of the question of cryptocurrency regulation, the government has established Inter-Ministerial committee chaired by the secretary, which will present a report to the government”, – he said.
Investment resource has learned that, existing Indian laws are applied to cryptocurrencies, until the government is developing specialized regulation.
“Today there is no individual law for solving issues connected with cryptocurrencies. This means that all interested ministries and law enforcement agencies, such as Central Bank, Law Enforcement Administration, Tax Service etc. take measures in accordance with applicable legislation”, – Thakur confirmed. “The same way, police and courts take actions concerning crimes bound to cryptocurrencies. Besides, considering cryptrocurrency risks, CB and government issue recommendations, press releases and circulars for public.”
After appearance of the bill about cryptocurrency ban famous cryptocurrency enthusiast, venture investor Tim Draper made a sharp criticism of the government of India. In particular, he claimed that “Indian authority is miserable and corrupt.”
Due to the lack of regulation, the problem of a ban on banking services to cryptocurrency companies initiated by the Central Bank of the country is still not resolved. What is more, recently Facebook declared that it would not launch Libra in India because of regulatory issues.