Ministry of Finance Currently Declares Crypto is Not Banned in India Yet

In Rajya Sabha-Upper house of parliament, Ministry of Finance Anurag Singh Thakur responded "No" to the question what government has banned Crypto in India asked by the Minister of State.

This last week has been a puzzling period for the <a href="https://www.cryptoknowmics.com/crypto/bitcoin-bullish-despite-fud-india-to-ban-cryptocurrency-crypto-news/">Crypto</a> community of India that began when the alleged bill was proposed for banning <a href="https://www.cryptoknowmics.com/crypto/the-u-s-secretarys-warning-of-cryptocurrencies-comes-with-one-positive-take-away/">Cryptocurrencies</a>.

Now, <a href="https://www.coindesk.com/another-indian-crypto-exchange-shuts-down-blaming-banking-ban">Indian Crypto</a> community can breathe with calm after hearing the answer that the ministry of finance has publically declares cryptocurrency is not prohibited in India yet. Anurag Singh Thakur, in the response of some questions, asked in Rajya Sabha on the subject also gave reference to the inter-departmental committee which is established to report on the regulation of Crypto in India has submitted its report to the government.

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Further proceed in Lok Sabha
In Lok Sabha- the lower house of the parliament, same questions were asked and answers were as same as previously given in Rajya Sabha.

The answer which was given by Anurag Singh Thakur to the question of whether the government has any proposal to ban cryptocurrency appeared to be the copy from an answer to the similar question on December 28, 2018, by then Minister Pon. Radhakrishan.

Anurag Singh stated the government does not find the Cryptocurrency as honest money. For that Inter-ministerial committee is established to look over and report briefly.

RBI and the government issued answers inclusive of a series of deterrents regarding the dangerous prospects of Cryptocurrencies. And forbade banks from getting involved in the business with crypto people diktat from April 2018.

It is so surprising that in spite of the vital advancement around the regulation of crypto in other countries in the gone six months, the government still stands firm there is a deficiency of regulations. This means that India perhaps does not break the new ground for the regulation of Crypto against other advanced countries.
<blockquote>“In the absence of a globally acceptable solution and the need to devise a technically feasible solution, the Department is pursuing the matter with due caution.”</blockquote>
Answer by Anurag Singh Thakur in Lok Sabha regarding Crypto regulations.

The supposition of Banning Cryptocurrencies from Media
The inter-ministerial committee has proposed a bill. That is titled "Banning of Cryptocurrencies and regulation of official digital currencies Bill 2019". As per the draft, if the bill is approved, holding, trading, mining of Cryptocurrency will be entirely banned in India.

Still, the individuals, who will be involved with Crypto will have to face captivity and heavy penalties.
It is a probability, may the changes would be made before this bill become a law in India. This would take approx. 6 months to 2 years for gaining approval.

Currently, the Crypto community of India can enjoy trading in Cryptocurrencies as usual. Make sure to pay the taxes on profits. Whether the crypto is ban or not, the Income Tax Department pursue the people who do not pay their taxes properly.

Ministry of Finance Currently Declares Crypto is Not Banned in India Yet

Ministry of Finance Currently Declares Crypto is Not Banned in India Yet,Crypto News,Latest Crypto News,Crypto News India,

Ministry of Finance Currently Declares Crypto is Not Banned in India Yet

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