There is no separate law to deal with Cryptocurrencies currently. Government examining the IMC report and Draft Bill, confirms Minister of State to Ministry of Finance Anurag Thakur in an answer in Rajyasabha.
The latest Cryptocurrency related questions answered in the upper house of the parliament, Rajyasabha shed some more light on the on-going discussion around the Report submitted by the IMC recommending a complete ban on Cryptocurrencies in India.
In an unstarred question, R K Sinha, a BJP MLA from Bihar asked if the government has taken notice of the popularity of cryptocurrencies. He also asked whether or not they are used for illicit activities primarily.
The MLA further questioned what are the measures the government is taking to “check on the usage of cryptocurrency in India”.
Eye Opening Responses
The questions were answered just one day after the IMC made its report public. Barely a week before the report was published, Anurag Thakur had said Cryptocurrencies are not prohibited in the country.
As an answer to the question, “whether it is a fact that the crypto currency is primarily used for secret/illegal activities;”, Anurag Thakur writes,
“Crypto currency can be used for secret and illegal activities, but there is no data to corroborate that it is primarily being used for such activities. “Anurag Thakur, Rajyasabha
Furthermore, to answer if the government has taken any measures for regulations, Thakur informs about the Inter-ministerial committee and says the government is examining the submitted report. Until then, there is no other policy currently governing Cryptocurrencies.
“The IMC has submitted the Report to the Government. The Government is examining the draft Report and Bill submitted by the Committee. However, at present, there is no separate law for dealing with issues relating to cryptocurrencies.”Anurag Thakur, Rajyasabha
What does this mean for the Crypto Traders?
This simply means you are still free to trade cryptocurrencies. while the government comes up with their decision on whether or not
On Tuesday, India’s IT body Nasscom released a statement, opposing the recommendation to ban cryptocurrencies in India. Most of the Cryptocurrency exchanges have either shut shop or registered out of India to continue running the business.
Last year, the bourses and Crypto traders hit the Supreme Court of India appealing against the RBI’s circular banning regulated entities from serving Crypto Businesses. The case has dragged along and it scheduled to be heard today. The likelihood of a hearing today is dim due to excessive number of pending cases in the apex court that are scheduled before the Crypto matter.
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