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Posts tagged as “crypto ban”

An Open Letter to Media Sites That Report on Bitcoin and Cryptocurrencies

Media reports in India around Cryptocurrencies like Bitcoin, Ethereum or even proposed projects like Facebook’s Libra are often very poorly written. I say that because as someone who has dedicated over 2 years to the subject, knows a thing or two about it. Statements like “RBI has banned Cryptocurrencies”, “Bitcoin is banned in India”, “the government has officially banned Cryptocurrencies”, seem to be thrown around loosely without any research. I…

Government Examining IMC’s Crypto Report says Anurag Thakur in Parliament

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.…

Full Statement: Nasscom Opposes India’s recommendation to Ban Cryptocurrencies

IT Industry body Nasscom (National Association of Software and Services Companies) has opposed the recent proposal for banning cryptocurrencies in India, saying it is “not a solution” and “regulatory framework must be developed”. An inter-ministerial committee headed by Economic Affairs Secretary Subhash Chandra Garg on July 22 submitted the report and the draft bill on banning of cryptocurrencies and regulating official digital currencies in India. Crypto community was taken aback…

“Futuristic and Well Thought Out” Finance Minister on India’s Cryptocurrency Report

Nirmala Sitharaman, the Finance Minister of India said she was presented the Cryptocurrency report by the IMC and she considers it well thought out, but they will be looking into it again before making their position clear. In an interview with the Finance Minister of India published on Economic Times, the former was asked about the latest report on Cryptocurrencies that advocates a complete ban on trading, mining, holding Cryptocurrencies.…

India’s Cryptocurrency Report Has Glaring Irregularities, Here’s the List

On Monday, July 22, India’s Ministry of Finance published the long-awaited crypto regulatory report under the chairmanship of Secretary of Economic Affairs Subhash Chandra Garg. After going through the 108-page report cover to cover, we feel the committee has done some really good work and spent immense time in understanding the subject. However, having said that the report has several glaring irregularities due to lack of relevant high technical knowledge on the…

History is being written in India and we are part of it!

History is being written in India and we, as writers and journalists, have the responsibility to document this. On July 25, 2019, after a year of looming uncertainty, the bill is finally known and the crypto industry is desperately trying to reason with the government in a one-sided conversation. This article is to document who spoke, who did not speak, and who spoke out of ignorance. What is the government…

Crypto is not currently Prohibited in India: Ministry of Finance

In Rajyasabha, Minister of State to Ministry of Finance Anurag Singh Thakur answered “No” to a question whether Government has prohibited crypto currency in India. It has been a roller coaster ride for Indian Crypto community this past week that started with the leak of the alleged draft of a bill for banning cryptocurrencies. However, Crypto lovers in the country can now calm down given that a minister in the…

After Economic Times, Now BloombergQuint says MCA wants to take action against Crypto Ponzi

The cryptocurrency Ban and the 10-year jail saga is far from over. Atleast, until news portals like BloombergQuint keep on dishing the whole draft in portions to us. Today’s BQ report says “The Ministry of Corporate Affairs has sought action against those running cryptocurrency Ponzi schemes under the anti-money laundering act until a new law banning the digital tokens is implemented, a senior government official aware of the development told…

Ban: Implications of the Crypto Bill in India

Yesterday, a hot-headlined article spread like wildfire in the traditional media claiming that holding and trading in cryptocurrencies could land people in jail for 10 years. It is yet to be confirmed by any source from the government but the article portrays it to be official. Garg Committee has yet to release any official draft or statement. According to this draft bill, holding, mining, and trading of cryptocurrencies could be…

Bitcoin Ban in India: Government Body Refuses to Answer Queries on Reported Bill

An RTI application to Department of Economic Affairs asking about the proposed “Banning of Cryptocurrencies” bill was rejected by officials. Reason of Rejection cited as this information may be made public soon. Last month, a media report suggested that the Indian government is already is in discussions to prepare a bill for banning cryptocurrencies in the country. The main government body behind the decision will be the Department of Economic…