In July, DEA’s report on Virtual Currencies recommended a complete ban on Cryptocurrencies. But, DEA’s 2019 report from Steering Committee on Fintech Related issues acknowledges the potential of Cryptocurrencies, Blockchain and ICOs. The Steering Committee on Fintech related issues constituted by the Ministry of Finance, Department of Economic Affairs submitted its Final Report to Finance Minister Nirmala Sitharaman. The report is published on DEA website. The Committee was constituted post…
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In a meeting held on Jan 24, 2019 the IEPF authority with DEA, CBDT, CBIC and MCA, unanimously decided "Department of Revenue and Department of Economic Affairs may immediately take steps to completely ban sale, purchase and issuance of all forms and types of cryptocurrencies".
Indian Government agencies are deliberating to submit a draft bill for Banning Cryptocurrencies and regulating official Digital Currencies. Media reports say departments like CBDT, MCA, DEA want a ban on sale, purchase and issuance of crypto currencies. A final law (for banning) will be proposed to the next Government. How I had dreamed of going for Avengers End Game in the morning today, instead now I am sitting here trying…
“Indian Government is never going to regulate crypto”, a telegram user texts, the message riddled with angry emojis. “They don’t understand that Blockchain without cryptocurrency is useless”, chimed in yet another user. It all started when Bitcoin India’s telegram channel published the following quote from the secretary of the department of economic affairs, Mr. Subhash Chandra Garg. The banking regulator has come out with regulations. It has debarred the banks…
An RTI response from Department of Economic Affairs around cryptocurrency says ‘Relevant policy [around Virtual currencies] is currently under formulation stage’, reaffirming the reports that cryptocurrency regulations may soon be a reality in India. Yusuf Rampurawala, a lawyer and crypto enthusiast from Mumbai filed an RTI application in May directed towards the Reserve Bank of India which was then forwarded to the Ministry of Finance (DEA). Rampurawala’s intention behind the…