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Bitcoin Isn’t Banned in India, Confirms Minister; That’s Just Half the Picture

Harsh Chauhan
An Indian member of Parliament has issued a timely reminder: bitcoin and cryptocurrencies aren't banned in India. | Source: Shutterstock

Bitcoin enthusiasts in India have a reason to rejoice – the country’s government hasn’t banned cryptocurrencies, yet. Responding to a question in the Indian Parliament about the status of cryptocurrencies such as bitcoin in India, minister of state for finance Anurag Thakur responded in the negative, according to a report by Inc42.

Bitcoin bulls in India can breathe easy, for now

Dharmapuri Srinivas, a member of parliament in India’s upper house, asked the ruling government if the country has officially banned cryptocurrencies in the country. He also added:

“Whether the government has taken note about the prevalence of cryptocurrency in the country and if any action is being taken against the persons who are responsible for running the cryptocurrency in the market?”

Thakur, a member of parliament and a minister from India’s ruling right-wing party said that the government hasn’t banned the likes of bitcoin from India. He clarified:

“Presently, there is no separate law for dealing with issues relating to cryptocurrencies.

“Further, in view of the risks and dangers associated with cryptocurrencies, government and RBI have been issuing advisories, press releases and circulars to the public.”

Thakur further clarified that the various agencies in India, including the central bank, the tax department, and the law enforcement agencies, are currently dealing with cryptocurrencies under existing provisions provided by the country’s law.

Read the full story on CCN.com.