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Crypto Not Prohibited In India, Minister Confirmed2 min read

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It’s a moment of rejoicing for the crypto community in India, as after months of speculations and negative predictions, the government has finally confirmed that digital currencies are not prohibited in India. The Minister of State for Finance and Corporate Affairs, Anurag Singh Thakur replied to all the questions raised in the parliament as reported by Inc42

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.”

In the last few months, there has been a lot of speculation around the fate of cryptocurrencies in the country. A couple of days ago, a report was leaked online claiming that the Indian government will be bringing a bill to ban digital currencies completely and criminalizing crypto trade. However, answers by the minister have cleared the air, giving the much-needed relief to crypto companies in the country.

The leaked draft cryptocurrency regulations bill 2019, if true, shows that the government recommends a complete ban on cryptocurrency trading in India. However, the government has not introduced the same draft either in parliament or in public which means it might be considering further modifications into the draft.

Whatever be the reason, Thakur’s response doesn’t clarify this, and if anything it gives hope to crypto startups. But the confusion about the fate of cryptocurrency has certainly not cleared.

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