Crypto regulations in India

“Indian Government has not Banned Cryptocurrency in India”: Crypto Regulations in India

Crypto regulations in India is a riddle for everyone who is supporting crypto in India. Indian Government is not clearing anything about the regulations but today minister of state for finance Anurag Thakur had said ‘No.’ to the question of Dharmapuri Srinivas, Telangana Rashtra Samithi Rajya Sabha MP from Nizamabad, when he asked “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?”

Crypto In India

The above image is a copy of the statement from the minister of state for finance Anurag Thakur. he further added, “Presently, there is no separate law for dealing with issues relating to cryptocurrencies,” Thakur added and went on to say that all concerned government departments and law enforcement agencies, such as RBI, enforcement directorate and income tax authorities take action as per the relevant existing laws. So, the Indian government has not banned cryptocurrency in India.

“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 added.

Responding to S Gnanathiraviam DMK MP from Tirunelveli in Lok Sabha, Thakur had asserted that the IMC with representation from MeitY, RBI, SEBI, and CBDT is still working to develop a framework for regulating cryptocurrencies. Thakur added that the IMC is examining all issues including the pros and cons of the introduction of an official digital currency in India, saying that “the department is pursuing the matter with due caution.”

But in his July 16 statement, Thakur said the IMC has already submitted its report with the recommendations. This indicates that a report was submitted between July 8 and July 16.

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.

Still, we are not very clear about the state of Crypto in India until we get a official law from the working Indian Government. Crypto regulations in India is still in a dark shade.

Caleb Lombardo
Caleb Lombardo
Caleb is an experienced cryptocurrency analyst, day-trader, and enthusiast. Since 2015, Caleb has been involved in various cryptocurrency projects as an advisor and executive. His passion for cryptocurrency and blockchain technology led him to the acquisition of Stackzea.