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Time To Rejoice: Bitcoin Isn’t Banned In India Yet!

The leading cryptocurrencyBitcoin (BTC) is reeling its way in almost every country. India is no less than those nations who are still anxious about making it regulate in their existing status-quo. Indian Bitcoin’s investors must be feeling low due to the unclear statements by the regulators and ministers till date. However, in the latest update, it revealedthat the digital assets aren’t banned in the country, yet. Inc42, the local media outlet and an information platform, which is known for its reportage on the Indian startup ecosystem informed on July 19th.

Reportedly, the Indian minister of state for finance Anurag Thakur cleared the present status of the government when it comes to regulatory status of Bitcoin (BTC) and other cryptocurrencies, in a discussion, while responding to Dharmapuri Srinivas, member of parliament (MP) in the Indian Parliament(the supreme legislative body of the Republic of India) inside of Rajya Sabha house(Council of States).

Srinivas asked about the current stance of the Indian government while pointing towards the “prevalence of cryptocurrency in the country.” 

He asked, “Is there any action being taken against the people who are considered responsible for running the cryptocurrency in the market?”

On Bitcoin- A Sigh Of Relief  In India 

Thakur, clearly mentioned that as of now there is no such separate law which has been implemented to deal with the issues related to cryptocurrencies. 

“However, given the risks and dangers associated with cryptocurrencies, government and RBI have been issuing regular circulars, advisories, and press releases to spread awareness among the public.” Thakur cited reportedly. 

As per the information, the proposed bill to ban digital assets has not yet submitted because Indian regulators, law-makers, central banks, and taxation units, are following the same requirements which earlier were issued as per the laws.

“No, such note or declaration has been made or implemented yet, which says BTC or any other altcoins are entirely banned as per the Indian Jurisdiction.” Thakur further simplified.

Recently, it was rumoredabout the alleged leaked bill which says Bitcoin (BTC) and other cryptocurrencies would be banned by the Indian regulators. The 18-page document that was ostensibly leaked out and claimed to be a part of a draft of the committee which the government had formed last year to understand the crypto market and to analyze it for the announcement of forthcoming regulations. The panelhad formed under Subhash Chandra Garg, the Indian finance secretary who has the commanding power to come up with the crucial points on drafting cryptocurrency regulations.

However, so far there is no such official declaration revealed till date in the country. The relaxing statement of Mr. Anurag Thakur can be considered a relief for the Indian retail investors, traders, and flourishing cryptocurrency ventures who are keeping high hopes from the Indian jurisdiction. 

Reportedly, the apex court of the country would be resuming the hearing of the unending case rounding digital assets and the impending regulations on July 23, 2019. 

KoinPost shall soon inform the readers about the latest updates based on the prevailing scenario in the country, till then stay alert and keep educating yourself…

Image by succo from Pixabay

Tags: Regulation News, Blockchain News, Ban, Cryptocurrencies, India, Regulations, Bitcoin (BTC), Altcoins, Indian regulators, Draft Bill