No Blanket Ban on Cryptocurrencies in India, Indian Government Says

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Despite banking restrictions put in place by the Reserve Bank of India, the country has not put any blanket ban on trading in cryptocurrencies yet, the government has clarified.

Responding to questions in the Rajya Sabha on whether the government has prohibited cryptocurrency in the country, Minister of State for Finance and Corporate Affairs Anurag Thakur this week said the answer was no.

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“Presently, there is no separate law for dealing with issues relating to cryptocurrencies. Hence, all concerned departments and law enforcement agencies, such as RBI, Enforcement Directorate and Income Tax authorities, etc. take action as per the relevant existing laws,” the Minister said.

“Similarly, police/courts take action on IPC (Indian Penal Code) offences. Further, in view of the risks and dangers associated with cryptocurrencies, (the) government and RBI have been issuing advisories, press releases and circulars to the public,” he added.

Earlier the Reserve Bank of India issued a circular banning regulated entities from providing services to crypto businesses. The ban went into effect on July 6 last year, Bitcoin .com reported on Friday.

But a draft bill for banning cryptocurrency has been in the works for some time with Economic Affairs Secretary Subhash Chandra Garg leading the exercise.

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