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No separate law yet to ban cryptocurrency in India: Anurag Singh Thakur

The minister’s response comes at a time when the Supreme Court is set to hear a case related to the ban on cryptobanking next week.

ET Bureau|
Jul 19, 2019, 11.38 PM IST
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Thakur also said an inter-ministerial committee, which was set up to take note of the prevalence of the technology in India, had submitted a report to the government.
Bengaluru: The government has not prohibited the use of cryptocurrencies in India, union minister of state for finance, Anurag Singh Thakur, has said. Thakur was responding to a query by Telangana Rashtra Samithi Rajya Sabha MP, Dharmapuri Srinivas, in Parliament on Thursday.

He said there was no separate law to deal with issues relating to cryptocurrencies, but “concerned departments and law enforcement agencies, such as RBI, Enforcement Directorate and Income Tax authorities, etc. take action as per the relevant existing laws.”

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

The minister’s response comes at a time when the Supreme Court is set to hear a case related to the ban on cryptobanking next week.

Thakur also said an inter-ministerial committee, which was set up to take note of the prevalence of the technology in India, had submitted a report to the government.

The committee, represented by officials from the Ministry of Electronics and Information Technology, Reserve Bank of India, Securities and Exchange Board of India and Central Board of Direct Taxes, was working to develop a framework for regulating crypto currencies, Thakur had earlier told Parliament.

Since there was no globally acceptable solution and a need for devising a technically feasible solution, the Department of Economic Affairs was pursuing the matter with ‘due caution’, he had said.

ET reported earlier that the government had kicked off inter-ministerial consultations on a draft bill to ban cryptocurrencies and regulate official digital currencies.
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