The Indian government has finally spoken up about the regulatory framework for cryptocurrency it has been deliberating, providing answers to questions presented in the upper house of the Parliament of India. The government also confirmed that the report with the recommended crypto regulation has already been submitted by the interministerial committee tasked with drafting the regulation.
Crypto Not Prohibited in India
At a sitting on July 16 of the Rajya Sabha, the upper house of the Indian Parliament, five questions were directed at the Minister of Finance by Parliament member Shri Dharmapuri Srinivas regarding the “Prohibition of cryptocurrency” in India.
The set of questions begins with: “Will the Minister of Finance be pleased to state: (a) whether [the] government has prohibited cryptocurrency in the country; (b) if so, the details thereof.”
A document containing answers to these questions started circulating on social media Thursday. It shows that the answers were provided on July 16 by Shri Anurag Singh Thakur, Minister of State in the Ministry of Finance.
Answering the first two questions above, Minister Thakur simply wrote: “No, Sir.”
Government Confirms Crypto Report Submitted
The next two questions request information regarding “(c) whether [the] government has taken note about [the] prevalence of cryptocurrency in the country; (d) if so, the details thereof.” The Minister of State replied:
Taking note of the issue, the government has constituted an interministerial committee (IMC) under the chairmanship of Secretary (DA). The IMC has submitted the report to the government.
Finance Secretary Subhash Chandra Garg (left) and Finance Minister Nirmala Sitharaman (right). » Read Full Article «