The central government may ban the cryptocurrency. A committee of central government ministers on cryptocurrency has submitted a report to the government. In this report, the Committee has recommended to the government to ban private cryptocurrencies. In its recommendation, the Committee has sought to impose fines on those involved in any activity related to cryptocurrency transactions. Earlier, the government had admitted in Parliament that there is no currently any restriction on cryptocurrency in India. Let's know the full details
For your information, the committee formed in November 2017 was formed by the government on November 2017 to set up a committee of ministers on the framework of the cryptocurrency and its impact. The committee was attended by the Deputy Governor of RBI, including the Chairman of SEBI and officials from the Ministry of Information and Technology. In its recommendation to the government, the committee also said that the government may consider official digital currency. But the government can consult the concerned departments before taking any final decision.
According to media reports India is not banned! Earlier on Friday, Dharampuri Srinivas, mp from Nizamabad in Telangana, had asked a written question in the Rajya Sabha whether the government has officially banned cryptocurrencies. In response, Minister of State for Finance Anurag Thakur, on behalf of the government, had said that there is no official ban on cryptocurrencies in India. Responding to the question, Thakur further said that currently, there is no separate law in the country for matters relating to cryptocurrency. But action in this regard will be under the existing law of RBI, Enforcement Directorate and Income Tax Department. The 10-year jail term was reported last month that India has a ban on digital currency cryptocurrencies and under the proposal of the draft Official Digital Currency Bill, 2019 (Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019) in the country. Those who buy and sell currency will get a jail term of 10 years.
There is no restrictions on cryptocurrency in India?
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