According to the proposal of the cryptocurrency ban and the official Digital Currency Bill, 2019 (Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019), those who buy and sell cryptocurrency in the country will be sentenced to 10 years in prison, But the truth is something else. Now a letter has been stated on behalf of the government in response. that there is no restriction on cryptocurrency in India. Let's know the full details
For your information, Dharampuri Srinivas, mp from Nizamabad in Telangana, had asked a written question in the Rajya Sabha whether the government had officially banned the cryptocurrency in response to which the government answered that there is no official ban on cryptocurrency in India. He asked another question: Has the Government taken note of the prevalence of cryptocurrency in the country and whether any action is being taken against the cryptocurrency users in the market?
Replying to a question from the MP in the case, Minister of State for Finance Anurag Thakur said, "No, there is no ban on cryptocurrencies. Responding to the question, Thakur further said that at present, there is no separate law in the country for cryptocurrency-related matters. He said the action in this regard will be taken under the existing law of RBI, Enforcement Directorate and Income Tax Department and the Government of India have not banned the cryptocurrency. In case of cryptocurrency, the police take action under the IPC section and in view of the risks and risks associated with the cryptocurrency, the government and the Reserve Bank of India are issuing press releases in the interest of the public from time to time. The Supreme Court is scheduled to hear the ban on the cryptocurrency next week.