Indians Are Free to Trade

Last Modified:8 Dec 2019 12:09:17
Indians Are Free to Trade

The Indians Are Yet Free to Trade with Cryptocurrencies 

According to a statement by Local media outlet Inc42 on July 19, India’s Minister of State for Finance, Mr. Thakur remarked that there isn’t any obvious and clear rule in this country to ban using cryptocurrencies.

It is the result of an exchange between a Member of Parliament, Dharmapuri Srinivas and Thakur at the “Council of States” (including 250 members 12 of whom are appointed by the president of India). One of MP’s questions was about the current condition of cryptocurrencies in case of its legality. It is followed by asking about the person or persons shouldering the responsibility of making use of cryptocurrencies in widespread scales in case they become popular in the society.

To respond the first question, Thakur answered negatively, and pointed out the fact that as long as applying these cryptocurrencies do not violate the rules which have formerly been stipulated in the country, there will be no transparent prohibition on the part of RBI, enforcement directorate, and income tax authorities. 

In addition, the government of India and RBI have addressed issuing advisories, press release and the like, to make the public informed about the dangers along with using cryptocurrencies.  

Interestingly, Cointelegraph has reported about a bill draft under no verification which addressed cryptocurrencies and regulations in this regard to ban all cryptocurrencies which were not official. But according to the definition offered by Cointelegraph, there is no limitation for this country to issue his own digital Rupee, because it doesn’t have any contradiction with the aforementioned definition.