Indian Finance Minister Confirms No Law Banning Crypto in India

Asia Blockchain Review
July 29, 2019
Indian Wealthy Investors Opt to Increase Investment in Cryptocurrency

In India, Minister of State for Finance Anurag Thakur issued a statement confirming that there are no laws explicitly prohibiting activities related to cryptocurrency in the country. However, crypto activities and exchanges are still subject to existing laws, and authorities may take action accordingly.

MP Inquires About Legal Status of Virtual Currencies in India

According to Cointelegraph, the statement was made on July 19th, 2019, as a Member of Parliament (MP) and the Finance Minister discussed issues regarding the use of cryptocurrencies in India. 

The meeting, which took place at Rajya Sabha or the Council of States, which functions as the upper house of the legislature, saw MP Dharmapuri Srinivas asking the Finance Minister about the legal status of cryptocurrency. 

Srinivas continued to ask about the organizations and government authorities responsible for law enforcement regarding virtual currencies.

The MP inquired as to whether “the government has taken note about the prevalence of cryptocurrency in the country and if any action is being taken against the persons who are responsible for running the cryptocurrency in the market.”

Indian Finance Minister Admits There is No Crypto-Specific Law

In response, Minister Thakur admitted that there is no law specific to cryptocurrency. In India, crypto activities are only considered illegal if they violate preexisting laws. 

In these cases, crypto activities may be scrutinized by authorities such as the Reserve Bank of India, tax authorities, or the enforcement directorate whether to take further action against individuals suspected of committing illegal activities.


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
South Korea’s KT Develops Blockchain Halal Certification
Major South Korean telecom firm KT has announced its partnership with the Korea Muslim Foundation an...

October 18, 2019

WS Asia Pacific Opens New Office in Cambodia 
A new business consultancy with a focus on bringing small and medium-sized enterprise (SME) investme...

October 18, 2019

UAE Land Registry Makes Use Of Blockchain
The UAE government and private sectors are using blockchain technology to record and manage land reg...

October 18, 2019

Walmart Initiates Blockchain Project for Indian-sourced Seafood
Walmart has announced it is introducing a blockchain traceability project which will ensure the supp...

October 17, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us