- Nischal Shetty, CEO of WazirX — one of India’s leading crypto trading platforms — recently took to Twitter to talk about the crypto ban imposed by the RBI last year.
- Recent developments seem to indicate that the Indian government might actually be looking to reconsider its stance towards the digital currency market in the near future.
As most of our regular readers are probably well aware of, the Reserve Bank of India (RBI) issued an outright ban on all things crypto last year — a time when the market at large was being faced with insane volatility. However, since then, things have changed quite dramatically for this burgeoning sector — with the price of a single Bitcoin recently scaling up beyond the $13k mark.
With all of this information in mind, it is worth pointing out that an Indian crypto investor named Dharmapur Srinivas recently posed the following questions to the country’s Minister of State for Finance & Corporate Affairs, Anurag Thakur.
Has the Indian government prohibited the use of crypto currency within the nation’s borders?
Does the government know about the prevalence of crypto currency within its borders?
What actions will be taken against people who are found to be dealing with digital currencies?
In response, he was told that the Indian govt had not really banned crypto, rather the RBI and other regulatory bodies such as the ED (Enforcement Directorate) and ITA were actively looking to create an all new framework that can be used to govern crypto assets effectively and efficiently. To be a bit more specific, Mr Thakur was quoted as saying:
“Presently, there is no separate law for dealing with issues relating to cryptocurrencies. Hence, all concerned Departments and law enforcement agencies, such as RBI, Enforcement Directorate and Income Tax authorities, etc. take action as per the relevant existing laws. Similarly, police/courts take action on IPC offences. Further, in view of the risks and dangers associated with cryptocurrencies, Government and RBI have been issuing advisories, press releases and circulars to the public.”
Breaking: Here's some clarity by Mr. @ianuragthakur answering questions about Crypto Regulations in India
— Nischal (WazirX) ⚡️ (@NischalShetty) July 18, 2019
A recent statement issued by India’s Minister of State for Finance & Corporate Affairs — Anurag Thakur — clearly states that the current regime has not banned the use of crypto within the country.