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India: No Separate Law For Cryptocurrency-Related Issues Says Minister Of State, Finance Ministry

01 Aug 2019

It appears there is some form of silver lining, amid the uncertainty surrounding cryptocurrency regulations and the never-ending adjournments by the Supreme Court.A week back,  Rajya Sabha Member of Parliament (MP) RK Sinha asked the House, “whether Government has taken notice of the growing popularity of crypto currency;
b) whether it is a fact that the crypto currency is primarily used for secret/illegal activities; c) if so, the steps being taken by Government to put a check on the usage of crypto currency in India; and d) whether Government is considering to bring any law or Act for prevention of the usage of crypto currency?”Answering those questions, Anurag Thakur, the Minister of State In Ministry of Finance said, “Yes, the government has taken note of the growing popularity, b) Crypto currency can be used for secret and illegal activities, but there is no data to corroborate that it is primarily being used for such activities, c) & d) Taking note of the issue, the Government has constituted an Inter-Ministerial Committee (IMC) under the Chairmanship of Secretary (EA). The IMC has submitted the Report to the Government. The Government is examining the draft Report and Bill submitted by the Committee. However, at present, there is no separate law for dealing with issues relating to cryptocurrencies.”Earlier, a set of similar questions had been posed to Thakur, who had provided the same replies.However, at the time he had said, “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.”At the moment, I’d say the status quo pertaining to cryptocurrency and trading remains unchanged.Liked what you read? Join us on Telegram

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