What is really happening in India about cryptocurrencies?

What is really happening in India about cryptocurrencies? - Criptocurrency India

In the past week, the rumor had spread that the Indian government would in practice ban cryptocurrencies. Rumors based on the dissemination of a report attributed to the government of New Delhi, of which the actual reliability had not been verified. In the following days, however, not only did not confirmation of this supposed ostracism towards digital assets arrive, but the local news agency Inc42 issued statements by the Indian Finance Minister, Anurag Thakur, which has not had too much hesitation in specifying how there is no draft law providing for such a move.

Very eloquent question and answer

To clarify the issue in an even more exhaustive way, what has happened recently in Rajya Sabha, the upper chamber of the Indian Parliament. Here, in fact, the deputy Dharmapuri Srinivas, of the Telangana Rashtra Samithi party asked if the government had proceeded to outlaw cryptocurrencies and if acknowledged the prevalence of cryptocurrency in the country has decided to take targeted actions against the people responsible for its management on the market.
Specific questions, which Thakur replied with the same clarity, denying in both cases. The reason for this denial lies above all in the fact, according to the Minister, that at present there is no law capable of addressing issues relating to the sector.

The statements of 16 July

It should also be added that Thakur himself, the 16 July, had stated that just to try to address the vast issues related to virtual currencies, the government of New Delhi has set up an inter-ministerial committee (IMC) under the chairmanship of the Secretary for Economic Affairs. Committee that according to the minister would have presented the report in which he asked precisely to outlaw virtual uniforms, generating the false belief that the resolution had already been taken.

It should also be stressed that precisely what happened in India can be considered the basis of the misunderstanding, as eight days earlier Thakur had declared that the work of the IMC was to be considered not close to a conclusion. On that occasion it was the answer to the question posed by another Member, S. Gnanathiraviam, deputy of the DMK of Tirunelveli in the Lok Sabha, the Lower House of Parliament and Thakur had claimed that the IMC was addressing the issue with due and justified caution.
A version, that of the presentation of the report in question, which however generated a real yellow, as a senior official of the Department of Economic Affairs (DEA), on a specific question asked by Inc42 had denied the hypothesis in the time period in question, stating instead that the document had actually been presented in April.

Just within that report the government recommended a complete ban on cryptocurrency trading in India. The fact that the same bill was not subsequently carried out has been interpreted as a relaxing act by startups operating in the field of cryptography, who hope for further favorable changes. Now all that remains is to wait for the next episode.