India: Finance Minister Anurag Thakur said that in India there is no law explicitly banning the use of cryptocurrencies. The information was reported by the local news service Inc42. The politician's words came during a recent exchange between a member of parliament and Thakur in the Rajya Sabha - the "Council of State". India: cryptocurrencies are on the rise MP Dharmapuri Srinivas asked Thakur if cryptocurrencies are really illegal in India. In doing so, he pointed out that digital currencies are actually becoming more popular in India: "Has the government taken notice of the prevalence of cryptocurrencies in the country and is any action being taken against those responsible for spreading cryptocurrencies in the market?" Thakur responded in the negative, admitting that digital currencies such as Bitcoin are not illegal in India. Elaborating on his country's stance, Thakur added that there is no law strictly on cryptocurrencies to refer to. According to him, actions taken with digital currencies are only actionable offenses if they violate pre-existing laws that can be enforced by specific entities. India not banning bitcoin? As previously reported, India has considered banning cryptocurrencies. It has even drafted a bill, e.g. "Prohibition of Cryptocurrencies and Regulation of Official Digital Currencies," which would ban all "unofficial" cryptocurrencies. Their use would be punishable by up to 10 years in prison. If such a provision came into effect, the country would become a place where the strictest regulations on the new digital currency market would be respected. The bill defined cryptocurrency as: "Any information, code or token that is not part of an official digital currency, generated by cryptographic means or otherwise, providing a digital representation of value." The first sign that things might not be so bad was the fact that cryptocurrencies were not talked about during the budget debate. Instead, there is now talk of developing a new national digital currency called Digital Rupee. This is interesting because it would take place at a time when India's central bank, the Reserve Bank of India (RBI), just six months earlier - in January 2019. - abandoned its plan to issue a central bank digital currency (CBDC). Tags 10 years in jail bitcoin bitcoin india India bitcoin ban
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