Tuesday, January 25, 2022

Indian Government Answers Questions on Bitcoin Transactions, Karnataka Scam, Legality of Crypto Trading – Regulation Bitcoin News

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The Indian authorities has answered three units of questions in parliament concerning bitcoin transactions, the high-profile bitcoin rip-off in Karnataka, and the legality of cryptocurrency buying and selling and crypto exchanges in India. Meanwhile, the winter session of parliament has begun and a crypto invoice is anticipated to be taken up throughout this session.

Indian Government Answers Questions About Bitcoin Transactions

On Monday, the Indian Ministry of Finance answered three units of questions on bitcoin and cryptocurrency buying and selling in Lok Sabha, the decrease home of India’s parliament.

The first set of questions (Starred Question No. 12), titled “Bitcoin Transactions,” ask Finance Minister Nirmala Sitharaman “whether the government is aware that bitcoin transaction is silently blooming in India in the recent years.” The finance minister replied:

The authorities doesn’t gather knowledge on bitcoin transactions.

Finance Minister Sitharaman was additional requested “whether the government has any proposal to recognize bitcoin as a currency in the country.” She merely replied: “No, sir.”

Questions About the Bitcoin Scam in Karnataka

The second set of questions (Unstarred Question No. 196) are concerning the high-profile “Bitcoin Scam in Karnataka,” which not too long ago acquired heavy media protection. The case was even introduced up by Karnataka Chief Minister Basavaraj Bommai throughout his assembly with Prime Minister Narendra Modi.

The finance minister was requested concerning the rip-off and particulars of the investigation and motion being taken.

The Minister of State within the Ministry of Finance, Shri Pankaj Chaudhary, replied: “Information in public domain suggests that a case of cybercrime involving bitcoin has been under examination by the Karnataka police … However, a case has also been registered by Bangalore Zonal Unit of the Directorate of Enforcement. Further disclosure of information in the matter is not in larger public interest.”

Questions About the Legality of Cryptocurrency Trading and Crypto Exchanges in India

The third set of questions (Unstarred Question No. 173), titled “Cryptocurrency,” ask the finance minister “whether the government is aware of the cryptocurrencies that are traded in India.” Minister Chaudhary responded:

Government doesn’t gather data on buying and selling in cryptocurrency.

The finance minister was additionally requested whether or not cryptocurrency buying and selling is permitted in India and whether or not crypto exchanges are authorized entities within the nation. In addition, she was requested to element any Acts relevant to cryptocurrency and crypto exchanges.

Minister Chaudhary replied: “Cryptocurrencies are unregulated in India. RBI [the Reserve Bank of India] has vide its circular dated May 31st, 2021, advised its regulated entities to continue to carry out customer due diligence processes in line with regulations governing standards for know your customer (KYC), anti-money laundering (AML), combating of financing of terrorism (CFT) and obligations of regulated entities under Prevention of Money Laundering Act, (PMLA), 2002 in addition to ensuring compliance with relevant provisions under Foreign Exchange Management Act (FEMA) for overseas remittances.”

Winter Session of Parliament Begins

The winter session of parliament commenced on Monday. A cryptocurrency invoice is listed to be taken up throughout this session. However, the invoice will not be listed on the agenda for Monday or Tuesday.

“The Cryptocurrency and Regulation of Official Digital Currency Bill 2021” seeks “to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses,” in keeping with the legislative agenda for the winter session of Lok Sabha.

The invoice additionally offers “a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India.” The RBI has beforehand stated that it’s working on a digital rupee which it plans to launch in phases.

The Indian authorities has not made the content material of the crypto invoice public, which has led to a lot hypothesis about whether or not the federal government will ban cryptocurrencies, like bitcoin and ether, or present a regulatory framework for them.

Tags on this story
crypto ban, crypto invoice, Crypto regulation, India, indian crypto ban, indian crypto regulation, indian authorities, legality crypto, legality crypto exchanges, legality crypto buying and selling, lok sabha, parliament

What do you concentrate on the Indian authorities’s solutions? Let us know within the feedback part under.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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