MetaverseNFTCoins.com
  • NFT News
  • Crypto News
  • Blockchain
  • Regulations
  • Scams
No Result
View All Result
MetaverseNFTCoins.com
No Result
View All Result

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

November 29, 2021
in Scams
Reading Time: 4 mins read
A A
Indian Government Answers Questions on Bitcoin Transactions, Karnataka Scam, Legality of Crypto Trading – Regulation Bitcoin News
ShareShareShareShareShare

The Indian government has answered three sets of questions in parliament regarding bitcoin transactions, the high-profile bitcoin scam in Karnataka, and the legality of cryptocurrency trading and crypto exchanges in India. Meanwhile, the winter session of parliament has begun and a crypto bill is expected to be taken up during this session.

Indian Government Answers Questions About Bitcoin Transactions

On Monday, the Indian Ministry of Finance answered three sets of questions on bitcoin and cryptocurrency trading in Lok Sabha, the lower house 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 government does not collect data on bitcoin transactions.

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

Questions About the Bitcoin Scam in Karnataka

The second set of questions (Unstarred Question No. 196) are about the high-profile “Bitcoin Scam in Karnataka,” which recently received heavy media coverage. The case was even brought up by Karnataka Chief Minister Basavaraj Bommai during his meeting with Prime Minister Narendra Modi.

The finance minister was asked about the scam and details of the investigation and action being taken.

The Minister of State in 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 does not collect information on trading in cryptocurrency.

The finance minister was also asked whether cryptocurrency trading is permitted in India and whether crypto exchanges are legal entities in the country. In addition, she was asked to detail any Acts applicable 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 bill is listed to be taken up during this session. However, the bill is not 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,” according to the legislative agenda for the winter session of Lok Sabha.

The bill also provides “a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India.” The RBI has previously said that it is working on a digital rupee which it plans to launch in phases.

The Indian government has not made the content of the crypto bill public, which has led to much speculation about whether the government will ban cryptocurrencies, like bitcoin and ether, or provide a regulatory framework for them.

Tags in this story
crypto ban, crypto bill, Crypto regulation, India, indian crypto ban, indian crypto regulation, indian government, legality crypto, legality crypto exchanges, legality crypto trading, lok sabha, parliament

What do you think about the Indian government’s answers? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

More Popular News

In Case You Missed It


Credit: Source link

ShareSendTweetPinShare
Previous Post

Cardano Slides Near Oversold Status, Analyst Still Bullish

Next Post

Crypto trading aggregator TabTrader raises $5.8M

Next Post
Crypto trading aggregator TabTrader raises $5.8M

Crypto trading aggregator TabTrader raises $5.8M

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Weekly Updates

Kiwi Jurassic Park star Sam Neill targeted in fake romance scam

Kiwi Jurassic Park star Sam Neill targeted in fake romance scam

February 2, 2023
Community awaits Elon Musk to push Dogecoin again as Twitter launches new ad share model

Community awaits Elon Musk to push Dogecoin again as Twitter launches new ad share model

February 5, 2023
Render Token (RNDR) Price Prediction: Is $2 Achievable For This Digital Asset?

Render Token (RNDR) Price Prediction: Is $2 Achievable For This Digital Asset?

February 6, 2023
Large value settlements payments on Ethereum and Stellar Lumens started by Billion-$-company VISA

Large value settlements payments on Ethereum and Stellar Lumens started by Billion-$-company VISA

February 6, 2023
Is Pi Network worth anything?

Is Pi Network worth anything?

February 3, 2023
MetaverseNFTCoins.com

This is an online news portal that aims to provide the latest NFT news, crypto news, blockchain, regulations, scams, and much more stuff like that around the world. We promise to share only high quality content from the world's best crypto sources. Feel free to get in touch.

What’s New Here!

  • Shiba Inu scores massive 1.3M holders amid coming up Shibarium
  • 3AC Founder Accused Of Obstructing Court Orders
  • Korean authorities confirm search for Do Kwon

Subscribe Now

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2021 - metaversenftcoins.com - All rights reserved!

No Result
View All Result
  • NFT News
  • Crypto News
  • Blockchain
  • Regulations
  • Scams

© 2021 - metaversenftcoins.com - All rights reserved!

  • bitcoinBitcoin (BTC) $ 23,189.00 0.66%
  • ethereumEthereum (ETH) $ 1,675.99 1.93%
  • tetherTether (USDT) $ 1.00 0.04%
  • bnbBNB (BNB) $ 331.78 0.47%
  • usd-coinUSD Coin (USDC) $ 1.00 0.1%
  • xrpXRP (XRP) $ 0.402544 1.11%
  • binance-usdBinance USD (BUSD) $ 1.00 0.12%
  • cardanoCardano (ADA) $ 0.399531 2.35%
  • dogecoinDogecoin (DOGE) $ 0.092202 0.52%
  • matic-networkPolygon (MATIC) $ 1.31 5.85%
  • okbOKB (OKB) $ 45.41 2.18%
  • solanaSolana (SOL) $ 23.85 2.04%
  • staked-etherLido Staked Ether (STETH) $ 1,673.21 2.01%
  • shiba-inuShiba Inu (SHIB) $ 0.000014 0.59%
  • polkadotPolkadot (DOT) $ 6.90 2.56%
  • litecoinLitecoin (LTC) $ 101.42 1.9%
  • avalanche-2Avalanche (AVAX) $ 20.69 2.4%
  • tronTRON (TRX) $ 0.066455 2.86%
  • uniswapUniswap (UNI) $ 6.94 1.19%
  • daiDai (DAI) $ 1.00 0.03%
  • cosmosCosmos Hub (ATOM) $ 15.22 3.6%
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 23,167.00 1.42%
  • chainlinkChainlink (LINK) $ 7.24 2.89%
  • the-open-networkToncoin (TON) $ 2.32 1.59%
  • ethereum-classicEthereum Classic (ETC) $ 23.17 2.21%
  • leo-tokenLEO Token (LEO) $ 3.38 0.41%
  • moneroMonero (XMR) $ 167.34 0.11%
  • bitcoin-cashBitcoin Cash (BCH) $ 134.55 0.65%
  • aptosAptos (APT) $ 15.76 1.17%
  • stellarStellar (XLM) $ 0.092418 1.92%
  • nearNEAR Protocol (NEAR) $ 2.79 18.25%
  • apecoinApeCoin (APE) $ 5.99 4.14%
  • lido-daoLido DAO (LDO) $ 2.59 7.97%
  • algorandAlgorand (ALGO) $ 0.294695 7.39%
  • filecoinFilecoin (FIL) $ 5.65 4.84%
  • crypto-com-chainCronos (CRO) $ 0.084529 4.78%
  • quant-networkQuant (QNT) $ 142.50 2.83%
  • hedera-hashgraphHedera (HBAR) $ 0.077680 11.84%
  • vechainVeChain (VET) $ 0.026246 6.5%
  • internet-computerInternet Computer (ICP) $ 5.97 4.72%
  • the-graphThe Graph (GRT) $ 0.184329 5.83%
  • fantomFantom (FTM) $ 0.568711 3.38%
  • the-sandboxThe Sandbox (SAND) $ 0.881000 21.69%
  • decentralandDecentraland (MANA) $ 0.795509 8.33%
  • axie-infinityAxie Infinity (AXS) $ 12.13 9.17%
  • flowFlow (FLOW) $ 1.24 10.82%
  • aaveAave (AAVE) $ 89.73 3.14%
  • eosEOS (EOS) $ 1.11 2.43%
  • elrond-erd-2MultiversX (EGLD) $ 47.49 3.49%
  • theta-tokenTheta Network (THETA) $ 1.18 2%