While various restrictions have been placed on cryptocurrency trading in India, there is no blanket ban on them yet. According to the Minister of State for Finance and Corporate Affairs, Anurag Thakur, the current position on the ban of cryptocurrencies in the country is not decided.
“At present, there is no separate law to deal with issues related to cryptocurrencies. Therefore, all law enforcement departments and agencies, such as the RBI, the Compliance Directorate, and the Income Tax authorities Income, etc., take measures according to the relevant laws in force. ” Minister said according to a report by IANS.
A crypto ban It came into force on July 6 last year through a circular issued by the RBI that regulated entities to provide services to crypto companies. However, a bill to ban cryptocurrency has been in the works for some time with Secretary of Economic Affairs Subhash Chandra Garg, the report said.
According to the proposed draft, a 10-year jail sentence must be handed over to people who “extract, generate, retain, sell, transfer, dispose of, issue or trade in cryptocurrencies.” The offense is said to be non-danceable according to the draft.
Recently, the Iranian authorities have seized about 1,000 bitcoin mining machines In two abandoned factories, state television reported, after warning that the activity had caused an increase in the consumption of electricity subsidized by the government.
With inputs from Reuters
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