- Inter Ministerial Committee on virtual currency submits report to the government
- Offer of fines if found to involve activities related to crypto
- There is no separate law for the time being in the country to ban crypto
Jul 22, 2019, 06:24 PM IST
new Delhi. The Ministry of Inter-Ministerial (Inter-Ministerial) Committee on Cryptocarcity submitted its report to the government. The committee recommended the ban on private crypto and imposing fines on those involved in activities related to it. However, it also proposed that the government could consider the official digital currency. The News Agency gave this information on Monday. The government will consult with respective departments and regulators before taking the final decision.
Committee formed in November 2017
The committee has said that the virtual currency and the special techniques associated with it are being developed. If the Government is needed, then a Standing Committee may be formed to study the report. The government had constituted the inter ministerial committee on 2 November 2017. The committee, headed by chairman of Electronics and Information Technology, also includes the deputy governor of SEBI, RBI Deputy Governor.
Government issues advisory on the risks of crypto
Minister of State for Finance Anurag Thakur said in response to a question in parliament that no separate law has been made in the country to ban cryptokicans. However, agencies like RBI, Income Tax Department and Enforcement Directorate act in accordance with the existing laws in the case of crypto people. Thakur had said that keeping in view the risks of cryptokrishans, the government and RBI continue to issue advocacy.