Indian Government Has NOT Prohibited Cryptocurrencies - Parliament

In an interesting list of Questions put by a Telangana MP in Rajya Sabha (the upper Parliament House of India), the Minister of State for Finance Mr. Anurag Thakur gave a written reply on 16th July in the house.

In his answer, the minister clearly said that Indian Government has not prohibited crypto currency in the country.

He further also confirmed that an Inter Ministerial Committee constituted by the Governement on this subject has already submitted a report to the government.

Interestingly, in a reply to a MP in Lok Sabha (the lower house), the minister had said on Jul 8th that the Inter Ministerial Committee is still working on developing a framework for regulation of cryptocurrencies.
This implies that the report was submitted between July 8 and July 16. However, a DoE senior official told a media house that no report was submitted during these days. In fact, the Garg committee report was actually submitted in April, 2019 itself. LOL!

And few weeks after submitting this report, Mr. Garg was present along with Finance Minister who co-signed the FATF declaration at G-20 summit. LOL!

Whatever the case, it is of utmost importance that Ministry of Finance has given a written reply in Parliament confirming that cryptocurrency is not prohibited in India. This is of significance in the light of Supreme Court hearing regarding the RBI banking ban which is scheduled for July 23rd.

Irrespective of cryptocurrencies are banned, regulated or permitted in India in the future; the whole drama surrounding it makes me laugh at the system. I'm completely enjoying the uncertainities and government's dilemma surrounding crypto scenario in India.

Whether results are favourable or not, why to miss this adventure of roller-coaster ride all the way! 😊