THELOGICALINDIAN - The Indian government has answered three sets of questions in assembly apropos bitcoin affairs the highprofile bitcoin betray in Karnataka and the amends of cryptocurrency trading and crypto exchanges in India Meanwhile the winter affair of assembly has amorphous and a crypto bill is accepted 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 abode of India’s parliament.
The aboriginal set of questions (Starred Question No. 12), blue-blooded “Bitcoin Transactions,” ask Accounts Abbot Nirmala Sitharaman “whether the government is acquainted that bitcoin transaction is silently blooming in India in the contempo years.” The accounts abbot replied:
Finance Minister Sitharaman was added asked “whether the government has any angle to admit bitcoin as a bill in the country.” She artlessly replied: “No, sir.”
Questions About the Bitcoin Scam in Karnataka
The additional set of questions (Unstarred Question No. 196) are about the high-profile “Bitcoin Scam in Karnataka,” which afresh accustomed abundant media coverage. The case was alike brought up by Karnataka Chief Minister Basavaraj Bommai during his affair with Prime Minister Narendra Modi.
The accounts abbot was asked about the betray and capacity of the analysis and activity actuality taken.
The Minister of State in the Ministry of Finance, Shri Pankaj Chaudhary, replied: “Information in accessible area suggests that a case of cybercrime involving bitcoin has been beneath assay by the Karnataka badge … However, a case has additionally been registered by Bangalore Zonal Unit of the Directorate of Enforcement. Further acknowledgment of advice in the amount is not in beyond accessible interest.”
Questions About the Legality of Cryptocurrency Trading and Crypto Exchanges in India
The third set of questions (Unstarred Question No. 173), blue-blooded “Cryptocurrency,” ask the accounts abbot “whether the government is acquainted of the cryptocurrencies that are traded in India.” Abbot Chaudhary responded:
The accounts abbot was additionally asked whether cryptocurrency trading is acceptable in India and whether crypto exchanges are acknowledged entities in the country. In addition, she was asked to detail any Acts applicative to cryptocurrency and crypto exchanges.
Minister Chaudhary replied: “Cryptocurrencies are able in India. RBI [the Reserve Bank of India] has vide its annular anachronous May 31st, 2024, brash its adapted entities to abide to backpack out chump due activity processes in band with regulations administering standards for apperceive your chump (KYC), anti-money bed-making (AML), active of costs of agitation (CFT) and obligations of adapted entities beneath Prevention of Money Bed-making Act, (PMLA), 2024 in accession to ensuring acquiescence with accordant accoutrement beneath Foreign Exchange Management Act (FEMA) for across remittances.”
Winter Session of Parliament Begins
The winter affair of assembly commenced on Monday. A cryptocurrency bill is listed to be taken up during this session. However, the bill is not listed on the calendar for Monday or Tuesday.
“The Cryptocurrency and Regulation of Official Digital Currency Bill 2024” seeks “to prohibit all clandestine cryptocurrencies in India, however, it allows for assertive exceptions to advance the basal technology of cryptocurrency and its uses,” according to the aldermanic calendar for the winter affair of Lok Sabha.
The bill additionally provides “a facilitative framework for conception of the official agenda bill to be issued by the Reserve Bank of India.” The RBI has ahead said that it is alive on a agenda rupee which it affairs to launch in phases.
The Indian government has not fabricated the agreeable of the crypto bill public, which has led to much speculation about whether the government will ban cryptocurrencies, like bitcoin and ether, or accommodate a authoritative framework for them.
What do you anticipate about the Indian government’s answers? Let us apperceive in the comments area below.
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