Please Check Indian Government's Responses On Cryptocurrency Over The Past Years!
This is a list of Indian government's responses on cryptocurrency in Rajyasabha and Loksabha over the past years shared by a twitter user Naimish. Interestingly questions like funding of terrorist activities, taxation of Bitcoin, Legality, Regulation and Mining have been asked in the parliament sessions.
Please take a few minutes to read through this post and understand the situation.
On 02.01.2018 in Rajyasabha
Q - Whether Bitcoins are being used widely for terror funding, money laundering, drug peddling and criminal activities after demonetisation
A - There is no credible inputs to indicate that Bitcoins are being used by terrorists and drug syndicates.
On 13.03.2018 in Rajyasabha
Q - Whether unintended fall out of demonetisation is blind pursuit for digital economy whereby citizen not adept in e-payment are being lured by crypto currencies
A - There is no connection between demonetisation and expansion of crypto-currencies
On 11.04.2017 in Rajyasabha
Q - what is the stand of Government on Software (crypto) Mining
A - The creation, trading or usage of VCs including Bitcoins, as a medium of payment is not authorized by any central bank or monetary authority.
On 06.04.2018 in Loksabha
Q - Whether there is any Tax on Cryptocurrency trading?
A - Under the existing provisions of the Income-tax Act, 1961, the gains arising from the transfer of cryptocurrencies is liable to tax depending upon the nature of holding of the same.
On 16.03.2018 in Loksabha
Q - whether the Government is aware that Bitcoins could be the root cause behind terror funding, money laundering and hawala transactions in the country
A - There are no credible inputs to indicate that Bitcoins are being used for terror funding.
On 09.03.2018 in Loksabha
Q - whether the Government has received complaints of investors suffering crores of rupees of loss in bitcoin trade
A - No specific complaint from any investor suffering crores of rupees of loss in bitcoin trade has been received.
On 28.12.2018 in Loksabha
Q - whether the Government has been keeping a track of the value of crypto currencies traded by Indian Nationals within the Indian territory
A - No, Sir.
On 27.07.2018 in Loksabha
Q - whether the report (on regulation) by the interdisciplinary Committee on virtual currency shall be made public
A - No decision has been taken on making public the report by Interdisciplinary Committee
Q - Any company was investigated?
A - M/s. ZEB IT Services Private Limited, Ministry of Corporate Affairs has, vide order dated 15/3/2018, ordered Inspection of books of accounts u/s 206(5) of the Companies Act, 2013 to examine inter alia the aspect of dealing in Bitcoin.
On 03.08.2018 in Loksabha
Q - whether the Government proposes to/has issued notices to Bitcoin investors
A - The Government has not issued any notice to Bitcoin Investors and there is no such proposal under consideration currently.
There are many more questions answered in both houses of the parliament. You can check them out by searching keywords such as 'crypto' on Rajyasabha here and Loksabha here
Please do your due diligence before investing in cryptocurrencies in India and invest only that you are willing to risk losing 100%. Speculative assets are subject to volatility and therefore can result in profit or loss.
More on the Indian government's stance on cryptocurrency as the court case against RBI moves forward. Stay tuned for more information on this matter.
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Actually, last year around this time, we had seen we weren't supposed to see - the unimaginable rise in almost all cryptos and that abrupt price rise is the root cause of our current headache and that's what I believe.
Our government is an old school. Their policy is to make other countries try first and use later in case it's proven. They are always trying to play a safe game. They only want to remain followers of the western world nor, do they want to lead the world. If that was the case, India would have been considered to be the Pioneer in any field.
I see a very bright future for Cryptocurrency ahead and so it is just a matter of time
Thanks for the great informations,really awareness is essential for its sustainable development.
Thanks nice info! Nicely arranged, chronological, q and a format!
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