New Delhi: Amid the ongoing debate over allowing cryptocurrencies such as Bitcoin in India, a government panel set up to recommend this has said that cryptocurrencies in India should be banned and penalties for transactions in this currency Should be applied. The panel says that those who do activities related to private virtual currency in the country should be fined.
The committee submitted its report in this regard, the
committee headed by Economic Affairs Secretary Subhash Chandra has submitted its report in this regard. Along with this, the committee has also prepared a draft bill to ban cryptocurrency. The government will consider the suggestions of this committee and discuss it with the concerned regulatory bodies. A final decision will be taken after that. The committee has said in its recommendations that it should be banned in view of the risks associated with private cryptocurrency and the huge fluctuations in their prices.
Earlier, the government said in the Rajya Sabha that there is no ban on the business of cryptocurrency from the government, although the banking ban has been imposed by the Reserve Bank of India (RBI). Replying to a question in this regard in Rajya Sabha, Minister of State for Finance and Corporate Affairs Anurag Thakur said, “At present there is no separate law to deal with the issues related to cryptocurrency. Thus all the relevant departments like RBI, Enforcement Directorate, Income Tax Authority and agencies complying with Kannu take action as per existing law.