Indian Government Answers Questions on Bitcoin Transactions, Karnataka Scam, Legality of Crypto Trading
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Loading... - Arun Lal
- 30 Nov 2021
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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 house of India’s parliament.
The first set of questions (Starred Question No. 12), titled “Bitcoin Transactions,” ask Finance Minister Nirmala Sitharaman “whether the government is aware that bitcoin transaction is silently blooming in India in the recent years.” The finance minister replied:
"The government does not collect data on bitcoin transactions."
Finance Minister Sitharaman was further asked “whether the government has any proposal to recognize bitcoin as a currency in the country.” She simply replied: “No, sir.”
Questions About the Bitcoin Scam in Karnataka
The second set of questions (Unstarred Question No. 196) are about the high-profile “Bitcoin Scam in Karnataka,” which recently received heavy media coverage. The case was even brought up by Karnataka Chief Minister Basavaraj Bommai during his meeting with Prime Minister Narendra Modi.
The finance minister was asked about the scam and details of the investigation and action being taken.
The Minister of State in the Ministry of Finance, Shri Pankaj Chaudhary, replied: “Information in public domain suggests that a case of cybercrime involving bitcoin has been under examination by the Karnataka police … However, a case has also been registered by Bangalore Zonal Unit of the Directorate of Enforcement. Further disclosure of information in the matter is not in larger public interest.”
Questions About the Legality of Cryptocurrency Trading and Crypto Exchanges in India
The third set of questions (Unstarred Question No. 173), titled “Cryptocurrency,” ask the finance minister “whether the government is aware of the cryptocurrencies that are traded in India.” Minister Chaudhary responded: Read More…
