The Indian government has time and again clarified that it does not recognise cryptocurrencies as legal tender, got the central bank to bar trading through any means, and has gone on to call them Ponzi schemes.
Has the government banned cryptocurrency officially? That’s the question Dharmapuri Srinivas, Telangana Rashtra Samithi Rajya Sabha MP from Nizamabad asked in the Rajya Sabha recently. He further questioned, “Whether the government has taken note about the prevalence of cryptocurrency in the country and if any action is being taken against the persons who are responsible for running the cryptocurrency in the market?”
Responding to this, minister of state for finance Anurag Thakur had said ‘No.’
“Presently, there is no separate law for dealing with issues relating to cryptocurrencies,” Thakur added and went on to say that all concerned government departments and law enforcement agencies, such as RBI, enforcement directorate and income tax authorities take action as per the relevant existing laws. So, the Indian government has not banned cryptocurrency in India.