No problem with crypto in India if laws are followed – minister

NEW DELHI, Jan 19 (Reuters) – India’s IT minister said on Thursday there was no problem with cryptocurrencies in India if all laws were followed, in remarks that contradicted the advice from the central bank advising investors to stay away from crypto.

India has attempted to regulate cryptocurrencies, with a central bank deputy governor even calling for their ban, but the government has yet to be able to formulate legislation.

In the last budget, the government established a fiscal framework for cryptocurrencies, while Prime Minister Narendra Modi said at the World Economic Forum last year that a collective global effort was needed to tackle the issues. by digital currencies.

Deputy IT Minister Rajeev Chandrasekhar speaking at an event in the southern city of Bengaluru said: “There is nothing today that prohibits crypto as long as you follow the legal process .”

In February, a Deputy Governor of the Reserve Bank of India (RBI), T. Rabi Sankar, said cryptocurrencies were akin to Ponzi schemes or worse and banning them was the most sensible option for India.

RBI Governor Shaktikanta Das also said in February that cryptocurrencies do not have the underlying value of even a tulip.

Reporting by Shivam Patel in New Delhi; edited by Jason Neely and Emelia Sithole-Matarise

Our standards: The Thomson Reuters Trust Principles.


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