|

Cryptocurrencies are not banned in India. Not yet

  • India has not banned cryptocurrencies, but the respective draft bill is in works in the local parliament.
  • If the bill is adopted, dealing with digital money may lead to 10 years behind the bars.


Minister of State for Finance and Corporate Affairs Anurag Thakur said the government hadn't prohibited cryptocurrency in the country

Despite that the Indian government has been discussing a draft bill for prohibiting cryptocurrencies, there is no blanket ban on digital assets on the territory of the country as of yet, according to the Minister of State for Finance and Corporate Affairs Anurag Thakur. 

The Minister confirmed that cryptocurrencies were not prohibited in India while speaking in front of Rajya Sabha (the upper house of the Indian parliament).

"Presently, there is no separate law for dealing with issues relating to cryptocurrencies. Hence, all concerned departments and law enforcement agencies, such as RBI, Enforcement Directorate and Income Tax authorities, etc. take action as per the relevant existing laws," he said.

Meanwhile, the government and the central bank issued circulars and warnings to inform the public on risks related to cryptocurrencies. 

The Reserve Bank of India prohibited regulated companies from providing services to crypto-related business. The ban came into effect on July 6.

Currently, the parliament is discussing the bill that will ban holding, selling, or dealing in cryptocurrencies. The wrongdoers may be sentenced to 10 years in prison.
 

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

More from Tanya Abrosimova
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Crypto market outlook for 2026

Year 2025 was volatile, as crypto often is.  Among positive catalysts were favourable regulatory changes in the U.S., rise of Digital Asset Treasuries (DAT), adoption of AI and tokenization of Real-World-Assets (RWA).

Sberbank issues Russia's first corporate loan backed by Bitcoin

Russia's largest bank Sberbank launched the country's first Bitcoin-backed corporate loan to miner Intelion Data. The pilot deal uses cryptocurrency as collateral through Sberbank's proprietary Rutoken custody solution.

Bitcoin recovers to $87,000 as retail optimism offsets steady ETF outflows

Bitcoin (BTC) trades above $88,000 at press time on Tuesday, following a rejection at $90,000 the previous day. Institutional support remains mixed amid steady outflow from US spot BTC Exchange Traded Funds (ETFs) and Strategy Inc.’s acquisition of 1,229 BTC last week.

Traders split over whether lighter’s LIT clears $3 billion FDV after launch

Lighter’s LIT token has not yet begun open trading, but the market has already drawn a sharp line around its valuation after Tuesday's airdrop.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.