Fake News: Bitcoin is Illegal, Reports the Indian Press Erroneously

A number of major Indian news media sources have reported that bitcoin has been deemed illegal by the Indian government. They’re wrong.

In today’s session of the Rajya Sabha, the upper house of the Parliament of India, an Indian politician weighed in on bitcoin, a cryptocurrency that is increasingly awareness and adoption among Indians.

Arjun Ram Meghwal, the Union Minister of State in Finance said in a written reply during a Rajya Sabha session today:

The absence of counter parties in usage of virtual currencies including Bitcoins, for illicit and illegal activities in anonymous/pseudonymous systems could subject the users to unintentional breaches of anti-money laundering and combating the financing of terrorism laws.

Meghwal also pointed to the nuanced stance taken by the Reserve Bank of India (RBI), the country’s central bank. “No regulatory approval, registration or authorization is stated to have been obtained by the entities concerned for carrying on such activities,” Meghwal added. The RBI issued a public notice in February, warning bitcoin adopters that companies dealing with bitcoin or digital currencies were unauthorized.

While

Read more ... source: CryptoCoinsNews

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