No Issue With Cryptocurrency In India If Laws Are Followed: Rajeev Chandrasekhar

The minister's remark contradicts the central bank's view advising investors to stay away from crypto

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By Teena Jose

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Minister of state for IT Rajeev Chandrasekhar, on Thursday, said that there was no issue with cryptocurrencies in India if all laws are followed, in remarks that contradicted the central bank's view advising investors to stay away from crypto, according to a Reuters report.

While speaking at an event in the southern city of Bengaluru, Chandrasekhar said that, "There is nothing today that outlaws crypto as long as you follow the legal process."

India has been trying to come up with regulation for cryptocurrencies, with a central bank deputy governor even calling for them to be banned, but the government has not been able to formulate legislation yet. Earlier this month, RBI governor Shaktikanta Das had said that, "Cryptocurrency should be completely banned from the country and it can just be called 'gambling."

He also added that, "RBI's position is very clear, all cryptos should be banned. However, the technology of blockchain needs to be supported as it has so many other applications."

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

In August 2022, the finance minister Nirmala Sitharaman had cautioned cryptocurrency investors against investing in any such crypto, reiterating the government's position on the legitimacy of cryptocurrencies.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.

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