Member of Parliament, Varun Gandhi Raises Crypto Questions in Lok Sabha

Jan 2, 2019 at 13:45 Update Date :Jan 2, 2019 at 13:45 UTC

A series of questions regarding cryptocurrency has been raised by the BJP’s Member of Parliament, Varun Gandhi at Ministry of Finance. In a session of Lok Sabha, Varun Gandhi fired a crypto questionnaire, asking the government to clarify its stance on the digital currency. The Government of India (GoI) has not cleared their views on the questionnaire raised by Varun Gandhi.

Varun Gandhi Fires Questions in Lok Sabha

A new year has just begun but people of India have not heard a word from the government regarding its viewpoint on the cryptocurrency. The crypto users and the investors are looking for the opinions of the country’s officials; what they think about crypto regulations – as everyone is so excited about the future of cryptocurrency in India.

The voices and doubts of the Indian crypto investors were represented by Varun Gandhi, the Member of Parliament of Bhartiya Janta Party, also known as BJP. Varun Gandhi presented a questionnaire in the Lower house of Parliament – Lok Sabha, where in response, the Government of India has decided to reveal details about its plans about the crypto regulations in the country. A much detailed report has not provided by the government yet.

Here is the picture of the questionnaire presented in the Lok Sabha:

Altcoinera

The Government of India has not ruled out its own cryptocurrency yet. This shows that the news of a national currency is nothing but just mere hype. However, the government is more aware of the crypto regulations; as an Inter-ministerial committee has been working on this matter. The committee has members from Reserve Bank of India (RBI), Ministry of Electronics and Information Technology, SEBI, CBDT, and the Department of Economic Affairs.

The Government has also made it clear that it is not tracking the cryptocurrency trades in the country. In response, the Government of India said:

“… in absence of a globally acceptable solution and the need to devise a technically feasible solution, the Department is pursuing the matter with due caution. It is difficult to state a specific timeline to come up with clear recommendations.”

A conclusion can be drawn that the Government is still undecided about the imposition of crypto regulations in the country. It will be interesting to see what the officials do in order to power the stance of cryptocurrency in India.

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