India Tries to Clear Crypto Confusion After Exchanges Forced to Shut Down
India’s Minister of State for Finance is trying to clear up confusion on the state of crypto in the country.
Anurag Thakur says India has not officially banned crypto assets, according to a new report from the media outlet Inc42. According to Thakur, there is “no separate law for dealing with issues relating to cryptocurrencies” and the government is not taking action against anyone who uses them.
Although India’s authorities have not placed a ban on the direct buying and selling of digital currencies, the Reserve Bank of India (RBI) has taken measures that have effectively prevented a significant number of locals from buying them.
Last year, the RBI ordered all local financial institutions to stop offering banking services to those dealing in cryptocurrencies, an order which is now being challenged in the supreme court.
The move had a massive impact on crypto exchanges in the country. The exchange Koinex is the most recent to shut down, announcing the termination of its exchange services last month.
Zebpay, India’s largest crypto exchange, was also forced to close its doors in September of last year. BillDesk’s Mumbai-based crypto exchange Coinome shut down in May.