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Govt to decide on IMC’s report on crypto, may present legislative proposal: MoS Finance

Replying to a question on cryptocurrency trading, Minister of State for Finance Pankaj Chaudhary said currently, all entities regulated by RBI have been advised to carry out customer due diligence process in line with regulations governing standards for know your customer (KYC), Anti Money Laundering, Combating of Financing of Terrorism (CFT) and obligations of regulated entities under Prevention of Money Laundering Act (PMLA). The entities have also been advised to ensure compliance with relevant provisions under FEMA for overseas remittances. In Budget 2018-19, it was announced that the government doesn’t consider cryptocurrencies legal tender or coin and will take all measures to eliminate use of these crypto assets in financing illegitimate activities or as part of the payments system. A high-level Inter-Ministerial Committee (IMC) constituted to study the issues related to virtual currencies and propose specific actions to be taken in the matter, recommended in its report that all private cryptocurrencies, except any cryptocurrency issued by the State, be prohibited in India. «The government would take a decision on the recommendations of the IMC and the legislative proposal, if any, would be introduced in Parliament following the due process,» Chaudhary said. Read more here.

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