Indian government prepares new law to ban cryptocurrencies

Indian government prepares new law to ban cryptocurrencies

Five months after the total ban was lifted on the use of cryptocurrency by the Supreme Court of India, the country’s authorities are preparing a new law with similar restrictions.

According to Indian edition Moneycontrol, Ministry of Communications and Information Technology, Ministry of Justice and Reserve Bank of India now they are actively developing a legal framework to ban transactions with digital assets. The government plans to ratify the law immediately after the start of the new parliamentary session.

Indian government prepares new law to ban cryptocurrencies

According to officials, they no longer intend introduce a complete ban, as the RBI did in 2018, and only make cryptocurrency trading illegal, so as not to expose a weakened economy to additional risk.

Entrepreneurs also doubt that the authorities will decide on a complete ban, since over the past two years, the attitude towards digital assets in the country has changed and fiat money has been hit hard by the outbreak of coronavirus..

text: Ivan Malichenko, photo: lottoland

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