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India’s Cryptocurrency Ban Law Will Be Submitted To Parliament

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India's Cryptocurrency Ban

India’s Cryptocurrency Ban Law Will Be Submitted To Parliament

The Indian authorities intend to introduce a new law establishing a ban on cryptocurrency trading. Bloomberg reported this regarding sources familiar with the situation. According to them, the Indian Council of Ministers is today discussing the law before sending it to parliament.

India's Cryptocurrency Ban

The parliamentary session began yesterday and will last until October 1. As noted by Bloomberg, the legislature met for the first time since the start of the coronavirus pandemic.

“The government will support blockchain but is not interested in trading, according to two people. A spokesman for the Indian Ministry of Finance did not answer the call and message,” – the publication says.

Previously, the media reported on the active preparation of a ban on cryptocurrency trading in India in early August.

“The government was of the opinion that the ban under the law would be more binding. He will clearly define the illegal trade. We sent notifications to the responsible ministries for interdepartmental coordination,” – a government official said at the time.

Recall that in 2019, a working group under the government of India concluded that there is “no value at all” at the heart of cryptocurrencies. The authorities were advised to ban all assets other than digital tokens issued by the Central Bank.

In July 2020, Prime Minister Narendra Modi announced the need to develop the Internet of Things, Big Data, blockchain, and 5G.

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