Indian government prepares new law to ban cryptocurrencies
Five months after the Indian Supreme Court lifted a complete ban on the use of cryptocurrency, the country’s authorities are preparing a new law with similar restrictions.
According to the Indian publication Moneycontrol, the Ministry of Communications and Information Technology, the Ministry of Justice and the Reserve Bank of India are now 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.
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They no longer intend to impose a complete ban, as the RBI did in 2018, but to declare only cryptocurrency trading illegal, so as not to expose the weakened economy to additional risk, officials said.
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 the coronavirus.