India Considering Blanket Ban on Cryptocurrencies?

The Indian regulators may be planning to propose a new bill to the government which recommends a blanket ban on cryptocurrencies. Indian mainstream media outlet Economic Times reported that the government has already kicked off inter-ministerial consultations on a draft bill to ban cryptocurrencies.

Called the ‘Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019’, the draft bill has been circulated among the key government departments which include the Department of Economic Affairs (DEA), Central Board of Direct Taxes (CBDT), Central Board of Indirect Taxes and Customs (CBIC) and the Investor Education and Protection Fund Authority (IEPFA).

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