Following several weeks of uncertainty regarding the future of cryptocurrencies in India, authorities are looking at implementing a blanket ban on the use of all cryptocurrencies in the country, Quartz reports.
During the meeting of the Financial Stability and Development Council (FSDC), headed by finance minister Arun Jaitley, the subject of cryptocurrencies came up.
“The council…deliberated on the issues and challenges of crypto assets/currency and was briefed about the deliberations in the high-level committee chaired by the secretary (economic affairs) to devise an appropriate legal framework to ban the use of private cryptocurrencies in India,” a press release reads.
The word “use” mentioned in the statement may refer to the buying, selling, transacting, or converting cryptocurrencies may be banned, but not the possession of digital assets.
As the Indian go-to for crypto news, Crypto Kanoon tweeted:
Mr. Garg briefed FSDC Council on:— Crypto Kanoon (@cryptokanoon) October 31, 2018
"..deliberations in the High-level Committee to devise an appropriate legal framework to ban use ofprivate crypto currenciesin India"
Does the abovesaid indicate that the possession and trading of Crypto are going to be permitted?#BPositive pic.twitter.com/RvfX0FhYOM
Earlier in the year, the Reserve Bank of India dealt a heavy blow to the crypto industry by forbidding banks from having any deals with crypto-related businesses.