Indian government exploring bill to ban all cryptocurrencies

26 Apr, 2019
by David Borman
Regulation
Indian government exploring bill to ban all cryptocurrencies

It is being reported in India's The Economic Times that the Indian government is exploring a bill that would completely ban the creation and sale of cryptocurrencies, though it could leave the door open for regulated digital assets.

The bill is being called "Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019" and has found endorsement from 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). According to unnamed government sources, the bill would ban the "sale, purchase and issuance of all types of cryptocurrency."

The bill is hoping to be passed under the Prevention of Money Laundering Act due to the fact that cryptocurrency can be used for just this purpose, despite the fact that fiat currency is also often used for money laundering.

The bill would leave the door open for regulated digital assets controlled by the government, but this is likely of little solace to anyone who is actually involved with cryptocurrency.

No quick decisions will be made, as the panel exploring this bill will only be making suggestions on course of action to the new government coming in after elections in may. Will India outright ban all crypto? Stick with Chepicap for any updates!

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