• The relevant government departments are looking into a draft legislation that implies a complete ban on cryptocurrency trading. 
  • The final decision will be made after the elections. 

India, the country with one of the most active market for digital assets, might implement an outright ban on cryptocurrency trading, according to the sources cited by a local media outlet The Economic Times on April 25. 

The government has initiated a round of inter-ministerial consultations on a draft bill called  “Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019”. The document has been forwarded to all relevant departments for consideration.  

However, the law won’t be passed until the next government takes charge after elections at the end of May.  The final decision will be based on the obtained feedback by the above said departments. Some of them, including the Department of Economic Affairs (DEA), Central Board of Direct Taxes (CBDT), Central Board of Indirect Taxes and Customs (CBIC) support the ban on  “sale, purchase and issuance of all types of cryptocurrency” and believe that the government should have taken actions against cryptocurrencies much earlier. 

The authorities believe that the cryptocurrency trading may be banned under Prevention of Money Laundering Act (PMLA), while the Ministry of Corporate Affairs is concerned that digital money are used in fraudulent schemes to “defraud gullible investors”.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Sellers come in ahead of 10,500

BTC/USD sells of late in the session as we draw to a close on an eventful day in the financial markets. We were expecting Fed Chair Jerome Powell to be the main event of the session but China announced plans to add tariffs to US imports. Then Powell once again stood firm against Trumps pressure to loosen monetary policy and the US President lost it on twitter. 

More Bitcoin News

XRP pushes to session highs but a key level is in sight

XRP/USD pushes to session highs. Key resistance level is in sight. 0.300 still seems the like the long term target for bulls.

More Ripple News

BCH/USD: 300 is well supported once again

Bitcoin Cash has rejected downside moves yet again. Key trendline apex needs testing soon. 360 is still the level to breach for upside momentum.

More Bitcoin Cash News

NEO announces new partnership with gumi Cryptos bringing blockchain to Japan

NEO Foundation has announced a new partnership with gum Cryptos. The two organisations will be working on bringing blockchain technology to Japan. 

More Neo News


Bitcoin Weekly Forecast: Safe-haven or a high-yield asset? Bitcoin qualifies for both

The cryptocurrency market has been a mixed picture this week. Bitcoin attempted to settle above $12,000 practically every single day of the week...

Read the weekly forecast