• 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

Bitcoin Price Loses $8,000 Support as Bears Drive Market to 4-Week Low

Data from Coin360 showed BTC/USD finally reentering the $7,000 range on Thursday, marking its lowest since the last week of October. $7,880 was met by an immediate bounce to $7,940. 

More Bitcoin News

Some XRP transactions involved in the financial pyramids

Analysts from Elliptic monitored XRP transactions and identified several hundred accounts related to illegal activities. the Block reports.

More Ripple News

The Ethereum Foundation reveals the details of the upcoming Istanbul hard fork

After a series of semi-official reports, the Ethereum Foundation representatives published a full guide to the upcoming Istanbul hardfork, where they detailed the software requirements and the actions to be taken bu users.

More Ethereum News

Bitcoin Cash price update: BCH/USD future is still bright, $300 is the rendezvous

Bitcoin Cash recently tested $230 during the slump that shuttered various tentative support areas including $280, $260 and $240. Ranging channel support ($270) was also broken. Following the drop, an effort has been made to ....

More Bitcoin Cash News


Bitcoin Weekly Forecast: In the middle of nowhere

Bitcoin has been drifting down since the beginning of the week, as the bulls have no luck with the recovery campaign launched during the previous weekend.

Read the weekly forecast