India inching closer to a complete cryptocurrency ban: New draft bill emerges

The Indian cryptocurrency is shaken by a new report by the Economic Times on April 26 that indicates that the government has revived its mission of entirely banning the use of cryptocurrencies. The report cites anonymous “government officials aware of details” who claim to know several departments of the government that are backing the complete ban of cryptocurrencies the jurisdiction. The ban will include the issuance of cryptos and trading activities.

The departments that are in support of the ban include the Economic Affairs (DEA), Central Board of Direct Taxes, Central Board of Indirect Taxes and Customs and the Investor Education and Protection Fund Authority.

The draft bill in question is titled “Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019,” is said to have already been forwarded to several departments of the government. At the moment, the term ‘official digital currencies’ is still ambiguous although the Reserve Bank of India at one point in 2018 said that it was looking into launching its own digital asset.