• Various departments across the Indian government are said to be exploring full banning of cryptocurrencies.
  • The proposal is said to be pushed forward to the government in May after the national elections.

 

The government of India are stepping up efforts again to completely outlaw public cryptocurrencies of any kind. Local press, the Economic Times on Friday, covered that several government departments are backing the idea to completely ban any kind of cryptocurrency related activity.

Details noted were citing government officials aware of the details. It was said that the Department of Economic Affairs (DEA), Central Board of Direct Taxes, Central Board of Indirect Taxes and Customs and the Investor Education and Protection Fund Authority are all backing the banning of cryptocurrencies and relating activities.

“Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019,” is the name of the touted bill according to sources. They further indicated that based on all feedbacks from the departments that were consulted with, are expected to be fully proposed to the country’s government in May, after national elections.

 

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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Crypto market recovery in jeopardy

The cryptocurrency market is mixed red and green as the week grinds to a halt. Bitcoin and Ethereum are among the few assets that have accrued minor gains over the last 24 hours. A minor change can be observed in the total capitalization for the crypto market. 

More Crypto News

DOT bears tighten their hold, price aims for $4

DOT/USD has been on a downtrend after charting the evening star pattern. The 4-hour chart has flashed the buy signal with a red-nine candlestick in the TD sequential indicator.

More Polkadot news

UNI bulls aggressively fight for an upswing to $3.5

UniSwap bounces off support at $2.5 as bulls work around the clock to regain control. UNI/USD must break the descending channel middle layer resistance for gains above $3.

More UniSwap

DeFi Top 3 Losers: Loopring, SushiSwap and Band Protocol

The craze surrounding DeFi has relatively settled down since the September crash. IntoTheBlock noted on Twitter that the ratio of DeFi tokens’ market cap to Ethereum went from being around 25% in late August to just over 15%.

More Cryptocurrencies News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Bitcoin goes up as some of the world's largest currencies go down

While investors are waiting for BTC to retest all-time highs and shoot to the moon, it is already there. In some countries, the pioneer digital asset surpassed the peak of 2017 and hit new historic highs in local currencies.

Read the weekly forecast

BTC

ETH

XRP