An Indian government panel have suggested that cryptocurrencies should be completely banned, according to a local news outlet.
The report claims that the panel suggested a new legal framework within the Reserve Bank of India (RBI), which would effectively ban the use and sale of cryptocurrencies within India.
An unnamed source told CNBC TV18: “The panel has categorically said that all such currencies should be treated as illegal. Any kind of dealing in such currencies should be treated as such.”
The Indian government launched the panel to create “norms” for cryptocurrencies. The panel was led by the secretary of the Department of Economic Affairs, Subhash Chandra Garg, who submitted the report to Indian finance minister Arun Jaitley.
India have typically been against the emergence of cryptocurrencies. Authorities recently swooped in to arrest the co-founder of Unocoin Harish BN, who installed India’s first Bitcoin ATM in a shopping mall.
The government have in the past announced they were working on cryptocurrency regulation, with a stipulated bill expected to become public before the end of the year.
The news comes on the same day as the Chinese central bank labelled STOs and ICOs as ‘illegal’, prompting concern in the space about an upcoming regulatory clampdown.
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