Cryptocurrencies

Indian government panel campaign for cryptocurrency to be banned

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.

Oliver Knight

Londoner ‘Ollie’ graduated from Birmingham City University with a journalism degree in 2016. He combines his writing with his love of crypto and blockchain here at Coin Rivet, saying “It disrupts well-established institutions (banks) while giving an avenue to the less fortunate to achieve financial freedom.” Like all true Londoners, his pet hate is… “People standing on the left-hand side of the escalators on the Tube!”.

Disqus Comments Loading...

Recent Posts

Here is why Bitcoin is still a lucrative investment in 2024

Those who enter the market at this time may be surprised to hear that Bitcoin…

3 days ago

Zircuit Launches ZRC Token: Pioneering the Next Era of Decentralized Finance

George Town, Grand Cayman, 22nd November 2024, Chainwire

3 days ago

The surge of Bitcoin NFTs: Everything you should know about Bitcoin ordinals

From digital art to real-estate assets, NFTs have become a significant attraction for investors who…

1 month ago

MEXC Partners with Aptos to Launch Events Featuring a 1.5 Million USDT Prize Pool

Singapore, Singapore, 21st October 2024, Chainwire

1 month ago