India may impose a complete ban on cryptocurrencies

The Government of India is holding inter-ministerial consultations on a bill that introduces an outright ban on cryptocurrencies like informs local edition of The Economic Times.

Formed government commission began to develop rules for the regulation of the crypto industry for 2019. Economic and financial departments supported the proposal to ban the sale, purchase and release of all types of digital currencies, except for official ones. Based on the feedback received, the final version of the law will be formed.

The committee also pointed out that cryptocurrencies are used for money laundering and are involved in illegal schemes to defraud investors. At the same time, the organizers receive huge incomes. Therefore, officials are also considering the possibility of banning digital currencies in accordance with anti-money laundering legislation..

Due to the time it will take to draft the bill, India’s Ministry of Corporate Affairs recommends starting to prosecute those who use cryptocurrency for illegal purposes..

Recall that in early April, the Chinese government classified Bitcoin mining as «undesirable» industries that need to be liquidated due to inefficiency.

text: Ivan Malichenko, photo: i2.wp, youngisthan

India may impose a complete ban on cryptocurrencies

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