India seems set to ban private cryptocurrencies

In a setback for cryptocurrency enthusiasts and start-ups, India seems all set to ban private cryptocurrencies after an inter-ministerial committee (IMC) suggested outlawing private cryptocurrencies, like Bitcoin, apart from declaring any activities related to virtual currencies as a criminal act.

The report lays down that all private cryptocurrencies except the ones issue by the state be banned in India and endorses the stand taken by the RBI to eliminate the interface of institutions regulated by the central bank from cryptocurrencies.

The Indian government is not in favour of any private digital currencies, including bitcoin for the simple reason it does not want to put investors’ money at risk.

The report by the committee was submitted to the govt on Monday along with a draft bill has been. The IMC report and the draft bill will be subject to review and scrutiny by the govt for a final decision in active collaboration within concerned departments and regulatory authorities.

The report and the draft bill for ‘Banning of Cryptocurrency & Regulation of Official Digital Currency Bill, 2019’ has been listed on the official Department of Economic Affairs website.

Via India Today / Economic Times