RATE Group | Cryptocurrency Faces Blanket Ban in India
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Cryptocurrency Faces Blanket Ban in India

31 Oct Cryptocurrency Faces Blanket Ban in India

Posted at 23:56h in Cryptocurrency News by

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India appears set to completely ban cryptocurrency operations within its borders, judging from the latest reports issued by government officials.

Cryptocurrency Ban is Imminent

On Tuesday (October 30), during a meeting of the Financial Stability and Development Council (FSDC), one of the agendas included digital currency. As reported by Quartz India, Arun Jaitley, India’s finance minister, chaired the meeting.

The banking industry and the markets regulator were also well represented at the FSDC meeting. Also, Subhash Chandra Garg, secretary, department of economic affairs and chairman of a panel on digital currency, was in attendance.

However, Crypto Kanoon, an Indian-based legal team following virtual currency regulations in India, tweeted:

Mr. Garg briefed FSDC Council on:

…deliberations in the high-level committee chaired by the secretary (economic affairs) to devise an appropriate legal framework to ban use of private cryptocurrencies in India.

Does the abovesaid indicate…

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