RATE Group | Indian Gov’t Panel Recommends a Blanket Ban on Cryptocurrencies
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Indian Gov’t Panel Recommends a Blanket Ban on Cryptocurrencies

22 Jul Indian Gov’t Panel Recommends a Blanket Ban on Cryptocurrencies

Posted at 18:31h in Cryptocurrency News by

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An Indian government panel recommended a ban on cryptocurrencies, Reuters reports on July 22.

Is India finally about to ban cryptocurrencies?

The panel recommended to the government today to ban cryptocurrencies and impose sanctions for any dealings involving crypto assets. Reuters adds that, according to a government statement, the report and draft legislation released by the panel behind the recommendation will be examined by regulators and the government before taking a final decision.

A local ban is not surprising

Earlier this month, India’s Minister of State for Finance Anurag Thakur has pointed out that there is no law in India expressly prohibiting the use of cryptocurrencies. Still, draft legislation that would allegedly impose a ban on the use of cryptocurrencies in India has been published by local blockchain legal experts on social media over a week ago.

The given 18-page draft proposes a definition of cryptocurrencies as “any information or code or number or token not…

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