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Monday, April 22, 2024

India Considering Ban on Crypto-currencies – Economic Times

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Indian news site The Economic Times created is suggesting in a report that lawmakers in India, were planning on slapping a new ban on crypto companies.
The article, titled “With a law, India plans lasting ban on crypto,” cited one unnamed “senior government official” who told The Economic Times, “A note [presumably on crypto] has been moved (by the finance ministry) for inter-ministerial consultations.”
The article doesn’t provide any information on what the note could be but says it was spurred on by a Supreme Court ruling, which allowed crypto exchanges to finally access banking services after nearly two years stuck in the wilderness.
The article said the government could lean on a previous government draft law, from July 2019, that proposed all forms of cryptocurrency be banned, with anyone caught holding them facing up a fine and up to 10 years imprisonment.

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