Five months after Indian courts overturned a general ban on cryptography, one official said the government was considering a new law to ban cryptocurrencies.
An Indian government official said the two services and the Reserve Bank of India are effectively trying to use the legal system to ban cryptographic forms of money in the subcontinent. According to Indian media reports, experts in India are taking steps to pass legislation banning digital currency exchanges.
Reporters claim that negotiations have begun between the Ministry of Electronics and Information Technology, the Ministry of Law and Justice and the Reserve Bank of India (RBI) to create such a law. The authorities said the legislature is thinking about banning cryptocurrency through administrative changes.
In March, India’s Supreme Court overturned a strict ban on banks that manage crypto organizations, which had been imposed by RBI since July 2018. The cancellation sparked a spike in new deals in the country. But despite this, the Indian government plans to impose new sanctions against the world of cryptography.
Ashish Singhal, author and CEO of CoinSwitch, an Indian cryptocurrency trading company, said that the likelihood that the administration would impose a strict ban on advanced monetary standards was more likely in 2019 than this year. An adjustment has been made to the way crypto is perceived across India, he said.