According to The Economic Times, Indian authorities have returned to the bill, which provides a complete ban on the ownership of cryptocurrencies and operations with them.
Back in early 2018, the Reserve Bank of India (RBI) banned local banks from providing services to cryptocurrency companies. However, this year the country’s Supreme Court overturned a decree of the Central Bank.
With reference to a senior official, the publication reports that this time it is not a ban on providing banking services, but a full-fledged bill prohibiting the circulation of cryptocurrencies in India. The Ministry of Finance of India has already sent a request for an inter-agency discussion of the document.
According to sources familiar with the situation, after an interagency discussion, the document will be sent to the cabinet of ministers, and then to parliament. If the document really provides for a ban on operations with cryptocurrencies in India, this may mean the death of the entire cryptocurrency industry in the country. The industry has already been significantly weakened by previous prohibitions.
Note that back in July last year, a document called “Ban on cryptocurrencies and regulation of official digital currencies” appeared in the Scribd database, which was a draft law prohibiting cryptocurrencies in India. After that, the cryptocurrency enthusiast, venture investor Tim Draper, has criticized the Indian government.