An Indian government panel has reportedly suggested a new legal framework within the Reserve Bank of India that completely bans cryptocurrencies in the country.
English-language Indian media outlet CNBC TV18 reported on the framework on Dec. 6.The article cites an unnamed source as noting that "The panel has categorically said that all such currencies should be treated as illegal" and that "Any kind of dealing in such currencies should be treated as [such]."
CNBC TV18 notes that the Indian government had created a panel to create "Norms" for digital currencies - headed by Secretary of the Department of Economic Affairs Subhash Chandra Garg - which submitted its report to Indian Finance Minister Arun Jaitley.
The debate over crypto's legality began in April of this year, when the RBI stated it would no longer provide services to persons or legal entities involved with crypto.
In response to the ban, eleven crypto-related businesses filed a suit against the bank in the country's Supreme Court, with the legal outcome still unclear.
As Cointelegraph reported in November, the Indian government is also working on cryptocurrency regulation, with the legislation expected to become public this month.
The current climate isn't friendly overall to crypto enthusiasts in India.
The developers of India's first Bitcoin "ATM" were arrested on criminal charges.
While the charges haven't been disclosed, local mainstream media reported that they include criminal conspiracy, cheating and forgery.
The developers were also the co-founders of the country's first crypto exchange, Unocoin.
Indian Government Panel Suggests Crypto Dealings Should Be Illegal, Local Sources Say
gepubliceerd op Dec 10, 2018
by Cointele | gepubliceerd op Coinage
Coinage
Recent nieuws
Alles zien
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.