India: government proposes a bill banning cryptocurrencies

Индия: правительство предлагает законопроект, запрещающий криптовалюты

Three months after the Supreme court decision on the abolition of the banking service ban on cryptocurrency, the Ministry of Finance of India has again proposed a ban on the cryptocurrency already at the legislative level.

An unexpected turn for the Indian cryptocurrency community, the Ministry of Finance of India proposed at the legislative level to prohibit cryptocurrencies in the outside of the subcontinent. Writes about this cryptocurrency website Сointelegraph.

The proposal will first be sent?? in the Union Council of Ministers and then sent?? to Parliament for final consideration. In the article The Economic Times cited a quote from official:

“A note was passed (Ministry of Finance) for interagency consultation.”

Just three months ago, the Supreme court of India overturned a ban by the Reserve Bank of India for local banks for the provision of services to individuals and companies involved in the cryptocurrency.

A blow to the crypto dream

Last July, a government panel of high-class, headed by a former Finance Minister of India, Subhash Garg (Subhash Garg), has developed the law on the ban on the cryptocurrency. He proposed to put owners of cryptocurrency in jail for up to 10 years and/or a fine of up to 25 offset rupees, which is $3.2 million In the project says:

“No one can obtain, generate, maintain, sell, trade, give, transmit, dispose of, or use of cryptocurrency in the territory of India”.

The proposal, however, officials have not discussed, at least publicly, about him, no one spoke.

The new proposal again has caused fear in the Indian cryptosuite. Although in the last three months in Cryptoprotected saw an increase of enthusiasm and excitement, there are new startups for adoption of cryptocurrencies all over the country, this bill could deal a severe blow to all business and individuals.

Companies like Binance and OKEx, which planned to extend its position across India will have to retreat.

Speaking to reporters, the official corporate Advisory firm AKM Global said that if the bill passes in this form, as it was designed last year, it “will completely destroy cryptologist in India.”

On the proposed law until it was given clarification as to what restrictions it may include.

As reported by the website Coinews, Reserve Bank of India (RBI) plans to file a petition against the recent important decisions of the Supreme Court, which overturned the ban authorship RBI, which prohibited the country’s banks cooperation with cryptocurrency companies.

Coinews wrote that the Indian financial regulator RBI has created an interagency group to study the demand and credibility of the digital currency based on blockchain that will be used for domestic payments.

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