A draft law to ban cryptocurrencies is almost complete and will be discussed by the federal cabinet, reports Bloomberg Quint, citing unnamed sources. After the discussion of the draft bill, it will be put to parliament.
Other than timing, this isn’t news. Last year the Reserve Bank of India issued a circular to regulated entities banning dealings in cryptocurrencies. This effectively blocked the onramp to digital currencies. Seven months ago, the Supreme Court ruled that the central bank couldn’t issue such a ruling in the absence of legislation, opening the cryptocurrency floodgates.
However, at that stage, a draft regulation was already in the works. Hence we noted the respite might be short lived.
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