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Banning Of Cryptocurrencies & Regulation Of Official Digital Currencies Bill 2019 – India.

In line with a recent report published by native media outlet [ET] ‘The Economics Times’, a new draft bill that is expected to outright ban cryptocurrencies is reportedly being circulated among several departments of the ‘Indian‘ government.

An official known to this matter reportedly told the ET that the govt. has started inter-ministerial consultations on the “Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019″ draft bill.

A committee consisting of the DEA [Department of Economic Affairs], the CBDT [Central Board of Direct Taxes], the CBIC [Central Board of Indirect Taxes and Customs] along with the IEPFA [Investors Education and Protection Fund Authority] and some others, has reportedly supported the thought to completely ban the “sale, purchase and issuance of all forms of crypto assets.”

The committee is reportedly additionally considering an option to ban digital currency beneath the PMLA [Prevention of Money Laundering Act] since it might supposedly be used for Money Laundering purposes. The Ministry of Corporate Affairs reportedly expressed that cryptocurrencies are too much employed in dishonourable schemes to “defraud gullible investors”.

Moreover the report runs contrary to reports from earlier in Dec., that expressed a special governmental committee ‘suggested‘ cryptocurrencies to be legalized within the country, and stressed that there’s a general consensus that cryptocurrency can’t be dismissed as completely illicit.

Earlier in February, the Supreme Court of India ‘permissioned‘ four weeks to Indian authorities to come back up with cryptocurrency regulation policies, before the Court would stop hearing cryptocurrency-related cases, together with the parties who demand to reverse the crypto circular implemented by the central bank of ‘India‘ – RBI.

However within the same month, a panel led by Indian Economic Affairs Secretary ‘revealed‘ a report raising considerations regarding the impact of cryptocurrencies on the native fiat currency within the case of cryptocurrencies being adopted for payments.

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