India is reportedly working to completely impose a permanent ban on cryptocurrency trading activities.
In line with a recent official report by Bloomberg, the federal cabinet is predicted to soon discuss a new bill before passing it to the parliament.
While the govt is exploring the possible uses of blockchains to manage land records, pharmaceutical drugs supply chain as well as records of educational certificates, it’s against cryptocurrency trading, consistent with the two sources known to the case.
The RBI [Reserve Bank of India] had banned commercial banks from providing banking-related services to cryptocurrency traders and exchanges earlier in 2018.
However, the nation’s supreme court overruled the central bank’s ban later in March this year.
Since then, trading volumes on cryptocurrency exchanges servicing Indian clients have sparked up sharply.
A private think tank recently revealed that the Indian government should consider regulating Bitcoin [BTC] alike a corporate stock.
If the ban is passed it might be a blow to the rapidly increasing cryptocurrency scene within India that has flourished since the banking ban was removed.