Media: Indian authorities are actively preparing a cryptocurrency trading ban …

Media: Indian authorities are actively preparing a cryptocurrency trading ban ...

Media: Indian authorities are actively preparing a ban on cryptocurrency trading in the country

Indian authorities are preparing to approve a law prohibiting cryptocurrency trading, local reports news Moneycontrol portal with citing sources.

In March of this India’s Supreme Court overturned a Reserve Bank order banning regulated financial institutions from serving crypto-related company.

“In the government It was opinion that a ban by the law will more binding. He will clearly define illegality trade. We sent out notifications to responsible ministries for an interdepartmental meeting “- stated anonymous government official.

The government consults with the Ministry of Justice, the Ministry of Information and Technology, and the central bank on the structure of the law, which the will officially end trade cryptocurrencies in India, he noted, adding: “We are working on this. After interagency consultation is he will be submitted to the Cabinet of Ministers for approval. We hope to receive ratification as only parliament will resume session “.

CEO of Indian exchanges Cryptocurrencies CoinSwitch Ashish Singhal Believes The Chances Of A Cryptocurrency Ban In The Past year were higher. By him words, perception cryptocurrencies in India changed per this time, perhaps for the better.

According to Moneycontrol, in a pandemic, cryptocurrencies are used weekly for making deals on millions of dollars and industry participants claim they are losing money due to lack of proper regulation.

Media: Indian authorities are actively preparing a cryptocurrency trading ban ...

Nishal Shetty, CEO of WazirX earlier also called on do not give in to unnecessary panic due to possible prohibitions before publishing details of proposed legislation.