As reported by Money Control, citing its own sources in the Indian government, the country's authorities are preparing a bill to ban the trade of cryptocurrencies.
According to a source who wished to remain anonymous, work is now underway between various Indian departments to prepare this bill. Discussions are ongoing between the Ministry of Justice, the Ministry of Information and Technology, and the country's Central Bank. This bill will make it illegal to trade and own digital currencies in India.
“We are working on a document. After discussions with various departments, we will present the bill to the Cabinet of Ministers. We hope that after the Parliament resumes its activities, the document will be adopted, ”said the Indian official.
Recall that in early 2018, the Reserve Bank of India (RBI) banned local banks from providing services to cryptocurrency companies. However, this year the country's Supreme Court overturned the Central Bank's ruling. Rumors that the Indian authorities are preparing a complete ban on cryptocurrencies in the country have appeared repeatedly.