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September 24, 2020
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India wants to ban cryptocurrencies again Blocksats

India probably can’t decide whether they support cryptocurrencies or prefer to fight them. It turns out that the Ministry of Finance demanded a ban on digital currencies throughout the country. It is a kind of return to the ideas from 2019.

India and BTC: and not be so beautiful

This is surprising because only a quarter ago the Supreme Court of India decided that the recommendation of the central bank of the country, which led to the fact that commercial banks terminated contracts for maintaining accounts for companies from the BTC market, is unconstitutional. It is true that banks still did not want to open accounts for cryptocurrency exchanges, but this would soon change, as the Reserve Bank of India was to send them an appropriate letter in which he explained the Supreme Court’s judgment.

So when everything started to go in the best direction, now there is a new proposal from the Ministry of Finance. The ministry wants to ban cryptocurrencies throughout the country. The application will first be sent to the Council of Ministers. It is only in the second stage that the minister will forward it to the parliament for final review. Economic Times he spoke to an important government official who admitted in an interview with journalists that “The finance ministry forwarded an appropriate note for inter-ministerial consultations.”

Prison for having BTC

We don’t know the details of the ministry’s project. The new idea, however, brings to mind the law of July last year, when a government team, led by former Secretary of Finance of India, Subhash Garga, developed laws that would completely ban cryptocurrencies. At that time, India wanted every digital currency user to be punished by imprisonment of up to 10 years and / or a fine.

No person may mine, generate, store, sell, trade, emit, transfer, sell or use cryptocurrencies in India – officials said.

Ultimately, the bill did not enter into force then. Will politicians now reach for him again? It would be a big blow to the cryptocurrency market in India. Let’s remember that investments in this country have been planned by, among others such large brands as Binance or OKEx, not to mention local entities.

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