InvestorQ : Is it true that India is planning to ban crypto currencies altogether?
vidhya Laxmi made post

Is it true that India is planning to ban crypto currencies altogether?

Answer
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3 months ago


It has been reported that India may be looking to introduce a law to ban Crypto-currencies as the government is keen on a legal framework so that crypto can allowed with better checks and balances in the future. It is not a total debarring crypto currency, but it is certain that Indian banks are going beyond the ordinary.

It may be recollected that in a March 04 judgement, the Supreme Court had observed that there was no eminent logic in the RBI preventing banks from providing crypt currency.

The note will be sent to parliament for debate and then will be placed before the parliament. One of the most popular crypto currencies, the Bitcoin, has been quite robust and popular in the last few years.

There could be steep penalties along with imprisonment for anybody dealing in crypto. As of now crypto transactions are happening in India, it is more on the unofficial platforms.