The relevant government departments are looking into a draft legislation that implies a complete ban on cryptocurrency trading. The final decision will be made after the elections. India, the country with one of the most active market for digital assets, might implement an outright ban on cryptocurrency trading, according to the sources cited by a local media outlet The Economic Times on April 25. The government has initiated a round of inter-ministerial consultations on a draft bill called “Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019″. The document has been forwarded to all relevant departments for consideration. However, the law won’t be passed until the next government takes charge after elections at the end of May. The final decision will be based on the obtained feedback by the above said departments. Some of them, including the Department of Economic Affairs (DEA), Central Board of Direct Taxes (CBDT), Central Board of Indirect Taxes and Customs (CBIC) support the ban on “sale, purchase and issuance of all types of cryptocurrency” and believe that the government should have taken actions against cryptocurrencies much earlier. The authorities believe that the cryptocurrency trading may be banned under Prevention of Money Laundering Act (PMLA), while the Ministry of Corporate Affairs is concerned that digital money are used in fraudulent schemes to “defraud gullible investors”. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next AUD/USD Technical Analysis: Bid above 0.70, inverse H&S breakout on 15-min chart FX Street 4 years The relevant government departments are looking into a draft legislation that implies a complete ban on cryptocurrency trading. The final decision will be made after the elections. India, the country with one of the most active market for digital assets, might implement an outright ban on cryptocurrency trading, according to the sources cited by a local media outlet The Economic Times on April 25. The government has initiated a round of inter-ministerial consultations on a draft bill called "Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019". The document has been forwarded to all… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.