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  • Various departments across the Indian government are said to be exploring full banning of cryptocurrencies.
  • The proposal is said to be pushed forward to the government in May after the national elections.

 

The government of India are stepping up efforts again to completely outlaw public cryptocurrencies of any kind. Local press, the Economic Times on Friday, covered that several government departments are backing the idea to completely ban any kind of cryptocurrency related activity.

Details noted were citing government officials aware of the details. It was said that the Department of Economic Affairs (DEA), Central Board of Direct Taxes, Central Board of Indirect Taxes and Customs and the Investor Education and Protection Fund Authority are all backing the banning of cryptocurrencies and relating activities.

“Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019,” is the name of the touted bill according to sources. They further indicated that based on all feedbacks from the departments that were consulted with, are expected to be fully proposed to the country’s government in May, after national elections.