India Said to Be Preparing to Ban Cryptocurrency Trading: Bloomberg

The federal cabinet is expected to shortly discuss a new bill before passing it to the parliament, people familiar with the matter told Bloomberg.

AccessTimeIconSep 15, 2020 at 1:03 p.m. UTC
Updated Sep 14, 2021 at 9:56 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

India is reportedly moving to ban the trading of cryptocurrencies.

  • The federal cabinet is expected to soon discuss a new bill before passing it to the parliament, people familiar with the matter told Bloomberg.
  • While the government is exploring the possible uses of blockchains to manage land records, pharmaceutical drugs supply chain or records of educational certificates, it is against cryptocurrency trading, according to the two sources.
  • The Reserve Bank of India had banned commercial banks from servicing to crypto traders and exchanges in 2018.
  • The nation's supreme court overruled the central bank's ban in March.
  • Since then, trading volumes on cryptocurrency exchanges servicing Indian clients have picked up sharply.
  • A private think tank recently said the Indian government should regulate bitcoin like a corporate stock.
  • If the ban is passed it would be a blow to the rapidly growing crypto scene in India that has flourished since the banking ban was overturned.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.