“The Committee notes with serious concern mushrooming of cryptocurrencies almost invariably issued abroad and numerous people in India investing in these cryptocurrencies. All these cryptocurrencies have been created by non-sovereigns and are in this sense entirely private enterprises.”
The committee has however urged the state to approach the matter with a lot of caution.
“As virtual currencies and its underlying technology are still evolving, the group has proposed that the government may establish a standing committee to revisit the issues addressed in the report as and when required.”
In early this year the Reserve Bank of India had banned banks from having any links to any crypto-asset dealers. It said in a statement that such currencies weren’t legal in the country. Previously, India’s finance ministry cautioned investors about the risks of trading in virtual currencies, saying crypto investments are like “Ponzi schemes.” However, it didn’t announce an outright ban on crypto trading or any measures that would curb the adoption and trading of digital tokens.
If the proposed bill sails through both houses, India will join the list of countries where digital currencies are illegal including China, Russia, Bolivia, Ecuador, Colombia and Vietnam.
source: https://coindoo.com/indian-government-panel-seeks-to-criminalize-cryptocurrency-transactions/
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