• search
For Quick Alerts
For Daily Alerts

Govt panel suggests ban on private cryptocurrencies

By Shreya

New Delhi, July 22: An inter-ministerial government committee has submitted its report suggesting the path that India should take regarding digital currencies in India.

The committee headed by finance secretary Subhash Chandra Garg has proposed a draft bill "Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019", which has been placed in the public domain.

Govt panel suggests ban on private cryptocurrencies

The recommendation comes a day after Minister of State for Finance Anurag Thakur denied that the government was considering a blanket ban on trading in cryptocurrencies.

India gets its first Bitcoin ATM in Bengaluru amidst RBI's crackdown on cryptocurrency

"Presently, there is no separate law for dealing with issues relating to cryptocurrencies. Hence, all concerned departments and law enforcement agencies, such as RBI, Enforcement Directorate and Income Tax authorities, etc. take action as per the relevant existing laws," Thakur said while responding to questions in the Rajya Sabha.

The Reserve Bank of India had earlier prohibited banks and financial institutions from providing services in relation to cryptocurrencies.

For Daily Alerts
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Oneindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Oneindia website. However, you can change your cookie settings at any time. Learn more