It was stated that the Indian government took action to ban crypto coins.
Five months after the Indian courts lifted the comprehensive ban on cryptocurrencies, India is working on a new law to ban cryptocurrencies, according to an official.
An Indian government official suggested that the two ministries and the Central Bank of India are working on the legal framework to ban cryptocurrencies.
According to the news of the Indian-based website Moneycontrol dated August 4, Indian authorities are preparing to pass the law that will ban crypto money transactions. In the report, it was stated that the consultations between the Ministry of Electronics and Information Technologies, the Ministry of Law and Justice and the Central Bank of India on the legal framework have started.
“With the opening of Parliament, we hope that the law will be approved,” the official said. The parliament is expected to open in late August or early September. He said the government is considering blocking crypto transactions with legal amendment rather than imposing a comprehensive ban by the Central Bank of India.