• Sat, Jan 19, 2019 07:07 AM
  • All times are UTC
  • Edition:
    International
Link copied

Indian government mulls ban on use of cryptocurrencies

Indian Finance Minister Arun Jaitley (Photo: PTI)

Nov 01, 2018 04:14 am UTC

The Indian government is considering imposing a complete ban on cryptocurrencies in the country, while it seeks to encourage the use of underlying blockchain technology.

At a recently held meeting of the Financial Stability and Development Council (FSDC) – an apex-level body constituted by the government of India, Finance Minister Arun Jaitley reviewed the current global and domestic economic situation and financial sector performance.

Among other things, the council focused on the burning topic of cryptocurrencies. According to details on the government’s Press Information Bureau (PIB):

“The Council also deliberated on the issues and challenges of Crypto Assets/Currency and was briefed about the deliberations in the High-level Committee chaired by the Secretary (Economic Affairs) to devise an appropriate legal framework to ban use of private crypto currencies in India and encouraging the use of Distributed Ledger Technology, as announced in the Budget 2018-19.”

According to Crypto Kanoon, the word “use” in the above statement may relate to a ban on the buying, selling, transacting, or conversion of cryptocurrencies into rupees but not their possession, Quartz reported.

In April, the Reserve Bank of India (RBI) banned the entities regulated by it from engaging with any individual or businesses involved with digital currencies. In a bid to comply with the RBI’s ban, banks forced exchanges and traders to stop using their accounts for cryptocurrency trading, who, in turn, approached the Supreme Court of India.

After a delay of over a month, the apex court finally took up the case last week and gave a two-week deadline to the government to submit a report on the findings of the crypto-focused committee it had established.

The government, however, is highly optimistic about blockchain technology with Prime Minister Narendra Modi encouraging the technology’s adoption across industries.

<Copyright © TokenPost. All Rights Reserved. >

The commenting service is available only after having logged in.
More
  • Bitcoin (BTC) $3,663.33 (-0.12%)
  • XRP (XRP) $0.325900 (-0.58%)
  • Ethereum (ETH) $121.57 (-1.21%)
  • Bitcoin Cash (BCH) $128.14 (-1.35%)
  • EOS (EOS) $2.46 (-1.49%)
  • Bitcoin (BTC) $3,663.33 (-0.12%)
Jan 18, 2019 (Friday)
11:26
Former Governor of Banque De France joins board of blockchain startup SETL
10:26
SAP launches blockchain solution to track pharmaceutical drugs
07:22
Crypto exchange Coinbase acquires Blockspring
06:37
ConsenSys co-founder Joseph Lubin joins crypto futures platform ErisX’s board
05:22
SEAT joins Spanish blockchain consortium Alastria
04:20
LG CNS joins Enterprise Ethereum Alliance
03:46
Grayscale launches investment trust for Stellar Lumens
Jan 17, 2019 (Thursday)
12:04
Wyoming lawmakers introduce bill to allow issuance of tokenized stock certificates
10:57
NGA Human Resources seeks to bring blockchain technology to HR & payroll processes
10:07
WWF unveils blockchain-based food provenance platform ‘OpenSC’
08:53
ABCC becomes first crypto exchange to add support for TRON’s TRC-10 tokens
07:16
South Korea’s Financial Services Commission to launch fintech sandbox in April
06:38
BitGo simplifies crypto trading for institutional clients via Genesis partnership
05:08
UPS’ venture arm invests in blockchain-based e-commerce startup Inxeption
04:08
Crypto exchange Binance enters European markets with new Jersey-based exchange
03:39
Blockchain firm R3 announces Corda Network and new governing foundation
Jan 16, 2019 (Wednesday)
11:52
Oil majors Chevron and Total join blockchain platform for energy commodity trading ‘Vakt’
10:45
Gibraltar Blockchain Exchange adds support for EOS on GBX-DAX
10:21
Blockchain startup Bitfury launches music division ‘Bitfury Surround’
09:34
Dubai telecom company du to develop blockchain solution for patient safety
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft