India has been reported to ban cryptocurrency transactions
The Indian government said to take action to ban cryptocurrencies
5 months after the Indian courts lifted the comprehensive ban on cryptocurrency, India is working on a new law to ban cryptocurrencies, according to an official.
An Indian government official suggested that two ministries and the Central Bank of India have started legal work to ban cryptocurrencies.
Indian authorities are preparing to pass the law that will ban cryptocurrency transactions, according to the Indian-based website Moneycontrol, dated August 4. 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 the parliament, we hope that the law will be approved,” the official said. The parliament is expected to open in late August or early September.