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Indian Law Makers Call for Immediate Ban on Bitcoin and Cryptocurrency

Apr 26, 2019😶Neutral

A committee under the Indian Government has drafted a bill the - Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019 - which seeks to ban cryptocurrency transactions within the country entirely.

Moreover, while a case against the ban was resting with the Apex Court, it suggested first the Government must come up a law on cryptocurrencies.

The Indian lawmakers have suggested in the bill that there is an urgent need to completely ban cryptocurrencies in the country as it leads to ponzi scams and supports money laundering activities.

The new Government which will take charge of the largest democracy in the world post-May 2019 Indian Elections will finally vote on the proposed bill.

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