India Is Discussing A Potential Ban On The Use Of Cryptocurrencies

In the latest news about regulation on our DC Forecasts crypto news site, India is in the focus – and its government which has reportedly started discussing the framework to legally ban the usage of “private” cryptocurrencies such as Bitcoin.

The 19th meeting of the Financial Stability and Development Council (FSDC) was the first time when India’s finance minister Arun Jaitley coined the idea and when the subject of crypto initially took the floor.

According to a release by the government’s Ministry of Finance through the Press Information Bureau, the working group “deliberated on the issues and challenges” of cryptocurrencies in the country.
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As the full excerpt from the official press release states:

“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.”

As described in the release, there would be a legal framework which will ban the “use” of cryptocurrencies – which could extend to trading and its application as a payment instrument but not one that refers to owning cryptocurrencies.

Mr. Garg briefed FSDC Council on:

"..deliberations in the High-level Committee to devise an appropriate legal framework to ban use ofprivate crypto currenciesin India"

Does the abovesaid indicate that the possession and trading of Crypto are going to be permitted?#BPositive pic.twitter.com/RvfX0FhYOM

— Crypto Kanoon (@cryptokanoon) October 31, 2018

Earlier this year, the government of India put the banking ban into force, leading to the shuttering of at least one major Indian exchange recently.