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Indian Officials Asks Finance Ministry To Ban ‘Private Cryptocurrencies’

According to a report published by the Indian government press center Oct. 31, the secretary of Economic Affairs has recommended the Indian Ministry of Finance to impose a ban on “private cryptocurrencies.”

FSDC, the  Financial Stability, and Development Council headed by  India’s finance minister Arun Jaitley organized a meeting constituting of senior government and financial regulation officials to discuss the current economic and financial situation in India. According to a Press release Shri Subhash Chandra Garg, secretary of the Department of Economic Affairs, has proposed that the council should “devise an appropriate legal framework to ban the use of private cryptocurrencies in India.

Furthermore, he stressed that they should “encouraging” the use of distributed ledger technologies (DLT), such as blockchain, in the country.

A team of Indian lawyers, who have named themselves as Crypto Kanoon as they publish crypto and blockchain regulation news, took to their Twitter account and posted a quote from the press release :

The Council’s discussion took place, just a week after the  Supreme Court of India sets a deadline for the government to clarify their position on crypto. The Supreme Court has requested officials to clear the air by mid-November.

Already suffering from the partial ban that the  Reserve Bank of India (RBI) ordered the local banks, the crypto community has been waiting for a positive decision from the Supreme Court. RBI asked local banks to cease operations with everyone who is involved in cryptocurrency. Following the decree, the ban by banks has led to many issues for crypto lovers, as a resort several crypto businesses filed a complaint against the RBI in India’s Supreme Court.


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