Crypto trading and payments can be banned in India

Posted 31 October, 2018

The Indian authorities have finally started discussing the private crypto issue following the period of uncertainties.

During the 19thMeeting of the Financial Stability and Development Council (FSDC) held under the Chairmanship of the Union Finance Minister, Shri Arun Jaitley the officials got back to the cryptocurrency issue.

The regular meeting, as the press release reads, was dedicated to the global and domestic economic situation and financial sector performance. It is said to the related council had to submit the legal platform for the digital coins. However, the authority actually put forward a proposal to ban cryptos in the country.

 According to the report, the officials discussed:

"...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 the use of private cryptocurrencies in India and encouraging the use of Distributed Ledger Technology, as announced in the Budget 2018-19."

Notably, it is possible that the wording "crypto use" can cover both trading and payments via digital coins. However, people probably can hold cryptos. For now, crypto trading is slow in India taking into account the restrictions of the Reserve bank of India.

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31 October, 2018 17:22

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