Govt panel suggests ban on cryptocurrency in India

An inter-ministerial panel set up to look into the issues of virtual currencies on Monday suggested a complete ban on private cryptocurrencies but opened the door for a possible official digital rupee.

The report of the committee headed by Secretary, Department of Economic Affairs, Subhash Chadra Garg, is likely to be accepted in toto by the Centre.

“The Committee notes with serious concern mushrooming of cryptocurrencies… All these cryptocurrencies have been created by non-sovereigns and are in this sense entirely private enterprises. There is no underlying intrinsic value of these private cryptocurrencies.” it said in a 100-page report submitted to the government and recommended bringing a law to ban cryptocurrencies in India.