Panel favours cryptocurrency ban in India

NEW DELHI: An inter-ministerial committee set up by the government on virtual currencies has proposed banning of private cryptocurrencies in India by enacting a law and imposing fines and penalties for carrying on activities related to such cryptocurrencies.

The committee headed by finance secretary Subhash Chandra Garg has proposed a draft bill “Banning of Cryptocurrency & Regulation of Official Digital Currency Bill, 2019″, which has been placed in the public domain.

The committee has, however, taken a lenient view on the government launching an official digital currency, asking it to keep an open mind on the matter.