Bitcoin Ban in India is Again on the Agenda. The Indian Ministry of Finance has prepared a new bill to ban cryptocurrency transactions in the country. The Central Bank of India banned banks in the country from working with crypto exchanges a few years ago and hit a heavy blow to the domestic cryptocurrency sector.
The Indian Supreme Court recently announced that the Central Bank’s decision was invalid and relieved investors from across the country. Meanwhile, the Indian Ministry of Finance has taken action to reinstate the ban.
The crypto money industry in India has experienced remarkable growth in the past few months. With the Supreme Court abolishing the cryptocurrency ban in the country, some exchanges such as WazirX have begun to serve much larger audiences .
According to sources such as the Economic Times, the Ministry of Finance wants to re-enact a ban similar to the ban imposed by the Central Bank. The draft prepared by the Ministry of Finance is expected to be delivered to the council of ministers and then to the parliament.
We do not know exactly what items are included in the draft of the Ministry of Finance. However, we know that the Ministry of Finance does not display a moderate attitude towards cryptocurrencies. Subhash Garg, the former finance minister of India, proposed last year to completely ban cryptocurrency use . It was stated that those who violated this ban could be given up to a prison sentence of up to 10 years and a fine of up to $ 3.3 million .