A government official aware of the matter told the publishing, that a draft titled “Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019″, has been making the rounds and relevant government departments are pondering over the decision.
According to the meeting reviewed by ET, the committed asserts ” that already there is a lot of delay in taking action against cryptocurrency. There is an urgent need to ban sale purchase and issuance of cryptocurrency.”
Reportedly, the final law based on the feedback of all departments involved will be proposed to the next government that takes charge after elections at the end of May.
In its feedback, the ministry of corporate affairs stated to the department of economic affairs that the sale purchase and issuance of cryptocurrencies such as Bitcoin, Ethereum & Cashcoin etc. could be performed by individuals and companies under false inducements of massive returns.
Further, the ministry recommended that since the bill will take time to be implemented, individuals using cryptocurrencies to defraud investors and launder money shall be prosecuted under the Prevention of Money laundering Act till a detailed bill is brought.
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