India Considering Cryptocurrency Ban

Indian regulatory body the Financial Stability and Development Council is considering measures to ban the use of private cryptocurrencies while encouraging distributed ledger technology instead, after a meeting on Thursday.

Mr. SC Garg briefed FSDC Council about the progress in the Inter-disciplinary committee on Crypto "To devise an appropriate legal framework to ban use of private crypto currencies in India".

Crypto Kanoon October 31, 2018.Ban On Private CryptocurrenciesThe FDSC's 19th meeting of the year convened on the subject of global and domestic economics, as well as India's performance in the financial sector.

"The Council also deliberated on the issues and challenges of Crypto Assets/Currency and was briefed about the deliberations in the High-level Committee chaired by the Secretary to devise an appropriate legal framework to ban use of private cryptocurrencies in India and encouraging the use of Distributed Ledger Technology, as announced in the Budget 2018-19.".

India's finance minister Arun Jaitley attended the meeting, as well as members of the Reserve Bank of India, the country's central financial institution.

Of cryptocurrencies in the past, according to a report by The Next Web.A Continuing PatternThis dislike of cryptocurrencies and favorable outlook on blockchain is in keeping with that we've seen in the past from India.

With India's government and encourage their development.

Last week, the first Bitcoin ATM installed in India was seized by Indian authorities, and the founder of the ATM company Unocoin was arrested.

India's supreme court has been pushing the RBI to clarify its stance around cryptocurrencies once and for all and has set a deadline of two weeks for it to do so, according to the Economic Times.

A crypto crackdown isn't entirely certain yet, as India is considering other alternatives to a ban, such as specialized taxes for digital assets.