Indian Government Proposes New Ban on Cryptos
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June 12, 2020

The Indian Ministry of Finance has just proposed a new ban on cryptos in the country, The Economic Times has reported.

According to the publication, the proposal, drafted by the Ministry of Finance, will first be sent to the Union Council of Ministers and later to the Parliament for final review.

The move comes just three months after the country's Supreme Court overruled a ban by the central bank, the Reserve Bank of India, which prohibited banks from offering their services to individuals or companies related to cryptocurrencies.

The news was received with great enthusiasm by the crypto community in the country, however, this new ban proposal has dashed their hopes.

In July last year a government panel led by the former Finance Secretary of India, Subhash Garg, drafted a bill according to which "no person shall mine, generate, hold, sell, deal in, issue, transfer, dispose of or use cryptocurrency in the territory of India." However, the proposal did not seem to prosper.

If the new proposal is eventually approved, major crypto companies like Binance or OKEx, which have been expanding their presence in the country recently, would be forced to forget about their plans.

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