An Indian government official has reported the country is developing a new law to ban cryptocurrencies.
According to him, two ministries and the Reserve Bank of India, the country's central bank, are working together on a new regulation to ban cryptos in the country.
The news comes just five months after a court in India lifted a ban imposed by the central bank that prohibited the country's banks from offering their services to crypto-related companies.
Local news media Moneycontrol yesterday reported that Indian authorities are preparing a new law aimed at banning crypto trading in the country. The government official who provided the information said that "once Parliament resumes for the session, we are hoping to get [the law] ratified." This could happen by the end of the month or in early September.
This new attempt to ban cryptocurrencies in the country has taken a new approach, as instead of just being a ban issued by the central bank, it would be a legislative framework that would clearly define that crypto trading is illegal.
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