India will ban cryptocurrency trading in the country with a new regulating law, Bloomberg has learned.
It is expected that the bill will be discussed by the federal cabinet before it is sent to parliament.
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According to sources familiar with the matter, the Indian authorities are not against blockchain technology, but against cryptocurrency trading.
iHodl reported in August that 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 sex 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.
Meanwhile, a hacker or group of hackers managed to hack an official Twitter account belonging to Narendra Modi, the Prime Minister of India, in an attempt to steal cryptos from users.
The attackers posted several tweets asking users (about 2.5 million) to make crypto donations directly to a crypto-related address.
It remains unknown whether the funds have gone to a private account, or how many donations the bad actors received.
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