India is reviewing key moments of the Cryptocurrency and Regulation of Official Digital Currency Bill, Bloomberg reports, citing a person familiar with the matter.
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The central government in a cooperation with regulators is reportedly discussing the following moments of the bill:
- Whether to impose a complete ban on cryptocurrency trading in India.
- Whether cryptocurrencies can be regulated by authorities, instead of a blanket prohibition.
- What kinds of activities can be permitted and what should be discouraged.
However, it remains unknown if the government has come to any conclusion on the matter. According to the anonymous person, the government wants to introduce amendments to the existing bill itself, considering the evolving situation.
Earlier in May, India's central bank, the Reserve Bank of India (RBI), criticized local banks for referring to its old ban of crypto-related operations. The watchdog said such references by banks are no longer valid from the date of the Supreme Court judgement, and therefore "cannot be cited or quoted from."
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