CRYPTOCURRENCY BANNED IN India?
Cryptocurrency Ban in India Latest News: India will pass a law banning cryptocurrencies and punish anyone who trades in the country or owns those digital assets, a government official told seniors of the potential impact on millions of investors depositing in the hot stock.
Reserve Bank of India (RBI) Vice Governor T Rabi Sankar on Monday declared that banning cryptocurrency is the best option for India because they’re similar to Ponzi schemes and “may even be worse”.
“Banning cryptocurrency is perhaps the most advisable choice open to India and there are strong reasons to keep cryptocurrencies away from the formal financial system,” said the official. FM Sitharaman last week said the government is sovereign in its right to tax profits by cryptocurrency transactions. the decision to ban or not will be in the light of feedback from the consultations.