Browsing: Reserve Bank India bans crypto

India Bans crypto currencies

Citing crypto as a potential money laundering and terrorist financing tool, the Indian government is expected to introduce crypto regulation framework in November. However, crypto will not be banned completely—as was originally believed at the start of this month and for some time thereafter.

A newly-detailed document (PDF), “Cryptocurrency and Regulation of Official Digital Currency Bill” surfaced online over the weekend that with seek two major objectives: ban private cryptocurrencies; and create a legal framework for official digital currency issued by central banks. It most likely would be officially introduced during Parliament’s Winter Session starting November 29.

The bill has been prepared under DoT (Department of Telecommunications) wing, according to The Economic Times. It also being backed by Finance Ministry. The crypto bill outlines requirements for crypto wallet providers, crypto exchanges, crypto asset issuers, crypto investors and the Reserve Bank of India (RBI).

Tokens that are deemed securities will likely …