The Indian government has recently started an inter-ministerial consultation as regards a draft bill designed to legalise the banning of cryptocurrencies in the country.

New Bill Will Ban Cryptocurrencies For Good

The draft bill titled “Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019″ has been sent to all concerned government parastatals.

Sources close to the news has revealed that several government departments including the Department of Economic Affairs (DEA), Central Board of Direct Taxes (CBDT), Central Board of Indirect Taxes and Customs (CBIC) and the Investor Education and Protection Fund Authority (IEPFA) have shown their support for the idea of a complete ban on the “sale, purchase and issuance of all types of cryptocurrency”
With the next election coming up in May 2019, the new draft bill is expected to get propose to the incoming government.

Several committees such as representatives of the DEA, CBDT, CBIC and the IEPFA have registered views denoting that already there is a…

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