India to introduce a bill to ban cryptocurrencies in 2018

According to multiple sources, the new bill is going to be introduced later this month, which is likely to be introduced later this month.

The stance of authorities towards crypto hasмягened with time, but officials have confirmed that there is no need to impose a blanket ban oncryptocurrencies, but there is no need to have a balanced approach in regarding the trading ofcryptocurrencies in India.

India created a bill to ban cryptocurrencies in India in 2018 but was never discussed publicly. The Finance Ministry has a process to modify the bill and avoid any extreme regulatory measures, such as openly adopting it as legal tender or imposing an indefinite ban on it.

In September, it was reported that the government is looking towards introducingcrypto as a commodity under the asset class to control its trading and keep it under strict regulatory supervision.

In a statement issued by the officials, India had also created a panel to research how cryptocurrencies income can be taxed and legislated as per the Indian economic laws.

The new bill might be introduced next year but according to recent developments in India, the bill is likely to be introduced in the parliament s winter session slated later this month.

Although rumors about the ban on cryptocurrencies have circulated for many years, the Finance Minister of India Nirmala Sitharaman firmly asserted that India will not wholly shy away from the currency, and will figure a cautious approach to implement cryptocurrencies trading in India instead.