India plans to ban crypto trading

The Indian authorities intend to legally prohibit the trade of digital assets. It is expected that the draft normative act will soon be discussed by representatives of the Council of Ministers, after which it will be sent to the national parliament, whose session will last until October 1. Bloomberg writes about this, citing sources familiar with the situation.

At the same time, it is emphasized that the distributed ledger technology is still of interest to representatives of the Indian government. “We will continue to encourage blockchain, but we are not interested in trading in cryptoassets,” the publication quotes its interlocutors. It is worth noting that officials declined to comment on the initiative.

As a reminder, in 2018, India’s central bank banned cryptocurrency transactions after a string of scams. Cryptocurrency exchanges responded with a lawsuit in the Supreme Court and won it (in March of this year, transactions with digital assets were again allowed).