India Casts A Wide Net In Draft Bill To Ban Crypto

Indian authorities have proposed banning cryptocurrencies entirely within the country, a move which experts said would be particularly damaging because of the broad definition of the technology.

On Monday, an inter-ministerial committee set up by the government to examine the regulatory position of virtual currency in the country released a report of its findings along with a draft law.

Following in the footsteps of a circular issued by the Reserve Bank of India (RBI) last year which forbade banks from offering account services to virtual currency businesses, the report took a dim view of the technology.

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