Not up to six months since the court of India lifted the initial ban on digital currency, the Indian government plans to implement another law banning cryptocurrency in the country.
The country reserve bank and some ministries are actively pushing for the bill to ban digital assets trade.
The authorities involved are expecting the bill to be approved once the parliament resumes. An official explained that having a legislative backing for the ban will explicitly state the illegality of crypto trade in India.
Five months ago, the supreme court of India lifted the ban on crypto businesses that was placed by the reserve bank of India since July 2018. After the ban was lifted, the country experienced an increase in crypto exchanges as some investors switched to digital assets, neglecting the country's traditional assets.
The CEO of CoinSwitch stated earlier that the probability of the government banning crypto activities in India last year was higher than that of 2020 because of the decreased negative perception of crypto in the country.
Source: Cointelegraph
