Government may ban private crypto currencies: Report

The government is said to impose a ban on private companies or entities in the space.

According to a source and several media reports, the government is likely to introduce a bill in the winter session of the parliament regarding regulations of Cryptocurrency in India.

The government is said to impose a ban on private companies or entities in the space. However, a selective firms are likely to continue with their business, of which the names are yet to be announced, according to the report.

Currently, there are no specific regulations on assets like this and the move is to further reduce the risk factor for investors in the country. Earlier this month, Prime Minister Narendra Modi held a meeting with senior officials and the committee is likely to set up strict regulations on the matter.

The Reserve Bank of India (RBI) and the government have earlier raised concerns on the matter, citing crypto currency as a “Complex asset class”. It is further learnt that the move will further stop misleading advertisements from such organisations and protect young investors.

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