The Indian government has been consulting various departments to draft a bill to ban cryptocurrencies and regulate official digital currencies, according to a news report. According to an Economic Times report citing sources, a draft bill titled "Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019" is being circulated to all the relevant government departments.
Last year, a panel headed by Finance Secretary, Subhash Chandra Garg was formed to draft regulations with regard to cryptocurrencies. In the beginning of 2019, the Supreme Court gave a four week deadline to the government to come up with the regulations.
The ET further said that there are recommendations being made to impose a complete ban on "sale, purchase and issuance of all types of cryptocurrency." The final law will however be proposed to the new government that will take charge after the Lok Sabha elections that will end in May.
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