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Sun, Sep 15, 2019 | Last Updated 9:27 pm IST

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All private cryptocurrencies, except any cryptocurrency issued by TN, be banned

All private cryptocurrencies, except any cryptocurrency issued by TN, be banned
All private cryptocurrencies, except any cryptocurrency issued by TN, be banned
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Chennai sources stated that an inter-ministerial committee has recommended banning of cryptocurrencies and imposing fines and penalties for carrying on any activities connected with cryptocurrencies. Meanwhile the committee recommended that all private cryptocurrencies, except any cryptocurrency issued by the state, be banned and the group considered the risks associated with cryptocurrencies and the volatility in their prices before making this recommendation and draft bill.

All private cryptocurrencies, except any cryptocurrency issued by TN, be banned

Furthermore according to Sumit Gupta, Co-founder and CEO of CoinDCX, many Indian crytocurrency companies, including his own, have moved out of the country. The others will also do the same if they are banned. “We are looking at other markets. Currently, the volumes in india are very low. Hence Indian ban might not affect the international crytocurrency prices".



Moreover the group has also proposed that the government keep an open mind on official digital currency. Further as virtual currencies and their underlying technology are still evolving, the group has proposed that the government may establish a standing committee to revisit the issues addressed in the report as and when required. Reportedly the group has highlighted the positive aspect of distributed-ledger technology (DLT) and suggested various applications, especially in financial services, for use of DLT in india


All private cryptocurrencies, except any cryptocurrency issued by TN, be banned
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