The Reserve Bank of India is now working on a legal framework that will completely suspend cryptocurrencies in the country. The news has been confirmed by Moneycontrol, a news outlet covering financial developments in India.
According to Moneycontrol, unnamed government sources have imparted the information with journalists cautioning crypto investors to be mindful of the oncoming changes. The law is developed with the help of the Ministry of Electronics and Information Technology, the Ministry of Law and Justice, and the Reserve Bank of India.
According to the source, the RBI will issue a blanket ban, prohibiting any banks licensed in India to deal with crypto in any form. This is not the first time India has shown negativity and skepticism towards cryptocurrencies.
In March, the Supreme Court reversed a blanket ban, prohibiting banks from dealing with cryptocurrencies. As you can expect, that led to a surge in the number of crypto holders, not to mention the new listings, startups and projects rushing to one of the world’s most populous countries.
However, some industry insiders have expressed their skepticism. CoinSwitch CEO Ashish Singhal said that the government could have acted in 2019 and it didn’t, and 2020 didn’t show any signs that a crypto ban would be imposed either.
Meanwhile, crypto has been developing very quickly in the subcontinent, promising some big changes for the country. We recently reported that there has been a surge in crypto trading activity during the lockdown.
Many stake holders have turned to various projects, and often blockchain gaming portals with proven reputation. These gaming venues include True Flip, Bitcasino.io, 1xBit and others.
Credit: Source link