Indian Government Panel Proposes Deeming Virtual Currency Dealings Illicit & Ill

[Goodcat49]

Putting conjecture on cryptos such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) to an end, a government panel has proposed formulating a new strong law that will regulate that field, according to sources familiar with the matter. The panel revealed that all those currencies must be deemed ‘illegal,’ CNBC TV18 reported on Friday, December 7, 2018.

The Asian continent seems to be confused with the crypto industry, and some giant nations such as the People’s Republic of China have come out to completely ban ICOs. On the other side, South Korea is encouraging innovation especially in blockchain technology and crypto. Recently, S. Korea invested around $100 million to make the city of Seoul a great hub for blockchain. Then you hear, the Indian police arresting the creators of Bitcoin ATM under unclear charges. India also recently declared that it will form its own crypto, after putting a ban on all cryptos operating within its borders.   

Punitive Measures
   
The panel has proposed that a fresh framework in the guidelines by Reserve Bank of India (RBI) has to be immediately employed to prohibit digital currencies and the law must indicate that any form of dealing in those currencies must be handled as illegal and unlawful, sources revealed.   

Last month, as reported by Coinidol, the Indian government established a panel to set the norms for crypto. This panel was led by Secretary Subhash Chandra Garg, Department of Economic Affairs (DEA). The panel has managed to successfully submit its report to Arun Jaitley, minister of finance.   
Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/indian-government-panel-proposes-deeming-virtual-currency/