India Government May Completely Ban the Use of Cryptocurrencies

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The Indian government may be considering a blanket ban on the use of bitcoin and other cryptocurrencies.

On Oct. 30, at a meeting of the financial stability and development council (FSDC), headed by finance minister Arun Jaitley, the issue of virtual currencies came up.

According to a release by the Indian Government’s Ministry of Finance through the Press Information Bureau, the working group “deliberated on the issues and challenges” of cryptocurrencies in the country.

The finance minister reviewed the current global and domestic economic situation and financial sector performance and the council decided that regulators and government would keep a close watch on the developments.

The Council debated on the challenges surrounding cryptocurrencies. Chaired by Garg who is the Secretary of Department of Economic Affairs, it appears there is a proposal to ban the use of cryptocurrencies and encourage the use of distributed ledger technology as was...

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