Inter-ministerial group recommends banning of virtual currencies
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An inter-ministerial committee has recommended banning cryptocurrencies in the country and imposing penalties for activities connected with them, the government said on Monday.As virtual currencies and its underlying technology are still evolving, the group hInter-ministerial group recommends banning of virtual currencies
An inter-ministerial committee has recommended banning cryptocurrencies in the country and imposing penalties for activities connected with them, the government said on Monday.As virtual currencies and its underlying technology are still evolving, the group has proposed the establishment of a standing committee to revisit the issues addressed in its when required, according to a statement.The government had constituted the inter-ministerial committee on November 2, 2017 under the chairmanship of Secretary at the Ministry of Electronics and Information Technology (MeiTY), Chairman of the Securities and Exchange Board of India (SEBI) and Deputy Governor of the Reserve Bank of India (RBI) as members.They were asked to study the issues related to virtual currencies and propose specific action to be taken in this matter.The group's report along with the Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019 have been submitted to the government. They will now be ... Read more