India Moves to Ban All Cryptocurrencies – Except Government Regulated Digital Currencies

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Following the news of The Reserve Bank of India (RBI) slamming the doors on cryptocurrency, the government of India is working on new legislation to outright ban cryptocurrencies and regulate official digital currencies.

According to The Times of India, The “Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019″ draft has been circulated to relevant government departments.

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The ministry of corporate affairs has in its feedback to the department of economic affairs pointed out the sale purchase and issuance of cryptocurrencies such as Bitcoin, Ethereum & CashCoin, etc. are being done by individuals and companies on false inducements of massive returns.

Such schemes are neither transparent nor do they fall within any regulated legal framework. Many of them are run as ponzi schemes, it said adding that these schemes were being used to “defraud gullible investors”.

The ministry also recommended that as the bill may take time to be implemented, therefore, individuals using cryptocurrencies to defraud investors and launder money be prosecuted under the Prevention of Money laundering Act till a detailed bill is brought.

India has had its fair share of cryptocurrency scammers, Amit Bhardwaj’s $300 Mn Cryptocurrency Ponzi Scheme has created a massive scandal in the country.

About Richard Kastelein

In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, ' The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, the Netherlands where he has set down his anchor to raise a family and write.

Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications.

Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the EuropeanCommission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.

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