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.
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.
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