India is also joining among countries implementing a cryptocurrency ban. India is preparing to enact a new law for the crypto money ban.
India works for a cryptocurrency ban
Cryptocurrencies, which are growing very rapidly today, are still facing problems in some countries. Countries like Russia have to deal with crypto money ban.
Finally, India is preparing to join among the countries that have banned cryptocurrencies. An Indian government official claimed that the two ministries in the country are working on cryptocurrencies. The legal regulation to be made emphasizes that the use of cryptocurrencies will be banned in the country.
The government official said they hoped parliament would be re-assembled and the law passed in late August and early September. If this regulation passes, cryptocurrency trading will be clearly defined as illegal.
In fact, in 2018, the Indian Supreme Court lifted the ban on banks dealing with crypto companies, and many new crypto exchanges were exposed in the country. Now, the fact that such a comprehensive ban on cryptocurrencies will be imposed shows how determined the Indian government is to take action against the use of cryptocurrency. While the cryptocurrency market continues to grow, on the one hand, such a ban order came from one of the most populous countries in the world, which was a major problem.