Indian officials denied rumors of intent to ban crypto

by in Cryptocurrency News


The Indian government does not want to ban cryptos completely but intends to regulate this segment of the economy. Minister of Finance of the country Anurag Singh Thakur told about it last Tuesday.

He emphasized that at this stage, the Cabinet of Ministers faces the task of increasing the transparency of the cryptosphere and suppressing transactions with digital currencies associated with criminal activity.

The minister said:

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"The government refuses to consider cryptos as legal tender and will take all measures to prevent such assets from being used in criminal schemes within our payment system."

Earlier it was reported that the government of India prepared a bill on the complete ban of private cryptos and submitted it to parliament.

This document also states the intention of the authorities to issue their token, backed by fiat money. It should become an alternative to all other digital currencies that the government wants to outlaw.