An inter-ministerial panel on cryptocurrency has recommended that all private cryptocurrencies, except any virtual currencies issued by state, will be prohibited in India.
Finance Minister Nirmala Sitharaman informed that the proposed legislation on cryptocurrencies has been tabled before the Cabinet and awaiting its approval.

“Cabinet note is ready on cryptocurrency (Bill). I am awaiting Cabinet to clear that,” Finance Minister responded to media during an interaction on Monday.

India has been on the fence on cryptocurrencies for long, gradually making up its mind to whether accept or reject digital currencies.
An inter-ministerial panel on cryptocurrency, chaired by Secretary (Economic Affairs), to study the issues related to virtual currencies and propose specific actions has already submitted its report. It has recommended that all private cryptocurrencies, except any virtual currencies issued by state, will be prohibited in India.

The Reserve Bank of India (RBI) has also raised concerns on the cryptocurrencies traded in the market and conveyed them to the Centre.

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