Government considers law to ban cryptocurrency as usage surges

The GOI is mulling a law that’d ban cryptocurrencies’ usage in India. Reportedly, the finance ministry has already initiated inter-ministerial consultations. Cryptocurrency usage in India, during the lockdown, rose 10X for local exchangers whereas 545% for global ones; new users rose a humongous 4100%. In 2018, RBI prohibited financial institutions from providing cryptocurrency-related services as it lacked govt stamp. It was changed in March this year.

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