Government may introduce law to ban private cryptocurrencies
The draft law would thereafter need the cabinet as well as the Parliament’s nod
The development comes soon after the Supreme Court in March lifted the ban imposed by the Reserve Bank of India (RBI) on virtual currency trading
The union government is in the process of introducing a law to ban the use of private cryptocurrencies. A cabinet note has been circulated to seek comments from various ministries, a person aware of the development said.