Media reports that India plans to ban cryptocurrency trading.

Authorities in India may introduce a new law banning cryptocurrency trading. The document is under consideration by the Council of Ministers, after which it will be sent to Parliament, Bloomberg reports.

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“The government will encourage blockchain, but is not interested in trading cryptocurrencies,” sources said.

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The parliamentary session began on 14 September and will run until 1 October. The Indian Finance Ministry did not respond to a request for comment.

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In 2019, a government-commissioned working group concluded that cryptocurrencies have no intrinsic value. Authorities were advised to ban all assets except central-bank-issued digital tokens.

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In July 2020, Prime Minister Narendra Modi said there was a need to develop the Internet of Things, Big Data, blockchain and 5G.

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Update: In a comment to The Block, Indian Member of Parliament Subramanian Swamy said he was unaware of any plans to ban cryptocurrency trading.

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“That would be madness,” the MP said.

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