India is planning to introduce a new law banning trade in cryptocurrencies in new law.
The Bloomberg reports that the federal government will encourage blockchain, the technology underlying cryptocurrencies, but is not keen on cryptocurrency trading.
In 2018, India through its Central Bank had banned crypto transactions but the ban was overturned by the Supreme Court in March 2020.
Cryptocurrency, the global unregulated currency, has gained momentum in the recent years, with countries such as China contemplating on government-backed cryptocurrency coin.
China has been known for its strict regulatory systems significantly on Cryptocurrency investments and online dealings. However, since Facebook announced its plans for Libra, a blockchain digital cryptocurrency, governments around the world are still trying to wrap their heads around the idea of having a private company (Facebook) with over 2.3 billion users worldwide operating its own currency.
It was reported that by March 24, the Bank of China had already completed all important developments and had started drafting laws for implementation of the new technology.
Countries that have issued their own cryptocurrencies include Ecuador, Senegal, Singapore, Tunisia. Estonia, Japan, Palestine, Russia and Sweden are looking to launch their own national cryptocurrencies.