India will propose a law that prohibits the transit of cryptocurrencies in the financial market of the Asian country, sanctioning the possession, issuance, mining, trade and transfer of crypto assets, while building a legal framework for an official digital currency, as announced by a senior official to Reuters.

According to the publication, the measure is in line with the government’s agenda issued in January where the prohibition of private virtual currencies such as bitcoin was specified, while a legal framework for an official digital currency is being built.

For last February, the Reserve Bank of India (RBI) assured that cryptocurrencies could affect the country’s financial system, which makes digital currencies an “important” concern, as RBI governor Shaktikanta Das has announced.

The decision of the Asian country to prohibit the circulation of crypto assets had already been made clear since the end of last year, when it considered applying a tax rate to crypto transactions. In February this year, the Indian administration proposed a ban on all cryptocurrencies until establishing a legal framework for an official digital currency.

The bill is expected to pass without problem, as Prime Minister Narendra Modi’s government has a big majority in parliament.

K. Villarroel

Source: diariobitcoin

La entrada India to propose anti-crypto law apareció primero en Bitfinance.