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IMC suggests ban on cryptocurrency in India

IMC suggests ban on cryptocurrency in India

Inter-Ministerial Committee (IMC) recommends outlawing for private cryptocurrencies like Bitcoin. As per the reports, all the cryptocurrencies apart from the one issued by the state will be banned in India, and this will support the stand that has been taken by the RBI to eliminate the interface of institutions regulated by the central bank from cryptocurrencies.

The committee members settled along with Chairman, Secretary, ministry of electronics and information technology, SEBI Chairman and the deputy governor of the Reserve Bank of India during recommending an elimination on cryptocurrency has actively discussed for introduction of a new official digital Currency or ODC which will be provided as an original legal tender and will be regulated by the Reserve Bank of India.

Moreover, On Monday the committee head finance secretary Subhash Chandra submitted their report to the govt along with the bill which will be subject to review and scrutiny by the govt for the final decision with the concerned department and regulatory authorities. The copy of the report has been listed on the official web portal of Department of Economic Affairs with the title given ‘Banning of Cryptocurrency & Regulation of Official Digital Currency Bill, 2019’. 

According to the reports of IMC, there are around 2,116 cryptocurrencies Bitcoin, like Rippld, Ethereum, and Cardano with a market capitalization of $119,46 billion.