{"id":28698,"date":"2020-09-15T17:13:47","date_gmt":"2020-09-15T14:13:47","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=28698"},"modified":"2025-08-27T12:56:53","modified_gmt":"2025-08-27T09:56:53","slug":"media-reports-that-india-plans-to-ban-cryptocurrency-trading","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/media-reports-that-india-plans-to-ban-cryptocurrency-trading\/","title":{"rendered":"Media reports that India plans to ban cryptocurrency trading."},"content":{"rendered":"<p>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, <a href=\\\"https:\/\/www.bloombergquint.com\/politics\/parliament-monsoon-session-day-2-live-updates-and-highlights\\\" target=\\\"_blank\\\" rel=\\\"noopener noreferrer\\\">Bloomberg<\/a> reports.<!--more--><\/p>\n<p>\\n<\/p>\n<blockquote>\n<p>&#8220;The government will encourage blockchain, but is not interested in trading cryptocurrencies,&#8221; sources said.<\/p>\n<\/blockquote>\n<p>\\n<\/p>\n<p>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.<\/p>\n<p>\\n<\/p>\n<p>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.<\/p>\n<p>\\n<\/p>\n<p>In July 2020, Prime Minister Narendra Modi said there was a need to develop the Internet of Things, Big Data, blockchain and 5G.<\/p>\n<p>\\n<\/p>\n<p><strong>Update<\/strong>: In a comment to <a href=\\\"https:\/\/www.theblockcrypto.com\/linked\/77791\/india-plans-to-bring-law-to-ban-crypto-trading-report\\\" target=\\\"_blank\\\" rel=\\\"noopener noreferrer\\\">The Block<\/a>, Indian Member of Parliament Subramanian Swamy said he was unaware of any plans to ban cryptocurrency trading.<\/p>\n<p>\\n<\/p>\n<blockquote>\n<p>&#8220;That would be madness,&#8221; the MP said.<\/p>\n<\/blockquote>\n<p>\\n<\/p>\n<p>Subscribe to ForkLog&#8217;s news on <a href=\\\"https:\/\/www.facebook.com\/forklog\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener noreferrer\\\">Facebook<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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.<\/p>\n","protected":false},"author":1,"featured_media":28699,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1305,278],"class_list":["post-28698","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-ban","tag-india"],"aioseo_notices":[],"amp_enabled":true,"views":"29","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/28698","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=28698"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/28698\/revisions"}],"predecessor-version":[{"id":28700,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/28698\/revisions\/28700"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/28699"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=28698"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=28698"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=28698"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}