The government clarified its stance on the issue of cryptocurrencies by informing that the country has put in place no restrictions yet on the trading of cryptocurrencies. This clarification comes in light of the fact that the Reserve Bank of India (RBI) has maintained a strict stance against cryptocurrencies in the country, based on the premise of its potential misuse. Earlier, the central banking institution had issued a circular banning crypto businesses from receiving services from regulated entities. The official website for the cryptocurrency 'Bitcoin' -- Bitcoin.com -- reported on Friday that the ban has been effective since July 6 of last year. However, a draft bill banning cryptocurrency is currently underway, according to reports, led by Economic Affairs Secretary Subhash Chandra Garg.

Source: dna July 21, 2019 05:37 UTC