Report: India Considers Complete Ban on Digital Currencies
A draft bill that would outright ban cryptocurrency is reportedly circulating among various departments of the Indian government.
The committee is reportedly also considering an option to ban digital currency under the Prevention of Money Laundering Act (PMLA) since it could purportedly be used for money laundering. The Ministry of Corporate Affairs reportedly stated that cryptocurrencies are used in fraudulent schemes to “defraud gullible investors”.
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Their action will only push the crypto prices higher. Banning digital currencies is not the right option but guiding the nation to transition smoothly from credit-backed fiats into gold-backed or silver-backed fiats and digital currencies that are backed by precious metals (gold and silver) should be a plan worth considering.