Current Affairs Economy & Banking

Category : Economy & Banking

“Inter-Ministerial Committee” on legality of cryptocurrencies and blockchain has submitted its report to the Finance Ministry.

The Committee recommends that: All private cryptocurrencies, except any cryptocurrency issued by the state, be banned in India. It has also drafted a law, the ‘Banning of Cryptocurrency & Regulation of Official Digital Currency Bill, 2019’, which mandates a fine and imprisonment of up to 10 years for offences.

The committee was set up under the Chairmanship of Economic Affairs Secretary Subhash Chandra Garg in 2017.

Source: The Hindu