Indian panel recommends cryptocurrency ban


  • TECH
  • Tuesday, 23 Jul 2019

Representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies are seen on a PC motherboard in this illustration picture, February 13, 2018. REUTERS/Dado Ruvic/Illustration/Files

An Indian government panel has recommended banning all private cryptocurrencies and a jail term of up to 10 years and heavy fines for anyone dealing in digital currencies, which could signal the end of them in India.

The panel drew up a report and draft legislation, which will be examined by the government and regulators before they make a final decision, the government said in a statement on Monday.

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