Indian Government Plans to Enact Law Prohibiting Cryptocurrency Trading, But Will Strongly Support Blockchain Technology Development

According to Livemint reports, India plans to enact legislation prohibiting cryptocurrency trading. Informed sources reveal that the bill will soon be discussed in the cabinet and submitted to parliament upon passage. Meanwhile, the Indian government is strongly supporting the development of blockchain technology, the core of cryptocurrency. As early as 2018, the Reserve Bank of India banned cryptocurrency trading, leading multiple crypto exchanges to jointly sue the RBI. In March of this year, India's Supreme Court ruled in favor of the exchanges. In the following two months, India's cryptocurrency trading volume surged 450%.