NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Its Official: Indian Government Wants to Ban Bitcoin

Davit Babayan
Davit Babayan
1 year ago
2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

The inter-ministerial committee set up by former Indian finance minister Arun Jaitley recommends a ban on bitcoin.

According to a report published today, the Subhash Garg committee believes that cryptocurrencies cannot serve the purpose of currency. Calling them “private cryptocurrencies” over their non-sovereign nature, the committee wrote that they are inconsistent with the essential functions of money/currency, adding that they support the stance taken by the Reserve Bank of India to impose a banking ban on them.

“The committee endorses the stand taken by the RBI to eliminate the interface of institutions regulated by the RBI from cryptocurrencies. The Committee also recommends that all exchanges, people, trade, s and other financial system participants should be prohibited from dealing with cryptocurrencies.”

Accordingly, the Committee has recommended a law banning the cryptocurrencies in India and criminalising carrying on of any activities connected with cryptocurrencies in India.”

The Public-Private Confusion

The inter-ministerial report follows months of confusions regarding the bitcoin’s legal status in India. Bloomberg Quint in early June claimed that the Narendra Modi government wanted to impose 10-year prison-time on cryptocurrency traders. The news service cited a piece of paper that allegedly was a part of an anti-crypto draft bill. A month later, another document from the same law showed that the Indian government was looking to ban cryptocurrencies.

Nevertheless, Ministry of Finance representative Anurag Singh Thakur told Rajyasabha that such a ban was not official. He wrote in response to lawmakers that a government-appointed Interministerial Committee is looking into the matter. Excerpts:

“In the absence of a globally acceptable solution and the need to devise a technically feasible solution, the Department is pursuing the matter with due caution.”

bitcoin ban, india
Bitcoin Remains Lawless in India, Not Banned: Source: Government of India

India’s Ministry of Finance is now able to stamp the Garg committee proposal, meaning it would soon come before the lawmakers in the lower and upper house of the Indian parliament. A ban would go into effect once the majority of politicians would approve it, which is most likely since both the houses have the Narendra Modi government in absolute bulk.

The Bitcoin vs RBI Case

The last thing standing between Garg Committee’s proposal and a full-fledged bitcoin ban is the Supreme Court of India. On July 23, the apex court is likely to give verdict on whether or not the RBI ban on bitcoin was unconstitutional.

NewsBTC would continue this article with more updates.

Tweet123Share196ShareSend
Davit Babayan
Davit Babayan

Davit Babayan

Davit Babayan is an Armenia-based expat balancing the academic life of a software design engineer with the experiences of a financial technology journalist. He aspires to be a full-time columnist and wants to write a book that would be called, "A Homeless Who Found Bitcoin."

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

比特幣強勢爆發 標普創歷史新高 SPX6900與T6900代幣蓄勢待發 即將引爆新一輪行情

比特幣($118,661)勢不可擋,連破歷史新高;標普500指數(SPX)本周同樣創下歷史高點;迷因幣 SPX6900 雖尚未登頂,但勢頭強勁;而剛剛橫空出世的 TOKEN6900 (T6900) 也...

estherw 3 hours ago
Bitcoin price

Bitcoin Soars Past $118,800—Breakout Or Brutal Bull Trap?

Bitcoin’s summer rally accelerated in the early hours of 11 July, when the benchmark cryptocurrency sliced through $118,000 and printed...

Jake Simmons 3 hours ago
Ethereum

Ethereum Price Breaks Through 50EMA After Rejection, ETH Dominance Sees Resurgence

The Ethereum price is once again gaining momentum and looks set to reach new highs. Crypto analyst Doctor Profit commented...

Scott Matherson 4 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Bitcoin Breaks Records: What Miners and Leverage Traders Are Doing Behind the Scenes

Bitcoin Breaks Records: What Miners and Leverage Traders Are Doing Behind the Scenes

Samuel Edyme 1 hour ago

No Mania Yet: Bitcoin ATH Lacks Hype, Suggesting Further Upside Potential

Ash Tiwari 2 hours ago

迷馬斯克發言引爆PNUT價格爆漲20% 迷因幣火熱本周末不能錯過的1000倍幣!

Mark Mak 2 hours ago

Premium Sponsors

Press Releases

  • 4 kryptomeny, vďaka ktorým toto leto zmeníš 1000 € na...

    7 hours ago
  • 3 altcoiny do obserwacji w drugim tygodniu lipca 2025 roku

    3 altcoiny do obserwacji w drugim tygodniu lipca 2025 roku

    8 hours ago
  • 4 kryptowaluty, dzięki którym tego lata zamienisz 1000 zł w miliony

    4 kryptowaluty, dzięki którym tego lata zamienisz 1000...

    8 hours ago
  • 4 criptomonede cu care poți transforma 1000 de lei în milioane vara aceasta

    4 criptomonede cu care poți transforma 1000 de lei în...

    11 hours ago
  • 3 altcoinuri de urmărit în a doua săptămână a lunii iulie 2025

    3 altcoinuri de urmărit în a doua săptămână a lunii...

    11 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.