Subhas Chandra Garga recommended authorities to ban all cryptocurrencies

A working group with the Indian government headed by economic secretary Subhas Chandra Garga recommended that the authorities ban all cryptocurrencies except for digital tokens issued by the central bank. Reported by Reuters.

Thus, the penalty for using cryptocurrency involves fines of up to 250 million rupees ($ 3.63 million) or imprisonment of up to 10 years.

The group also submitted a bill to the government, which was leaked to the network last week.

“There is no value at the heart of these cryptocurrencies,” the group concludes.

Now the government intends to discuss the proposal of experts with financial regulators, after which a final decision will be made on further actions.

Representatives of the bitcoin industry have already warned Indian officials that a total ban would only throw the development of technology in the country into the past.

Recall that at the end of June the largest cryptocurrency exchange of India announced the closure.