NOVEMBER 20229The Current Situation & the FutureAt the time of writing, the government's plans are still unclear. They haven't yet explained what the legislation that they plan to introduce consists of exactly. It was believed that they were looking at a blanket ban on cryptocurrencies. However, new information suggests that this might not be the case.A number of cryptocurrency exchanges in the country filed a case in the Supreme Court to stop these currencies from being banned. In a response on November 19, government officials made it known that they are looking at a "draft law to control/ban the use of crypto-currencies in India". They also mentioned the idea of studying the `feasibility of official digital currencies in India'.It is expected that the details of the new law will be revealed at the end of 2018 or at the start of 2019. At that point, it should be clear whether the Indian Government wants to completely ban cryptocurrencies or introduce a framework that allows citizens to buy and sell them more safely.
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