Government plans to ban bitcoins permanently: Reports

The government is planning to ban trading in cryptocurrencies. In fact, the parliament may table a bill to ban trading in cryptocurrencies like bitcoin, said media reports.

Currently, banks do not allow clients to buy cryptocurrencies from their accounts. In 2018, RBI banned banks and payment wallets such as Paytm and Airtel Money to deal in cryptocurrencies.

The ministry of finance had also cautioned investors about the risks in investing and trading in cryptocurrencies like bitcoin. Terming bitcoin investment as a Ponzi scheme, the government warned investors saying that virtual currencies are stored in digital/electronic format, making them vulnerable to hacking, loss of password, malware attack which may also result in permanent loss of money.

Cryptocurrencies such as bitcoins have gained prominence as virtual currency over the last few years.

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