Indian lawmakers are contemplating banning cryptocurrencies including bitcoin. The Economic Times recently reported that the government had "kicked off inter-ministerial consultations on a draft bill to ban cryptocurrencies and regulate official digital currencies." A number of government departments including the Department of Economic Affairs (DEA), Central Board of Direct Taxes (CBDT), Central Board of Indirect Taxes and Customs (CBIC) and the Investor Education and Protection Fund Authority (IEPFA) have endorsed the idea of a complete ban on the "sale, purchase and issuance of all types of cryptocurrency" according to a government officials who did not wish to be named.
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