The Indian government is closer than ever to impose a blanket ban on crypto-currency trading, mining and investments in the country. This will include the much talked about Bitcoin along as well as other popular crypto-currencies. A bill for the same has already been proposed and on Tuesday, Finance Minister Nirmala Sitharaman said in the Rajya Sabha that a high-level Inter-Ministerial Committee (IMC) has been constituted under the Chairmanship of Secretary (Economic Affairs) to study the issues related to virtual currencies and propose actions through which all private cryptocurrencies, except any virtual currencies issued by state, will be prohibited in India.
The government has also proposed to launch Reserve Bank of India (RBI) backed Central Bank-backed Digital Currency (CBDC). This leaves the industry and investors uncertain about the future of virtual currencies in India. However, this isn’t the first time when government has tried to act against crypto-currency. Here is a complete look at everything that has happened so far