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India Plans to Introduce Law to Ban Cryptocurrency Trading

  • Government plans to introduce its own virtual currency
  • Crypto fraud concerns rising since March as trade soared
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Photographer: Tomohiro Ohsumi/Bloomberg

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India plans to introduce a new law banning trade in cryptocurrencies, placing it out of step with other Asian economies which have chosen to regulate the fledgling market.

The bill is expected to be discussed shortly by the federal cabinet before it is sent to parliament, according to people familiar with the development who who asked not to be identified, citing rules on speaking with the media.