With a law, India plans lasting ban on cryptos

The spur for the draft cabinet note was the March 4 decision of the SC to quash the April 2018 circular from the RBI that prevented banks from providing services in support of cryptocurrencies. The note will be sent to the cabinet after consultations and, subsequently, to Parliament. If it is along similar lines as an earlier proposal, the law will deal a blow to investors, exchanges and other entities dealing in virtual currencies.