Several departments of the Indian government had recently recommended placing a complete ban on the sale, purchase, and use of cryptocurrencies. India’s Central Board of Indirect Taxes and Customs (CBIC), the Central Board of Direct Taxes (CBDT), the Investor Education and Protection Fund Authority (IEPFA), and the Department of Economic Affairs (DEA) had all reportedly suggested last month that cryptocurrency transactions be prohibited. The main reason for proposing a ban on cryptos was concerns over their use to finance illicit activities such as money laundering and terrorism.
