Indian government panel suggests that all cryptocurrencies should be illegal

An Indian government panel has reportedly suggested that a new legal framework should be used to ban cryptocurrencies and crypto-related transactions. An anonymous source told CNBC-TV18, that the panel has "categorically said that all such currencies [cryptocurrencies] should be treated as illegal." Furthermore, the panel has also suggested that "the law should enlist punitive measures that the government and its investigative agencies can take in case it finds anyone or any entity trading or dealing/ holding it [cryptocurrencies]." Early this year, the Reserve Bank of India, India's central bank, announced in a press release that it's banning any regulated financial entities from dealing with cryptocurrencies. This announcement forced many major India-based crypto companies to cease operations. (Source: CNBC-TV18)