One of the government committees of India recommended that lawmakers prohibit the work of "cryptocurrency dealers" in the country. Information about this appeared in the local edition of the Economic Times.
However, the source does not give more complete information about the reasons for this decision.
Instead of closing cryptocurrency dealers, the government should take steps to curb buying and selling of bitcoins or cryptocurrencies in cash. This move can reduce illegalities in the country.
If exchanges come under the definition of dealers, then in case of closure of domestic cryptocurrency exchanges, buyers will start buying them from foreign exchanges.
CEO & Co-founder, Bitxoxo
Rehman said providing suitable guidelines to bitcoin exchanges could help exchanges and buyers of the currency. Exchanges had earlier requested the government to penalise individuals who are trading in it using cash.