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INDIA is planning to make cryptocurrencies illegal to prevent the cryptocurrency from ever entering the country’s mainstream financial system, a finance ministry official has said.
New Delhi is also planning on setting up a regulator to monitor unregulated exchanges which trade virtual currencies, it was revealed.

Subhash Chandra Garg, economics affairs secretary told CNBC the government is setting up a panel to analyse the cryptocurrency situation and aims to submit a report in the current fiscal year.
Mr Garg, who is heading the panel, said: “The government will take steps to make it illegal as a payment system. As well as having a regulator in place.”

He added: “We hope now within this financial year the committee will finalise its recommendations… certainly there will be a regulator.”