The Indian Union Cabinet chaired by PM Modi has approved to introduce the Banning of Unregulated Deposit Schemes Bill, 2018 in the parliament, which may include Bitcoin and cryptocurrencies that have been seen largely unregulated so far.

The bill is aimed at “tackling the menace of illicit deposit-taking activities in the country. It will prohibit companies/ institutions running such schemes from exploiting existing regulatory gaps and lack of strict administrative measures which result in poor and gullible people being duped of their hard-earned savings.”