India’s secretary of Economic Affairs has recommended to ban “Private Crypto” in the country prior to the decision of the Supreme Court, as reported by the Indian Government Press Center on Oct. 31. The Council came to this discussion soon after SC’s hearing on Indian government asking to clarify its position on crypto within a certain deadline, mostly by mid-November.

Recently, the Financial Stability and Development Council (FSDC) held a conference on the ongoing financial situation of the nation in the presence of senior government and financial regulation regulatory. Shri Subhash Chandra Garg, the secretary of the Department of Economic Affairs suggested that there should be a ban on crypto tradings in the country through an appropriate legal framework. This will put a hold on all individual and entities practising “private cryptocurrencies”.

Suggesting further he opined that the use of distributed ledger technologies (DLT), such as Blockchain, should be promoted in the country instead. On the same, a team of Indian lawyers popular as Crypto Kanoon questioned on Twitter that whether or not the potential ban would extend to possessing digital currencies and trading.

Seven months before, the Reserve Bank of India (RBI) has put a ban on the Indian crypto industry and further ordered the local banks to cease operations with persons or legal entities engaged with the same. As an objection, several companies running crypto business filed a complaint against the RBI in India’s Supreme Court. The latter continued to uphold RBI’s ban, subsequently postponing the hearings.