India may ban the listing and trading of cryptocurrencies without government approval

India plans to tighten regulations on cryptocurrencies to deter investors from holding them, according to two sources familiar with the matter, although the government is unlikely to follow through on previous plans to ban private digital currencies.

Instead, only those products already pre-approved by the government will be allowed to list and trade on exchanges, a deliberately cumbersome process. “Tendai can only be traded with government approval, otherwise there may be penalties for holding or trading,” the first source said. It is understood that the government aims to introduce and pass a cryptocurrency law in the parliament session that starts this month.