India cryptocurrency ban will penalize traders, miners and holders

India Crypto Ban

The rumors were true, after all. Back in January it emerged that India was getting ready to introduce a bill that would ban all cryptocurrencies in the country. And here we are with some new developments.

Although the bill was not presented in the parliament, the government did confirm that it was working on laws to regular cryptocurrencies in one of the world’s biggest markets. Recent reports did hint that the government might be a little favorable towards these new digital assets, but not to be.

That’s because according to this newest report by Reuters, the country is planning to ban cryptocurrencies soon.

The source claims that Indians will be given six months to exit their positions, post which everyone will be penalized for trading, holding, or mining cryptocurrencies. The source further added that officials are confident about getting the bill passed, as the current government holds majority in the parliament.

And if this bill is passed, India will become the first major economy to ban citizens from holding cryptocurrencies. China currently has a ban on mining and trading these digital coins, but the country allows its citizens to ho[[[[[[ld these digital assets.

This is not the first time India has decided to take strict action against cryptocurrencies.

The Reserve Bank of India (RBI) issued an order banning banks from executive cryptocurrency order in 2018. And the government went a step further in 2019, when it even proposed a 10-year jail sentence for people who held, traded, or mined these digital coins.

That order was struck down by the Supreme Court in 2020.

It is yet unclear whether this new bill includes a jail sentence, but we’ll find out soon enough.

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