India finally bans cryptocurrencies, gives investors six months to liquidate their assets through BTC peers

India became the second country to outright ban other cryptocurrencies. This comes after the Central Bank of Nigeria ordered all financial institutions in the country to block the accounts of all people and entities related to cryptocurrency transactions.

There has been a lot of drama surrounding India’s stance on cryptocurrency. In 2018, the Reserve Bank of India banned all cryptocurrency transactions. The ban was lifted by the country’s Supreme Court in March 2020. In December 2020, government officials hinted that they were considering taxing Bitcoin transactions up to 18%. Barely a month later, there were rumors that the country was considering banning all private cryptocurrencies.

Apparently, officials were serious about the cryptocurrency ban. Quoting an unnamed senior finance official, BloombergQuint revealed the government’s decision. However, according to the official, the ban would not be imposed overnight, as in the case of Nigeria. Instead, investors would have three to six months to liquidate their investments.

According to the report, the Indian Parliament will proceed with the introduction of a law prohibiting the use of cryptocurrencies in all its forms, including the restriction of trading through foreign exchanges.

On the other side of India’s ban is Kenya, an East African country that has offered to make Bitcoin its base currency.

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