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India is reportedly moving forward with a sweeping cryptocurrency ban. According to Reuters, the country’s legislature will introduce a bill that criminalizes trading, mining, issuing, transferring or possessing cryptocurrency. The bill is likely to pass if introduced, giving India some of the toughest digital currency laws in the world.
According to the plan, people who own these digital assets would have six months to liquidate their holdings. Reuters The source, a government official, did not specify the punishment for breaking the rules afterwards. But a 2019 government panel recommended a prison sentence of up to 10 years for cryptocurrency-related offenses. The official says talks are in their “final stages,” although there is no strict timeline for introducing the bill.
The Indian government presented its plans in January, when it released an agenda for the next legislative session. This agenda included a ban on “all private cryptocurrencies” in India, with a few exceptions to promote the general use of blockchain technology. The goal is to roll out an official government-issued digital currency while banning private alternatives like Bitcoin – which hit an all-time high earlier this month, trading at $ 59,755.
No other major country has implemented this type of cryptocurrency ban. China, which has some of the toughest policies, bans the trade in coins, but doesn’t ban owning them.
The ongoing proposal follows a multi-year fight between cryptocurrency traders and the Indian government. India’s central bank cracked down on Bitcoin in 2018, banning banks from trading in virtual currencies. Its Supreme Court overturned the ruling in 2020, but it didn’t necessarily prevent the passage of even tougher new law – like what’s on the table now.
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