According to a report by Reuters, the Indian government is looking to introduce a new bill that will criminalize possession, issuance, mining, trading, and transferring any crypto assets.
As Bitcoin and other cryptocurrencies are currently touching the sky as highest they can, it seems that the Indian government will once again try to ban crypto-trading in the country. During Budget 2021, the government revealed its plan to propose a new bill in which digital currencies like bitcoin will be banned in the country. Also, whoever will trade or hold any kind of crypto assets will be fined.
If the bill is passed, it will make India the first country in which holding or trading any kind of crypto will be illegal. While China has banned the mining and trading of crypto, but it doesn’t penalize their possession.
The Indian government will provide investors with a six-month window, allowing them to liquidate their assets before the penalty is levied. According to a survey, more than 7 million Indians have around $1 billion invested in crypto assets.