India Put Forward a Crypto Ban Proposal

by in Cryptocurrency News

India considers a crypto ban

Reuters writes as stated by an Indian senior government executive the republic is going to put forward a law forbidding crypto assets. If the law passes, trading and holding crypto assets will be penalized.

Related: US State Georgia Purposes Teaching About Crypto at School

The same refers to release and mining.

In January the government of India submitted a draft outlawing virtual currencies and launching a central bank digital currency (CBDC). Despite many investors hoped for a positive turnout, the officials put forward a new strict suggestion.

The bill sets six month period for cryptocurrency owners to withdraw their capital. If no, they will face penalties.

The possibility of the draft becoming a law is high as Prime Minister Narendra Modi's leadership represents a vast majority in government. In this case, India will become the first country to make possessing cryptocurrency illegitimate. Another country that has a strict approach to the crypto industry is China. However, it bans mining and trading but doesn't prohibit holding the assets.