Indian authorities are preparing to submit a law to ban cryptocurrencies. This was reported on Monday by Reuters, citing a senior government official.
Indian law is expected to become one of the most stringent cryptocurrency regulations in the world and will criminalize the ownership, issuance, mining, trading and transfer of cryptocurrency assets. The proposed measures are in line with the agenda announced by the authorities in January, according to which “private virtual currencies”, including bitcoin, are subject to a ban. At the same time, it is planned to lay the legal foundations for the issuance of the national digital currency.
Recent comments from the authorities raised hopes that they would change course of action, but this did not happen, Reuters notes. According to the bill, cryptocurrency holders will have six months to liquidate such assets, after which they will be subject to fines. Officials are confident that the document being developed will be supported by the parliamentary majority and will acquire the status of a law.
“If the ban is legalized, India will be the first major economy to make crypto ownership illegal. Even China is not fined for ownership, ”adds Reuters.
Note that the topic of the prohibition of cryptocurrencies in India has regularly surfaced over the past months. The authorities reportedly decided to issue a separate law after restrictions imposed by the Reserve Bank of India on digital asset transactions proved ineffective.
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