It is reported that India will introduce a bill to make it illegal to own cryptocurrencies

India is said to be pressing ahead with a blanket ban on cryptocurrencies. to me ReutersAnd the The country’s legislature will introduce a bill that will criminalize trading, mining, issuance, transfer, or possession of cryptocurrency. The bill would likely pass if it were introduced, giving India some of the most stringent cryptocurrency laws in the world.

Under the plan, people who own these digital assets will have six months to liquidate their holdings. Reuters’ A government official source did not specify the penalty for violating the rules after that. But in 2019 a government committee recommended imprisonment of up to 10 years for cryptocurrency crimes. The official says the discussions are in their “final stages”, although there is no strict timeline for submitting the bill.

Indian government Outline its plans in JanuaryWhen I published the agenda for the next legislative session. This agenda included banning “all private cryptocurrencies” in India, with some exceptions to boost public use of blockchain technology. The goal is to introduce an official government-issued digital currency while banning private alternatives like Bitcoin – which have been accessed Record Earlier this month, it was trading at $ 59,755.

No other large country has implemented this kind of ban on cryptocurrencies. China, which has some of the harshest policies, Currency trading is prohibited But it does not prohibit its possession.

The proposal comes in progress after a years-long battle between cryptocurrency traders and the Indian government. India’s central bank took strict measures against bitcoin in 2018, Banning of banks From dealing in virtual currencies. Its Supreme Court Revoke the decision But it hasn’t necessarily prevented the passage of a new, tougher law – like what’s on the table now.