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Cryptocurrency ban: India to propose cryptocurrency ban, penalising miners, traders

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Cryptocurrency ban

HIGHLIGHTS:

  • India is planning to introduce a new bill against cryptocurrency.
  • Action is going to be taken against crypto investors.
  • Investors are likely to urge the six-month window to liquidate assets.

The uncertainty around the cryptocurrency ban in India continues, because the government is now planning to introduce a new bill, that will not only ban digital money but also fine investors trading within the country or maybe holding such digital assets.

This may impact Bitcoin, Dogecoin, and other crypto money investors. The new bill proposes to criminalize -possession, issuance, mining, trading, and transferring crypto-assets.

The government has been planning action against cryptocurrencies for the past few months but recent comments had given some indication to investors. If the new bill is enacted into law, it’ll be some extent of concern for investors.

Cryptocurrency ban: Relief to Investors

The official said that investors are going to be given a window of six months to liquidate their assets before a penalty is levied on them. In India, over 7 million people are believed to possess invested quite $1 billion in cryptocurrency and would be hoping for- how to reimbursed it before a law is imposed.

  • Union minister of finance Nirmala Sitharaman has clarified that there’ll not be an entire ban on cryptocurrency. The minister of finance said that the govt isn’t shutting all windows for cryptocurrencies, or blockchain, and fintech so far.
  •  The new bill is in process, which can give exhaustive information on the formulation of cryptocurrency in India.

The official said that the- plan is to ban private crypto-assets while promoting blockchain technology, which forms the backbone for virtual currencies. The claims come at a time when Bitcoin has seen a fresh surge in price.

World’s biggest cryptocurrency hit a record-high $60,000 on Saturday, nearly doubling in value this year as its acceptance for payments has increased with support from such high-profile backers as Tesla Inc CEO Elon Musk.

This may make India, the primary major economy to form holding cryptocurrency illegal. Even China, which has banned mining and trading, doesn’t penalize possession.

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