India is reportedly continuing a comprehensive ban on cryptocurrencies. According to Reuters, the country’s legislature will submit a bill that trades, mines, issues, transfers or owns cryptocurrency. The bill is likely to succeed if enacted, giving India some of the world’s strictest digital currency laws.
Under the plan, people who own these digital assets have six months to liquidate their shares. Reuters se source, a government official, did not specify the penalty for violating the rules thereafter. But a government panel in 2019 recommends a prison sentence of up to ten years for cryptocurrency-related offenses. The official says the discussions are in their ‘final stage’, although there is no strict timeline for the introduction of the bill.
The Indian Government set out his plans in January, when it published an agenda for the forthcoming legislative session. The agenda included the ban on “all private cryptocurrencies” in India, with a few exceptions to promote the widespread use of blockchain technology. The aim is to implement an official digital currency issued by the government while banning private alternatives such as Bitcoin – which has been achieved – a record high traded at $ 59,755 earlier this month.
No other major country has enforced this kind of ban on cryptocurrency. China, which is one of the strictest policies, prohibits trading in coins but does not prohibit its possession.
The proposal that is underway follows a years-long battle between cryptocurrency traders and the Indian government. India’s central bank struck Bitcoin in 2018, to ban banks of trading in virtual currencies. His Supreme Court overturned the decision in 2020, but that did not necessarily exclude the introduction of a new, even stricter law – as is now on the table.