The latest report reports that India is about to propose laws banning cryptocurrencies, imposing fines on anyone who trades cryptocurrencies in India and even imposing fines on those who hold cryptocurrencies. This was stated by one of the senior officials of the Indian government.
Some market players interpret that this report could have a negative impact on the crypto market and impact on millions of investors in India.
The bill is one of the most stringent policies to be introduced against cryptocurrencies. All those involved with cryptocurrencies both in terms of ownership, production, mining, trading and transfer of cryptocurrency assets will be penalized.
The move is in line with the government’s agenda in January which intends to ban cryptocurrencies such as bitcoin. The latest report dampens market expectations that the authorities had previously hoped to give the crypto market a chance to operate in the country.
The bill states that there is a period of 6 months for investors to liquidate their assets, failing which a fine will be imposed. However, the content of this law is not yet official, it is only based on insider information.
Officials are confident the law can be ratified as law under the rule of Prime Minister Narendra Modi. So far there has been no response from the Ministry of Finance.
