Indian officials are currently discussing providing a ‘way out’ for crypto investors so that they can withdraw their crypto assets ahead of the ban on all cryptocurrencies in force.
Based on a statement from their government officials, ‘the government is expected to offer a way out to crypto investors by the time the crypto ban takes effect.
According to an Indian Express report today, it is likely that crypto investors will be given between three to six months to start the official announcement based on a meeting between ministers today.
Recently, the Indian government has proposed a new law that could enforce a comprehensive ban on cryptocurrencies such as Bitcoin and Ethereum but is not enshrined in the CBDC cryptocurrencies being developed by the Reserve Bank of India. Based on the proposal, it is illegal to own, issue, mine, trade, and transfer cryptocurrencies.
In addition, Indian Finance Minister Nirmala Sitharaman also previously stated that there is still a possibility for Bitcoin to be exempted as the government is still continuing to “experiment” with crypto.
Although the law has not yet been enforced, investors and crypto holders in India are still obligated to pay taxes on trading profits.
