The government is reportedly working on a bill to ban all possession, mining, and trading of cryptocurrency in India. Anyone that owns any type of digital currency will be given 6 months to sell it.
According to Reuters, the new legislation has not yet been passed but is currently being worked on. The Indian government and court officials are sure that the law will be ratified.
The new bill will criminalize any possession, mining, and trading in cryptocurrencies basically making it illegal in the country.
The new law is said to give existing holders of any kind of cryptocurrencies six months to sell them. If the owners fail to comply with the new regulations, the law will be enforced by fines or even by seizing their assets.
According to rough estimates, there might be over 8 million people in India in possession of cryptocurrency. The total value of digital assets is estimated at over 100 billion rupees.
This new regulation aligns with the government’s latest stance on crypto trading. In January officials proposed all cryptocurrencies be banned. At the same time, the government has plans to start working on its own digital currency.
While this might be the start of the end of international cryptocurrency for India, the government has no plans to ban blockchain technology. They see a lot of potential in blockchain and have plans to continuously stimulate it.