The change around cryptocurrencies in India remains as the government is now intending to mean a new bill that will ban digital money and fine anyone trading in the country or still carrying such digital assets.
This will affect Bitcoin, Dogecoin, and different crypto money investors. The new bill aims to criminalize possession, issuance, mining, trading, and transferring crypto-assets, a senior government official said Reuters.
The government has been proposing an action upon cryptocurrencies for the past few months, but new comments had provided some hope to investors.
However, if the new bill is passed into law, it will limit concern for them. This will present India as the first significant economy to make keeping cryptocurrency illegal. Even China, which has banned mining and trading, does not penalize possession.
The official stated that it would provide investors with a window of six months to sell their assets before a fine is levied.
In India, over 7 million people are thought to have invested more than $1 billion in cryptocurrency and would be wishing for a way to get compensated before a law is required.
The industry is also confident that the government will not force full-on cryptocurrencies including and might end up ordering the trade.
The official announced that the idea is to ban private crypto-assets while developing blockchain technology, making the backbone for virtual currencies.
The allegations appear at a time when Bitcoin has observed a fresh wave in price. The world’s most significant cryptocurrency hit a record-high $60,000 on Saturday, nearly increasing in value this year as its approval for payments has developed with support from such high-profile supporters as Tesla Inc CEO Elon Musk.
Interestingly, Nirmala Sitharaman, Union Finance Minister, has explained that there will not be a total ban on cryptocurrency.
Speaking at the India Today Conclave South on Sunday, the finance minister stated that the government is not closing all windows for cryptocurrencies, blockchain, and fintech.
She stated that a Cabinet note was being prepared in this regard, which will give exhaustive information on the formulation of cryptocurrency in India.
“My view on this is that, of course, the Supreme Court has said on cryptocurrency, and while the RBI may catch a call on official cryptocurrency, from our side, we are very apparent that we are not closing off all options,” said Finance Minister Nirmala Sitharaman.