The Indian government is formulating a bill to prohibit cryptocurrency trading in the country, Reuters informs, citing a senior official. As reported by the news agency, the document arranges criminal responsibility for storing, receiving, issuing, transferring, and trading virtual money.
If the bill is instituted, crypto holders will be given six months to dispose of their digital assets. If Not, fines will be charged. India might become “the first” major world economy to make cryptocurrency trading illegal.
The first information that the Indian authorities are preparing a law prohibiting cryptocurrency trading appeared last year. Bloomberg sources reported that the country’s government is not interested in trading but will develop its blockchain sector.
In the meantime, in March 2020, the Reserve Bank of India a directive was cancelled that advocated banning relevant organizations from delivering banking services to cryptocurrency firms. Due to this rule, which has been in effect since April 2018, local exchanges and start-ups were forced to close down or move to another country.
Back in December, another idea of radical regulation surfaced after it became clear that India might introduce an 18% tax on Bitcoin transfers.
