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India will introduce a bill for making cryptocurrency illegal

India will introduce a bill for making cryptocurrency illegal

 

India is moving one step ahead of banning cryptocurrencies. According to Reuters, the country’s legislature will introduce a bill against trading, mining, issuing, transferring, or possessing cryptocurrency. The bill is likely to be passed if it is introduced in the Assembly. India will introduce a bill for making cryptocurrency illegal. This bill will give India some of the world’s strictest cryptocurrency laws. The introduced bill follows a fight between cryptocurrency traders and the Indian government. India’s central bank also cracked down on Bitcoin in 2018. India’s central bank banned banks from dealing in virtual currencies. however, the Indian Supreme Court overturned the decision in 2020.

According to the bill, people who own cryptocurrency would have at least six months to end their owning of cryptocurrency. As per Reuters’ source, not a single government official specifies the punishment for breaking the rules. But a 2019 government panel recommended a jail sentence of up to 10 years. The government official says that the discussions are in their “final stages”. Although there’s no proper timeline for introducing the bill. No other big country in the world has implemented this type of ban on cryptocurrency. China, which has some of the harsh policies due to communism, prohibits the trading of coins but doesn’t ban it. As per the news, India will introduce a bill for making cryptocurrency illegal

The Indian government shows its plans for banning cryptocurrency in January 2020. The Indian assembly published an agenda for the upcoming legislative session. The agenda included banning “all private cryptocurrencies” in India. For making cryptocurrency illegal, the Indian government take some steps to promote the general use of blockchain technology. The main goal of India is to introduced an official government-issued digital currency.  India doesn’t want any private alternatives like bitcoin. Moreover, the Indian government have a plan to introduced its own government- based cryptocurrency that can be replaced by bitcoin. Although India has strict laws on cryptocurrency, people still are transferring, mining and issuing cryptocurrency.

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