Many countries have attempted to steer the cryptocurrency market into a state-controlled channel, but the Indian bill may become the toughest, according to knowledgeable sources. He will introduce a ban on the possession, production, trading and other types of operations with cryptocurrency. Cryptocurrency holders will be given six months to get rid of core assets.
Reuters reports about the upcoming reforms, citing its own sources. The bill provides for criminal liability for the circulation and production of cryptocurrencies in the country, even holders of digital assets will be prosecuted. So far, fines are being discussed as responsibility, although in 2019 some hotheads called for imprisonment as a punishment. Official banks in India have been banned from working with cryptocurrency since 2018, but in the spring of last year, the corresponding ban was lifted, which served as an incentive for the development of the cryptocurrency market in this country.
The Central Bank of India is hatching the idea of issuing its own official cryptocurrency, and the country’s authorities are not averse to using the technology of distributed ledgers in various fields, therefore, the bill under discussion is primarily aimed at stopping speculative activity in the field of cryptocurrencies, from which private investors may suffer. Until the relevant law is adopted, Indian investors are actively reaching for cryptocurrencies – at least 20 thousand new users have been registered on only one of the local specialized exchanges since the beginning of the year.
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