India Will Reportedly Ban Cryptocurrency Soon

India has reportedly taken another step toward a blanket ban on cryptocurrencies. According to a report from Reuters, the country’s lawmakers will propose a bill that outlaws possessing, issuing, mining, and trading cryptocurrency. Giving how strict India’s digital currency laws are, the bill will likely be passed.

According to the plan, those who possess the digital assets are given six months to liquidate them. The source from whom Reuters got the news didn’t elaborate on the punishment for violators but in 2019, the Indian government panel suggested up to 10 years in jail for offenders. The source revealed that the discussion was in its final stage but there was no timeline for when the bill was introduced.

The Indian government’s plans were first introduced in January as part of the agenda which outlines plans to outlaw all private cryptocurrencies with exceptions to encourage blockchain technology, for the year’s legislative session.

The ultimate goal here is to pave the way for a digital currency issued by the government all while banning Bitcoin and alternatives like it.

India is the only large country coming up with such a sweeping ban on cryptocurrency. China, a nation with strict policies, still allows owning them although it does outlaw trading coins.

The upcoming bill is a turning point for the years-long struggle between the Indian government and cryptocurrency traders. In 2018, India’s central bank prohibited banks from dealing with cryptocurrency. While the decision was overturned last year by the Supreme Court, a new and stricter law is still in consideration.

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