India will purportedly introduce bill to make owning and trading cryptocurrency illegal

business news, latest business news, economy news, indian economy News, share market news, breaking business news, Sensex updates, bse, nse, stock exchange news, stocks news, banking sector news, news on economy, news on top companies India power consumption, India power consumption 2021, India power consumption february 2021, India power peak demand, India power peak demand 2021, India power peak demand february 2021, India power consumption rises in february 2021 economy news, economy news india, politics news, indian economy, indian economy news, economy news today, latest economy news, politics news, politics news headlines, business news analysis, corporate business report, indian economy analysis, business eco share market news, share market news today, share market news live, share market today, share market prediction, share market news in india, share market news latest, indian stock market, markets news, Bombay stock exchange, BSE, NSE, best performing stocks Latest Business News, IPO News, Business News, Sensex News, Economy News, Today’s Business News, Stock Market News technology news, technology news india, latest technology news, tech news, tech news india, gadget news, smartphone news, mobile launch news, smartphone launch news, latest gadget news, tech news on mobile launch Corporate houses, big corporate houses, Q1 results, Q2 results, Quarterly results, Corporate policies, business policies, business houses, business, business news Business News, Finance News, India News, BSE/NSE News, Stock Markets News, Sensex NIFTY, Latest Breaking News Headlines market news, market live stock market, rates, stock share value, markets stocks, broker research reports, investment, ipo analysis, Indian Stock/Share Market Live, latest business news, latest business news in india, latest business news today, latest business news headlines, latest business news in tamilnadu, latest business news in tamil, latest business news in india today, latest business news app, latest business news international, latest business news around the world, latest business news articles, latest business news all hindi news paper, latest business news australia, latest business news america, latest business news aston martin, latest business news africa, latest business news bbc, latest business news business standard, latest business news cnbc, latest business news canada, latest business news covid 19, latest business news china, latest business news cnn, www.latest business, latest business news dubai, latest business development news, latest news business day, latest news business daily, latest business news malayalam dhanam, latest business news in denmark, debenhams latest business news, latest business news economic times, latest business news europe, latest business news ethiopia, latest business news english, current business news events, latest business environment news, latest business ethics news, current business ethics news, latest business news for quiz, latest business news from india, latest business news for presentation, latest business news forbes, latest business news from around the world, latest business news headlines for today, latest business and finance news, latest news for business
Business News Today | Live Business News | Business News

India is set to move forward with a sweeping ban on cryptocurrencies. According to Reuters, the country’s legislature is set to propose a bill that criminalizes trading, mining, issuing, transferring, or possessing cryptocurrency. If this bill is passed it would give India some of the world’s strictest digital currency laws.

None of the large countries across the world have implemented this kind of ban on cryptocurrency. China, which holds the place of having some of the harshest policies, prohibits trading coins but does not outlaw owning them.

This proposal follows the long fight between cryptocurrency traders and the Indian government. The Reserve Bank of India cracked down on Bitcoin in 2018, banning banks from dealing in virtual currencies. The Supreme Court of India overturned the decision in 2020, but it didn’t necessarily preclude passing a new, even stricter law — which seems to be what was in the works behind the scenes.

Under this plan, people who own these crypto-assets have six months to liquidate their holdings. Reuters’ source, a government official, didn’t specify the punishment for breaking the rules. A government panel in 2019 recommended a jail sentence of up to 10 years for cryptocurrency-related offenses. The official had stated that the discussions were in their “final stages,” but there’s no defined timeline for introducing the bill.

The Indian government had outlined its plans in January, when it published an agenda for the upcoming legislative session. That agenda included banning “all private cryptocurrencies” in India, with some exceptions to promote the general use of blockchain technology. The goal seems to be the roll out of an official government-issued digital currency while outlawing private alternatives. Bitcoin, which had Tesla invest 1.5 Billion USD into it had reached a record during trading at $61,283, earlier this month.


Please enter your comment!
Please enter your name here