India is set to pass a bill that would render trading or holding of cryptocurrencies illegal across the country. India’s plan to propose a crypto ban was by a senior government official to Reuters. According to the official, who is also familiar with the matter, the bill will also criminalize the issuance, mining, trading, and transferring of all digital assets in the country.
Before now, there was a January government agenda that summoned for the banning of private digital assets. The purpose was to support the creation of an official digital currency for the country. Investors, however, hoped that the government would reconsider the plan.
The government official who revealed the plans also said that the bill would give crypto holders up to six months to liquidate their holdings. After then, anyone still holding, trading, transferring, mining, or issuing any digital assets would face penalties.
Although China has banned the mining and trading of all cryptocurrencies, it is not a criminal act to possess digital assets in the county. India would be the first major economy to make it illegal to hold crypto if the bill eventually becomes law. As stated by Reuters, government officials are confident that the bill would make it into law.
The bill would affect the possession of private virtual currencies like Bitcoin and other altcoins.
