An inter-ministerial panel on cryptocurrency has recommended that all private cryptocurrencies, except any virtual currencies issued by state, will be prohibited in India
Comments
Trading, mining and holding cryptocurrency could soon be illegal in India as the Indian government is proposing a new Bill that could ban all transactions related to cryptocurrencies.
According to a report by Reuters, the new Bill proposes to criminalise possession, issuance, mining, trading and transferring crypto-assets including Bitcoin, Dogecoin and other cryptocurrencies.
The report further suggests that if this becomes a law it’ll make India the first country to officially make holding cryptocurrency assets illegal.
Interestingly, this move has come after Bitcoin witnessed a fresh surge in prices after Billionaire Elon Musk’s owned Tesla Inc invested $1.5 billion in the cryptocurrency.
Tesla Buying Bitcoin May Have Put Blockchain Tech, Cryptocurrencies at a Key Junction
FOLLOW US ON:
Tesla buying Bitcoin by the billions has arguably been the biggest news in the crypto world of late. Even as the Indian government continues to be bearish on cryptocurrencies apart from those controlled centrally, Tesla spending $1.5 billion on Bitcoin to keep the digital currency on its sheets is the first such move by a big corporation, underlining a faint presence of Bitcoin’s everyday applications in its regular discourse. However, Tesla’s investment in Bitcoin is unusual for a publicly listed company, particularly given the most common risks of cryptocurrencies. This very unusual move may have actually put the entire blockchain and cryptography technologies at a key crossroad.
Sell or hold - investors on edge as India mulls cryptocurrency ban
Cryptocurrency exchanges in India have witnessed multifold jump in their daily trades after Bitcoin, the world s largest cryptocurrency, soared over 310 per cent in 2020
Avneet Kaur | February 11, 2021 | Updated 00:19 IST
The Indian government s intent to prohibit private cryptocurrencies, like Bitcoin, has spooked the existing cryptocurrency holders in the country. Finance Minister Nirmala Sitharaman on Tuesday said that an inter-ministerial committee has suggested ban on private cryptocurrencies in India, except any virtual currencies issued by state. Though there is lack of clarity, but the industry experts believe these are serious challenges.