India Is Ready to Ban the Possession of Cryptocurrencies
Breaking news from Reuters – India is getting ready to pass a bill about the total criminalization of cryptocurrencies. Even holding them will become illegal if the bill is accepted. Those who already own them will be given six months to cash them out before it officially becomes a crime.
It is still unclear what will be the punishment for possessing cryptocurrencies. However, this law, if passed, will become perhaps the biggest attack on the crypto industry in its short history. There is a ban on digital assets in China but at least people there can hold cryptocurrencies without facing legal accusations.
It’s not the first time India attempts to ban cryptocurrencies. Back in 2019, the Indian government tried to push the law about 10 years in prison for dealing with cryptocurrencies but the Supreme court canceled it last March. Now the chances of accepting the bill are high because the commanding majority supports it.