India has intention to ban cryptocurrencies. The country’s legislature will introduce a bill that criminalizes trading, mining, issuing, transferring, or possessing cryptocurrency. Under the plan, people who own these digital assets would have six months to liquidate their holdings. The bill will be one of the world’s strictest policies against cryptocurrencies. Officials are confident of getting the bill enacted into law as Prime Minister Narendra Modi’s government holds a comfortable majority in parliament. India will be the first major economy to criminalize crypto investors. China has prohibited cryptocurrency mining and trading but does not enforce penalties for possession. In 2019, an Indian government panel recommended a jail sentence of up to 10 years for cryptocurrency-related offenses.
However, the blockchain technology will remain and will be accepted. The goal is to roll out an official government-issued digital currency while outlawing private alternatives like Bitcoin and Ethereum. India’s central bank cracked down on Bitcoin in 2018, banning banks from dealing in virtual currencies. In India, there is no official data on the number of cryptocurrency investors or the value of their holdings. Bitcoin, the world’s biggest cryptocurrency, hit a record high $60,000 on Saturday, nearly doubling in value this year.