Bitcoin seems to be banned in India soon. The latest information claims the Indian government is proposing passing a new law that may ban cryptocurrencies and even fine crypto miners in the country. Recently, Tesla founder Elon Musk appealed to invest money in bitcoin due to which its total value has increased from 7 lakhs in October 2020 to 45 lakhs in March 2021.
Bitcoin seems to be banned in India soon, liquidate all the assets quickly
As per the report of Reuters, the Indian Government seems to be introducing a new law or policies against cryptocurrency which may ban practices like criminalizing possession of cryptocurrency, issuance, mining, trading, and transferring of crypto assets in the country soon. The Government official said,” the Indian government is proposing passing a new law that will ban cryptocurrencies and even fine crypto miners”. If this could happen then it will be a major blow to the millions of Investors. However, it is also rumored that the new bill will enable cryptocurrency owners up to six months to liquidate all their assets.
The report also unveiled that the government tries to boycott private virtual currencies in favor of building a framework for an official digital currency. In related news, As per a CoinTelegraph report, the exchange of cryptocurrencies in South Korea has been surpassed the daily average transactions of the nation’s stock market. On Sunday, The combined crypto exchanges were valued at 14.6 billion US Dollars which is higher than the rough 14.5 billion US Dollars value of the Korea Composite Stock Price Index.
What’s your opinion about the banning of cryptocurrencies in India. Do let us know your views in the comment section.