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Home Cryptocurrencies India Plans To Ban Cryptocurrency, To Fine Miners and Holders

India Plans To Ban Cryptocurrency, To Fine Miners and Holders

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While crypto exchanges in South Korean crypto surpassed its stock market, India is apparently considering placing a ban on cryptocurrencies. The ban will reportedly involve fining people involved in trading or even holding any digital assets.

Bitcoin

According to a report from Reuters, the Indian government is proposing passing a new law that will ban cryptocurrencies and even fine crypto miners, as per a government official. Although this could be a major potential blow to million of investors as well. Currently, the bill will be one of the world’s strictest policies against cryptocurrencies, which would involve criminalizing possession, issuance, mining, trading, and transferring crypto assets as well.

This is follows the government plan to ban private virtual currencies in favor of building a framework for an official digital currency. However, investors recently raised concerns and hoped that the authorities might ease up on the booming market. But, the new bill will enable cryptocurrency owners up to six months to liquidate all their assets. After this period, the government will start levying penalties, as per the government official. If the ban goes live, India will be the first major economy to make holding cryptocurrency illegal.

Meanwhile, the volume of transactions in the South Korean digital currency market briefly overtook the daily average transactions of the nation’s stock market, according to CoinTelegraph report.

The combined crypto exchanges was valued at 14.6 billion US Dollars on Sunday, higher than the rough 14.5 billion US Dollars value of the Korea Composite Stock Price Index. In other words, this shows a stark contrast between the the two nations.

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