The unreliability around cryptocurrencies in India continues as the government is now planning to propose a new law that will not only ban digital money but also will fine anyone dealing in the country or even holding such digital assets. This will crash Dogecoin, Bitcoin, and other crypto money investors. The new bill proposes to outlaw possession, mining, trading, issuance, and transferring crypto-assets, a senior government official told a press agency.
The government has been planning action against cryptocurrencies for the last some months but recent comments have been given some hope to the investors. However, if the new bill is approved into law, it will be a point of concern for them. This will make India the first great economy to make holding cryptocurrency illegal. Even China, which has banned mining and trading, does not punish ownership.
The official said that investors will be given a window of six months to close down their assets before punishment is impose on them. In India, over 7 million people are accepting to have invested more than $1 billion in cryptocurrency and would be hoping for a way to get recompense before a law is imposed.
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The industry is also hopeful which the government will not impose a complete on cryptocurrencies with including and might just end up controlling the trade.
The official said that the plan is to ban private crypto-assets while further blockchain technology which forms the backbone for effective currencies. The claims come at a time when Bitcoin has seen a fresh rush in price. World’s biggest cryptocurrency hit a high record of $60,000 this Saturday, almost double the value this year as its receipt for payments has increased with support from high-profile backers as Tesla Inc CEO Elon Musk.
Impressively, the Union Finance Minister Nirmala Sitharaman has illuminated that there will not be a complete ban on cryptocurrency. The Finance Minister on Sunday said that the government is not shutting all the windows for cryptocurrencies, or blockchain, and faintest as yet. She also said that a Cabinet note was being prepared in this regard, which will comprehensive information on the articulation of cryptocurrency in India.