The Indian government is preparing a total ban on investments in cryptocurrencies in the country, BloombergQuint reported yesterday.
According to the local news outlet, a senior official from the country's Ministry of Finance has reportedly confirmed the authorities' plans. However, according to him, the measure will not start to be implemented overnight, but rather the government will give a transition period of three to six months so that investors who have invested in this type of assets have enough time to liquidate their existing positions.
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The news the country's government has plans to ban all crypto-related investments in India comes as no surprise, as the central bank does not support this type of assets.
Notably, the law, which will be discussed in the Parliament when it is ready, will also ban cryptocurrency trading through foreign platforms.