Report: India to Make Holding Cryptos Illegal
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March 15, 2021
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The Indian authorities are working on a law aimed at banning cryptocurrencies, Reuters has reported citing a senior government official.

The law is expected to become one of the strictest in the world when it comes to regulating cryptocurrencies and will criminalize the holding, issuance, mining, trading and transfer of crypto assets. The proposed regulation is in line with the agenda announced by the authorities in January, according to which "private virtual currencies," including Bitcoin, should be banned. At the same time, this regulation is expected to lay the legal basis for the issuance of a national digital currency.

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Per the bill, crypto owners will be given six months to liquidate their assets, after which they will face fines if they still hold them. If the bill is eventually passed, India will become the first major economy to outlaw crypto holding. Even China, which has banned mining and trading, does not criminalize holding.

Around 8 million Indian investors currently own digital assets valued at a total of 100 billion rupees ($1.4B).

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