Indian Government could Ban Cryptocurrencies and impose fines on its dealings

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American media CNBC has reported that a senior government official informed Reuters that the Indian Government is planning to propose to ban cryptocurrencies throughout the nation. Alongside, the crypto holders and the traders have to pay penalties.

The official who has direct knowledge of this said that the bill will be one of the most strict policies on cryptocurrency in the world and criminalizes any kind of crypto handling including mining, trading, etc.

Internet Cafes are turning into crypto mines
Montreal, Canada – 28 February 2018: Stacked cryptocurrency coins (Bitcoin, Ethereum, Litecoins)

Needless to say, if the bill passed in the coming days, Indian will be the first major economy around the globe to declare cryptocurrency holdings are illegal.

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It’s not for the first time share news regarding Indian Government’s move to ban cryptocurrencies have came out. Though, that reports also said that India will introduce its own official cryptocurrency which is not mentioned in the fresh report.

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Anupam Modak
A CS Engineer and Tech Enthusiast who likes to fiddle with the latest gadgets and tech happenings around the world.

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