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.
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.
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.