Is India is putting ban on cryptocurrency?
The central government may soon introduce strict laws to restrict the trading, mining and holding of cryptocurrencies in the country. A government official associated with the case said that this law could shock millions of investors who trade and invest in cryptocurrencies.
According to the official, the proposed law on cryptocurrency by the central government will be the strictest in the world. After the enactment of this law, it will be a crime to trade, mine and hold cryptocurrencies. The move is in line with the government's statement in January that said that all cryptocurrencies including bitcoin in the country would be banned.
However, after the recent statement issued by the government, there was little hope among cryptocurrency investors that the government was liberal about this fast growing field and can adopt this attitude. The official said that in the law coming from the government, investors will be given six months time to withdraw their investments from cryptocurrency.
The official said that this bill will easily become law as the government has an absolute majority in Parliament.
Do you know according to agency in 2019, a committee set up by the government recommended 10 years of jail sentence to those who trade cryptocurrency, keep it, mine it or transfer it to another person. Sources did not say whether the provision for punishment has been added to the bill banning virtual currency.
Bitcoin prices, the world's largest cryptocurrency, saw a huge jump and broke all records for the first time on Saturday, crossing $ 60,000. It rose further on Sunday and the price of one bitcoin rose to $ 61.556. In March 2020, the price of a bitcoin was only $ 5000, which has now crossed 61 thousand dollars.
If India enacts a law banning cryptocurrency completely, it will become the first country in the world to do so. So far no country has enacted such a strict law. China has also banned trading and mining but not investment. It is worth mentioning that 80 lakh investors have invested 100 billion rupees in cryptocurrency even after the Indian government has adopted a tough attitude.