Thursday, March 18, 2021

India Wants To Ban Cryptocurrency And Criminalise Mining, Trading Digital Currency

India is looking at proposing a new law that will instate a blanket ban on cryptocurrencies. On top of that, the ban will also target individuals who mine or openly trade the digital currency.

According to Reuters, the bill would be one of the strictest policies against cryptocurrencies in the world, let alone India, if passed; it criminalises “possession, issuance, mining, trading, and the transfer of crypto-assets”. For context, China is another country that has banned the mining and trading of cryptocurrency, but it does not penalise its citizens for owning it.

The news is most definitely a blow to the gut of said investors, both long-time and recent, especially considering how valuable cryptocurrencies have become over the last several months. Just last week, the overall value of Bitcoin very nearly broke the RM250000 ceiling, but more to the point, the cryptocoin’s value is still sitting at an average of RM230000 at the time of writing. While Ethereum, the world’s second most valuable cryptocurrency, has a current average value of RM7000.

At the time of writing, the bill is still being discussed. However, if it passes, it would give all cryptocurrency owners in India up to six months to liquidate all their current crypto assets. After that, anyone found to be in possession of any cryptocurrency will be penalised.

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