India plans to implement a law banning cryptocurrencies, imposing a fine on anyone in the country involved in mining or holding digital assets.
This initiative, reported by ‘The Indu’ and ‘Reuters’, has been relayed by a high-ranking government official, dealing a severe blow to millions of investors who hold their assets in this manner.
This legislation is considered one of the strongest policies in the world against cryptocurrencies, targeting those who hold, issue, trade, or transfer crypto assets as criminals. The measure has been on the government’s agenda since January, with hopes of creating its own official digital currency.
Officials hope for the bill to become law, as Prime Minister Narendra Modi’s government holds a significant majority in parliament. If finally enacted, India will be the first major economy to ban holding cryptocurrencies.
