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Cryptocurrency ban in India will make holding and trading crypto illegal


There has been discussion about a possible introduction of a cryptocurrency ban in India. The latest news from Reuters suggests that the government aims to propose the bill. In the event it becomes the law, all actions in relation to crypto will lead users to penalties. In particular, this includes holding, issuing, trading, mining, and transferring them. According to the source, holders, miners, and traders will have to liquidate their assets within six months. Otherwise, they will be penalized.

The certainty around the introduction of the bill to ban private cryptocurrencies in India started to take shape in January 2021. However, the officials also mentioned that despite banning crypto, the bill could allow the promotion of its underlying technology. While banning private tokens, the bill would provide a framework for the Reserve Bank of India (RBI) to issue its own digital currency.  

A few weeks ago, several major Indian banks asked their clients to provide information about their crypto-related activities. In particular, this includes banks like Citi, HDFC, HSBC, and several others.

Bitcoin has gained over 14% in the past 7 days and lost over 4% in the last 24 hours, per data. It is trading at around $58,000 at the time of writing.


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