It turns out that the Indian government is working on a proposed law to ban cryptocurrencies. According to the draft law, fines are imposed on those who invest in cryptocurrency.
The bill, which will be formally announced soon, would criminally criminalate owning, exporting, mining, trading and any transfer of crypto assets, Reuters reported.
India’s name has been trending on social media
The fact that India will impose such a harsh sanction on cryptocurrencies has resonated widely on social media. Experts have based the government’s controversial law on the speculative nature of these currencies. The cryptocurrency market is likely to cause major financial ruin for investors.
There is no shared data yet on the number of cryptocurrency investors in India and the financial value of these investments. But more than eight million investors have invested hundreds of millions of pounds there, according to industry experts. A widespread opinion circulating on social media suggests that the government will seize all of this money, but these allegations have no basis in fact. If the bill is approved by parliament, at worst, these investors will be subject to financial penalties.
If the draft law is approved, cryptocurrency investors will be given a six-month period, a senior government official told Reuters. During this time, investors will be able to liquidate their virtual assets. However, after the deadline, those who continue to hold the virtual currency will be subject to a penalty.