India to ban cryptocurrencies and impose fines on transactions or holders


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According to a recent report, India is about to propose a law banning cryptocurrencies. The country will not stop at banning digital currency, it will also impose restrictions. This means that anyone who trades or even holds such digital assets in the country will have to pay a fine. According to insider reports, this bill is one of the most stringent policies on cryptocurrencies in the world. In addition to the fine, it will criminalize the possession, issuance, mining, trading, and transfer of crypto assets.

cryptocurrencies

This is not the first time that such a report is hitting the web. The fact that the report is resurfacing means that the country is really close to passing the bill. If this bill passes, India will become the first major economy in the world to declare that it is illegal to hold cryptocurrencies.

In March of this year, the Ministry of Corporate Affairs of India revised the Third Schedule of the 2013 Companies Act, requiring listed and private companies to disclose their cryptocurrency holdings and other activities using digital currencies.

Why is India banning cryptocurrencies?

The Indian government has not categorically stated why it is banning cryptocurrencies. However, many government officials in India believe that cryptocurrency is a “Ponzi scheme”. In fact, even the banks in India believe that the advent of cryptocurrency will increase the risk of financial instability.

According to an Australian regulator, “60% of financial crimes in the country have links to cryptocurrencies”. Furthermore, other governments like the Nigerian government already has restrictions on commercial banks dealing with cryptocurrency transaction.

The Indian government is towing a path that many governments of the world will like to take. However, they need to apply extreme care to ensure that they don’t lose out. If India succeeds, then we can be sure that other governments will follow the same path soon.

Nevertheless, Indians still believe that there will be a way around the government’s ban. As of last month despite the threat from the government, cryptocurrency trading volume is still surging. According to reports, about 8 million Indians now have 100 billion rupees (approximately $1.4 billion) of cryptocurrency.

A few years ago, there was a proposal that defaulters of cryptocurrency restrictions should face up to 10 years in jail. However, we do not know if the new bill comes with such stiff punishment.

 

Source/VIA :
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9 Comments

  1. Atul Ver
    April 19, 2021

    L*nd ban hoga…

  2. Arun Dogra
    April 19, 2021

    Chutiya govt

  3. Okwu Ike
    April 19, 2021

    We no go gree ooo🔊 we no go gree🔊
    ❎😭

  4. R C
    April 19, 2021

    Rules of Social Order should not take the perversion of Social order. That's rule number one.

    That someone else has the possibility of doing a crime for Cryptocurrency should not prevent me from having one. By this logic then one can ban use of rope as a rope can be used for strangulation.

    India has rules fit for cannibals. India has MMMM Mad Murder of Meritted by Majority by Reservation policy and Socialism. That's self destructive as Merrited and Investors produce much much more than they consume. India is a Concentration Camp of reservation policy.

  5. Manish Doraya
    April 19, 2021

    Tum jese chutiyo ki wajah se hi market me fake news felti h …….aata to kuch he ni lawde ko or aa gya reporter bnne….gandu kahika

  6. pradhuman naruka
    April 19, 2021

    Gan du o ban karne k lieye bill lane ki zarurat mahi hoti govt ko. Bill me laws gote hai bill regularize karne k lieye hai…jaha paisa baha raha ho govt bc daru corona lovkfown me band nahi karti jaha paisa baha raha ho govt waha tax laga k sametane ko ayegi chuti t ye

  7. pravin k
    April 19, 2021

    It's auther on weed? What's point in making such baseless statements. Recently govt has put very open statements indicating regulation and not ban. Absolutely fake news.

  8. mohd hussain
    April 19, 2021

    Majority of money's in the bus but no one knows how to drive. Illiterate people are running this govt what you are going to expect.

  9. siddhant ostwal
    April 20, 2021