India’s legislative body is seriously considering a total ban of any and all cryptocurrency trading.
A bill has already been drafted that implements such a ban. According to the draft, people who engage in that activity are facing ten years in prison as well as a big fine of 250 million rupees or $3.63 million.
The bill has not yet been introduced in parliament by the federal cabinet and there will likely be more discussions about it.
India is a massive cryptocurrency market and a lot of the participants are, obviously, against such laws. Most seem to hope for a compromise where any new legislation will simply regulate the industry and not criminalize it.
Source
I wonder whether this bill will actually pass or suffer the same fate as the Russian bill that was supposed to ban cryptos. Time will tell.
A bill has already been drafted that implements such a ban. According to the draft, people who engage in that activity are facing ten years in prison as well as a big fine of 250 million rupees or $3.63 million.
The bill has not yet been introduced in parliament by the federal cabinet and there will likely be more discussions about it.
India is a massive cryptocurrency market and a lot of the participants are, obviously, against such laws. Most seem to hope for a compromise where any new legislation will simply regulate the industry and not criminalize it.
Source
I wonder whether this bill will actually pass or suffer the same fate as the Russian bill that was supposed to ban cryptos. Time will tell.
