Indian government will ban cryptocurrencies and impose fines on transactions or holders « Naijatechnews

Indian government will ban cryptocurrencies and impose fines on transactions or holders

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CNBC reported that a senior government official told Reuters that India is about to propose a law banning cryptocurrency, and will impose a penalty on anyone who trades or even holds such digital assets in the country. fine.

The official who has direct knowledge of the plan also said that the bill is one of the most stringent policies on cryptocurrencies in the world and criminalizes the possession, issuance, mining, trading and transfer of crypto assets .

If this bill is passed, 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.

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