As Bitcoin soared to a new high of US$60,000 over the weekend before slumping to just over US$56,000 on Monday, it appears that the world’s largest cryptocurrency may be no longer be welcome in India.
According to Reuters, New Delhi has proposed a new law that would ban cryptocurrencies in the country, and fine anyone caught trading or holding digital assets. The source, who is directly familiar with the matter, said the bill would criminalize the possession, issuance, mining, trading, and transferring of crypto-related assets.
If the proposal materializes, India would become the first country to make the possession of private digital assets illegal. In China, the mining and trading of cryptocurrencies has recently become illegal, but not the possession. Despite the government’s threat, there are over 8 million Indian investors that now hold $1.4 billion in crypto assets.
“The money is multiplying rapidly every month and you don’t want to be sitting on the sidelines,” Sumnesh Salodkar, a digital currency investor, told Reuters. “Even though people are panicking due to the potential ban, greed is driving these choices,” he added.
Information for this briefing was found via Reuters. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.