India is going to enact a law banning digital currency cryptocurrencies. The proposed act will fine cryptocurrency businesses, transactions and even digital assets in the country. The country’s government is going to make such stringent laws to control millions of investors entering red-hot asset classes in the country.
According to a senior government official, news agency Reuters on Monday said it is going to be one of the toughest policies in the world against cryptocurrencies.
The official, who is directly involved with the bill, said the law would criminalize the ownership, sale, purchase, mining and use of crypto-assets for commercial purposes.
However, the official concerned about the matter, who asked not to be named as the contents of the bill are not public, said that an initiative is being taken to make a proposal for banning cryptocurrencies in this budget session. The bill would give holders of cryptocurrencies up to six months to liquidate, after which penalties will be levied.
