Monday, 15 March 2021

India is Heading in Banning Cryptocurrencies

 By Deya Hroob

Reuters reported,  that the Indian government is preparing a bill completely banning in the country digital currencies, including "Bitcoin", which have been very popular in the world in recent years.

According to the sources, lawbreakers who store, trade or sell digital currencies will face criminal liability or be fined.

If the law is adopted, citizens in India will be given a period of 6 months to get rid of the digital currencies they own, and thus India will become the first major economy in the world to completely ban digital currencies.

This is not the first time that he has taken a strong position on cryptocurrencies in India, as 3 years ago, an Indian government committee recommended that all private virtual currencies be banned and proposed a 10-year prison sentence for violators.

Earlier, the Indian authorities expressed concern about the use of Bitcoin in illegal activities, including money laundering, in the absence of rules regulating this type of currency.

At the time of writing Bitcoin is trading at $56,100 down from all-time high at $61,710.

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