India Shouldn t Throw Out the NFT Baby With the Crypto Bathwater
NFTs could help Indian digital content creators seek royalties and unlike cryptocurrencies, do not pose the threat of developing into an unregulated currency.
An illustrated image shows US dollars, cryptocurrency and NFT written on a phone. Photo: Marco Verch/Flickr CC BY 2.0
Tech7 hours ago
If youâve been to any social media sites over the last month, chances are that you have come across the term NFT (or non-fungible tokens to give them their full name). From Twitter founder Jack Dorsey selling his very first tweet to Elon Musk selling a song about NFTs through NFT â it is safe to say that NFT is set to become a mainstay in the modern digital zeitgeist. And with promises of ensuring that artists, musicians and other creators can use it to be properly compensated for their work, it’s easy to see why NFT has become such an appealing prospect online.
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Trading, mining and holding cryptocurrency could soon be illegal in India as the Indian government is proposing a new Bill that could ban all transactions related to cryptocurrencies.
According to a report by Reuters, the new Bill proposes to criminalise possession, issuance, mining, trading and transferring crypto-assets including Bitcoin, Dogecoin and other cryptocurrencies.
The report further suggests that if this becomes a law it’ll make India the first country to officially make holding cryptocurrency assets illegal.
Interestingly, this move has come after Bitcoin witnessed a fresh surge in prices after Billionaire Elon Musk’s owned Tesla Inc invested $1.5 billion in the cryptocurrency.
Law on cryptocurrency ban, penalty on miners, traders in pipeline
The bill, one of the world s strictest policies against cryptocurrencies, would criminalise possession, issuance, mining, trading and transferring crypto-assets
Reuters | March 15, 2021 | Updated 09:07 IST
India will propose a law banning cryptocurrencies, fining anyone trading in the country or even holding such digital assets, a senior government official told Reuters in a potential blow to millions of investors piling into the red-hot asset class. The bill, one of the world s strictest policies against cryptocurrencies, would criminalise possession, issuance, mining, trading and transferring crypto-assets, said the official, who has direct knowledge of the plan.
Osinbajo opposes cryptocurrency ban premiumtimesng.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from premiumtimesng.com Daily Mail and Mail on Sunday newspapers.