India Looks to Ban Crypto, Considers Seizing Digital Assets
On 3/16/21 at 3:25 PM EDT
Crypto in India may be headed for the crypt, as it considers a ban on Bitcoin and other cryptocurrencies. Government officials are drafting a report on proposed legislation and will submit it to the cabinet for review soon. India will propose a law banning cryptocurrencies, fining anyone trading in the country or even holding such digital assets, Reuters reported.
Citing an unnamed government official, the news agency said the proposed bill would criminalize possession, issuance, mining, trading and transferring crypto-assets.
Two technicians inspect bitcon mining at Bitfarms in Saint Hyacinthe, Quebecon March 19, 2018. Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works based on the blockchain technology without a central bank or single administrator.