Indian Government is all set to bring the Crypto Ban in action — Traders to be penalized
Cryptocurrencies are undoubtedly one of the hot topics these days trending, especially in India. There are lots of debate and discussions going on among several experts, analysts and in the market from long time regarding the proposal of the new law which won’t only ban digital money but also imposes strict measures against anyone found involved in trading or holding any such digital assets.
Recently, with the start of the year, the government had planned for introducing a new bill which states the ban of all private virtual currencies. As per the reports, the new bill will be introduced with allowing the people to liquidate their virtual assets within a certain time period ( 3–6 months) and prior to that if anyone found still engaged in crypto trading will be penalized. However if this bill is introduced, passed and it becomes a law, India will be one of the first major economy to introduce and impose such a strict law for holding cryptocurrencies.
As per a media report, the new bill would “criminalize possession, trading, holding, transferring or mining of any virtual currencies”.
Recently our Finance Minister — Nirmala Sitharaman had an interview with the TOI where she explained very well about the new bill, its content and the progress related with it.
“We are not shutting all options
We will allow a certain amount of….
A window for people to use, so that experiments in Blockchain, Bitcoin, or whatever you may call it, The cryptocurrency experiments and fintech which depends on such experiments, will have that window available for them and we are not going to shut it off all”
These statements however gave relief to those millions of people who are currently related to the crypto market but there is nothing much clear from that and we all will come to know the final conclusion only when the bill is introduced and approved as a law.
However, as per my own personal opinion, The Finance Minister very wisely made it clear to everyone, that the bill is there, its going to be introduced, there will be some regulations and ban on the usage of crypto assets will also be implemented. The utmost thing here is what she means exactly with “A Window Open”.
As per a survey report, there are approximately 8 million Indian users who are into crypto trading with a total holding of almost around $1.5 billion.
What’s your thought on this? Do you think it’s a step towards the betterment or what? What would be the consequences if that bill is approved and introduced as a new law?
Share your thoughts and opinion below in the comment box.