The government in India is preparing a ban on all cryptocurrencies. In the past, there have been other talks of doing this, but it seems that the country never was able to come to an understanding, and so the question has been lingering ever since. Reports claim that this time things will be different, since rumours are claiming that a new law is about to be introduced.
Reports claim that the local government has been in the middle of consultation with the ministry of law, the ministry of information and technology, and most notably the Reserve Bank of India. The idea is to create a framework on which to base the ban on crypto trading in India.
A panel was formed during these times by the Indian government, which was quick to recommend a $3.3 million fine and up to 10 year in prison for any dealer of digital coins.
These hostilities have forced many Indian based crypto firms and exchanges to move out of the country or, worse, end their services.
In a world that is seeking to centralise crytpo coins, India’s potential ban may cause a turbulence on a global scale on crypto operations.
Recently, in an unexpected move, Russia moved to legalise all digital coin operations, which came only months after the country was seriously considering a ban on all cryptocurrencies.