India’s ruling body is seriously considering an introduction of a law that will ban any sort of cryptocurrency trades.
The government has already drafted a bill that bans all crypto trading forms. Anyone that is caught red handed with crypto assets could be facing a ten year imprisonment, plus a hefty fine of up to 250 million rupees or $3.63 million.
The bill is yet to be introduced in parliament by the federal cabinet. Further discussions will follow.
As one might have guessed, as the second most populous country in the world, India has its fair share of crypto market participants, all of whom have expressed their dissapointments and disagreements. The majority was hoping for some sort of a compromise in the form of a legislation that would regulate the crypto market industry in the country.
Some trader/investors in crypto assets are putting all their hopes in inrenational markets after rumours of the alleged ban started circulating. Some of the main options for these players are crypto-to-crypto, derivative products, and P2P.
The Indian government has previosuly labeled digital coin investments a “Ponzi Scheme”, while not considering the fact that there are many crypto exchanges and cryptocurrency brokerages that operate within the confines of the laws.