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The Silicon Review Asia

Minersin India will be penalized according to the proposed ban on cryptocurrencies

Minersin India will be penalized according to the proposed ban on cryptocurrencies

Regulators in India are gearing up to propose a new law to ban cryptocurrencies and levy fines for possessing and trading the same. This bill is being considered as one of the strictest policies to be enforced against the usage, issuance, trading, transferring, and possession of cryptocurrencies. This new measure was a part of the January agenda, and the government of India is also working on a new framework to launch an official digital currency. The latest comments from the government’s side have given new hopes that the regulators might be a bit lenient towards the market that is gaining immense traction.

The newly proposed bill will give the traders six months to liquidate all their assets, and if the users fail to follow the bill, heavy fines will be levied. The officials are very confident that the new bill would easily become a law as the government led by PM Narendra Modi has a majority in the parliament. When the ban is official, India will become the first country in the world to criminalize the possession of cryptocurrency. Even in countries like China, where crypto mining is banned, it is not illegal to hold the currencies. In 2019, the regulators had proposed a jail term of 10 years for individuals involved in generating, selling, mining, holding, issuing, disposing, and transferring cryptocurrencies.

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