India will reportedly introduce bill to make owning cryptocurrency illegal

India will reportedly introduce bill to make owning cryptocurrency illegal


Photo by Michele Doying / The Verge

India is reportedly moving forward with a sweeping ban on cryptocurrencies. According to Reuters, the country’s legislature will introduce a bill that criminalizes trading, mining, issuing, transferring, or possessing cryptocurrency. The bill is likely to pass if it’s introduced, giving India some of the world’s strictest digital currency laws.

Under the plan, people who own these digital assets would have six months to liquidate their holdings. Reuters’ source, a government official, didn’t specify the punishment for breaking the rules after that. But a 2019 government panel recommended a jail sentence of up to 10 years for cryptocurrency-related offenses. The official says the discussions are in their “final stages,” although there’s…

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