The Indian government is promoting a law banning cryptocurrencies. Any person engaged in trade orholding such assets may be fined.
Reuters news agency quoted a senior government official as saying the law criminalizes the possession, issuance, mining, trading and transfer of crypto assets.
The government believes that such currencies are highly volatile and could lead to financial disaster for investors.
The content of the bill has not yet been made public, but officials are confident that it will be passed. It is only known so far that the holders will be given 6 months to liquidate their cryptoassets.
Industry experts estimate that there are over eight million crypto investors living in India with investments of several hundred million dollars.
If the law is passed, India will become the first major economy to make cryptocurrencies illegal.
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