Reuters learned about the preparation of the Indian authorities to ban cryptocurrencies

The country's authorities are preparing to introduce criminal liability for possession, release, receipt, trade andtransfer of digital money.

Government of India is preparing a bill,banning cryptocurrencies in the country, Reuters reported, citing a senior official. According to the agency, the document provides for criminal liability for storing, issuing, receiving, trading and transferring digital money.

In the event of the introduction of the bill, the holderscryptocurrencies will receive six months to liquidate their assets. Otherwise, fines will be charged. India could become the first major economy to make cryptocurrency illegal.

The first information about what the Indian authorities are preparinga law prohibiting cryptocurrency trading appeared last year. and Bloomberg reported that the country's government is not interested in trading, but will develop the blockchain sphere.

At the same time, in March 2020, the directive was canceledReserve Bank of India (RBI) banning reporting entities from providing banking services to cryptocurrency companies. Due to this rule, which has been in effect since April 2018, local exchanges and startups were forced to close or relocate to another country.

</p></p>