India proposes law to ban mining and possession of cryptocurrencies

The value of cryptocurrencies is extremely attractive, which means that more and more fans and users are interested in mining them. However, on the other hand, there are those who can no longer hear about this topic.

According to recent information, India will propose a law that prohibits the possession and mining of cryptocurrencies in the country.

We recently reported that Inner Mongolia, an autonomous region of the People's Republic of China, has banned cryptocurrency mining. In this way, the region has also managed to end the excessive energy expenditure resulting from this practice.

But it seems that more countries are now going to follow this example but in a tougher way.

India proposes law to ban cryptocurrencies in the country

The Indian government has announced the proposal for a law to ban cryptocurrencies from the country completely. The objective is that the possession, issue, trade and transfer of digital currencies become a crime.

If this law is passed, then India will become the first major economy in the world to completely ban digital currencies and assets.

The information was provided by an Indian government official to Reuters, who chose to remain anonymous. According to the official, this is one of the toughest projects against cryptocurrencies in the world.

A practical example of what this law provides is that just the simple possession of bitcoin (BTC) would give you the right to a fine.

Indian government wants to promote its own cryptocurrency

Of course, there is a strong reason for this law. In this case, India is planning to launch its own digital currency linked to the Indian Central Bank. This cryptocurrency will be of the CBDC type.

For this reason, Indian authorities are already aiming to ban private cryptocurrencies that do not belong to the country.

According to the source informed Reuters, whoever has cryptocurrencies will have up to six months to dispose of them. After that period, sanctions and fines will begin to be applied.

However, for now, such a proposal still depends on the approval of the Indian parliament. But the current Prime Minister Narendra Modi has enough allies to guarantee the approval of this ban.

The official adds that the goal is not to ban technology, but cryptocurrencies such as Bitcoin and Ethereum.

However, even with this possibility, investments in digital currencies continue to increase in India. But, as the saying goes, the forbidden fruit is the most desirable.

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