fbpx

India Grants Crypto Holders Reprieve Ahead of Likely Ban: Report

bit2Big > Bitcoin News > India Grants Crypto Holders Reprieve Ahead of Likely Ban: Report

Policymakers in India will provide a transition period if a proposed ban on cryptocurrency usage is passed as expected.

According to a report by Bloomberg on Thursday, a senior Financial Ministry official – speaking under condition of anonymity – told Bloomberg cryptocurrency holders were likely to be given a three-to-six month period to close their positions.

Those still holding digital assets after the window closes will likely see their investments liquidated, per the report.

After that, cryptocurrency usage in all aspects will be banned via a new law set to be introduced in the current parliamentary session via the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021.

The bill is also expected to provide a framework for the Reserve Bank of India to issue its own digital currency.

While the new law explicitly targets private cryptocurrencies, it will allow certain exceptions to promote the underlying technology of the nascent asset class and its use across the greater financial sector, as CoinDesk previously reported.

Bit2Big

Bit2big offers global digital finance solutions based on blockchain, cryptocurrency investments and blockchain services.

With a presence in Switzerland, Nigeria, Rwanda and Uganda we are driving the adoption of blockchain technologies in the east and west Africa.

Transformative, empowering, progressive and integral. At Bit2big we believe in ownership, financial stability and having control over your future.

News

Crypto Vaults: The modern-day savings account
July 20, 2021By
Exploring the future of mobile finance
July 19, 2021By
Myth or fact? All about USDC
July 16, 2021By

Recent Cases

Related Posts