This is a little unfortunate news that India is all set to ban the future of currency, the future of the market, the cryptocurrency. The new bill which has been proposed by the ruling party not only prohibits the use of digital money but also says that you will be fined if you a part of the transaction in any case. This is very bad news for the investors who have already invested in cryptocurrency like Bitcoin, Dogecoin among others.
The bill that has been proposed will be a dangerous one if underestimated. After this bill, you won’t be able to trade, transfer, deliver or own cryptocurrency. This is the statement told to Reuters by an official of the government.
Table of Contents
This is not a sudden move by the government. This has been the talk of assembly for a couple of months now. But there was no action in favor of this bill. But as things move fast now, the investors are concerned over their rights in this country to own and trade cryptocurrency. After the bill has passed, this will make India the first country to ban digital money, hence illegal to own, trade, or transfer it. China a country where almost everything is banned does not have any law regarding owning cryptocurrency.
The senior official of the government said to Reuters, that those who have invested in this market will be given a margin to liquid all their digital asset or they will have to give a penalty over the ownership. It is estimated that there is almost $1 Billion in cryptocurrency invested by over 7 Million Indians. The government is hoping they will all liquidate their assets within six months.
COMMENT OF NIRMALA SITHARAMAN:
However, on Sunday, at India Today Conclave South, Union Finance Minister Nirmala Sitharaman said that there won’t be a complete prohibition on Cryptocurrency. This law has been raised when digital money is at an all-time high. This can affect India’s position in the world market.
Stay with Stanford Arts Review for the latest update.