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- Dealing in cryptocurrency, mining, trading, and transferring of cryptocurrency will be punishable by the law
- Reserve Bank of India (RBI) will take a call on an official cryptocurrency
Cryptocurrency has always been an issue of concern for countries, but this time it is a matter of concern for Indians who are dealing in big time in cryptocurrency. The Indian government has planned cryptocurrency in the country and that the possession of cryptocurrency would be considered a crime in the eyes of the law.
At a time when cryptocurrency is gaining momentum the world over, India is one such country which is yet not ready to accept this form of money market. As per the Reuters report that was out on Sunday confirms that the Indian Government is planning to introduce one of the strictest laws against cryptocurrency that could make trading and possession of cryptocurrency a crime.
As per the report, anybody who is dealing in cryptocurrency, or owns it, or does mining, trading, and transferring of cryptocurrency can be punished by the law.,. This news comes at a time when the most popular cryptocurrency Bitcoin reached the level $61,000 over the weekend reaching the record high. India could well become the first country to put a ban on the complete use of the cryptocurrencies or anything to do with the cryptocurrencies. Even China, which has banned mining and trading in cryptocurrencies, has not banned the possession of cryptocurrencies by law. It is not yet considered to be a crime to possess cryptocurrencies.
India’s Finance Minister Nirmala Sitharaman during the India Today Conclave gave a different picture compared to the Reuters report. During the conclave she said that they are not shutting all options in regards to cryptocurrencies. A certain window will be opened for the people to do the experiments on blockchain, bitcoins and cryptocurrencies.
While talking about the proposed cabinet note that deals with the banning of the cryptocurrency in India Sitharaman further said that the proposal is still at its nascent stage and nearing completion. Then it will be taken to the cabinet. The Supreme Court has commented on the cryptocurrency. Also, there is a certainty that the Reserve Bank of India (RBI) will take a call on an official cryptocurrency.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
