The Indian government has always been skeptical about cryptocurrencies. Back in 2018, the RBI barred the trading of cryptocurrency in the country. But to the joy of loyal crypto supporters in India, the country lifted the ban imposed by the RBI last year. However, a recent report now suggests that the Indian government is preparing to pass a law that would criminalize possession, mining, trading, and issuance of cryptocurrencies.
India Considers Strict Cryptocurrency Guidelines
According to a report by Reuters, the law could be passed sometime in the near future but there is no strict timeline. It adds that the officials have discussed the bill and it is in its “final stages.” Once passed, it will be one of the strictest policies against cryptocurrencies in the world.
So yes, if this bill passes and becomes a law, it would be a major step back for crypto-miners and investors in India. And considering the BJP government has a comfortable majority in the Parliament, the bill could most likely become a law in the near future.
