India is reportedly on the verge of proposing a cryptocurrency ban, which would penalize miners and traders.
The bill would give holders of cryptocurrencies up to six months to liquidate, after which penalties will be imposed, a government official said.
“We have no problem with technology. There is no harm in exploiting technology,” an official said, adding that government action would be “calibrated” in the scope of the sanctions imposed on those who did not liquidate the crypto assets within the grace period.
Instead, the bill would give holders of cryptocurcurrencies up to six months to liquidate, after which penalties will be imposed, said the official, who asked not to be named.
India will propose a law banning cryptocurrencies, finalising anyone who is trading in the country or even holding such digital assets, a senior government official told Reuters, who could turn a blow to millions of investors in the hot asset category.