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India May Ban All Types of Cryptocurrency

India has proposed legislation that would ban cryptocurrencies, in the most restrictive such legislation worldwide....
India May Ban All Types of Cryptocurrency
Written by Matt Milano
  • India has proposed legislation that would ban cryptocurrencies, in the most restrictive such legislation worldwide.

    Under the proposed bill, India would criminalize owning, mining, trading, issuing and transferring cryptocurrencies, according to Reuters. A government official with knowledge of the plan spoke directly to the outlet.

    The bill would have serious repercussions for investors at a time when cryptocurrencies are gaining widespread acceptance worldwide. Tesla’s Elon Musk recently said Bitcoin was on the verge of mainstream acceptance, and his company invested $1.5 billion in the currency.

    Unfortunately for the cryptocurrency community, the bill is likely to be passed into law. Prime Minister Narendra Modi’s government holds a comfortable parliamentary majority, clearing the way for passage.

    Once the bill goes into effect, investors will have six months to liquidate their holdings before penalties are levied.

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