India to propose ban on cryptocurrency, penalising traders & miners

According to the sources, India will propose a law banning cryptocurrencies, penalising anyone trading in India or even holding such digital assets. The bill would criminalise possession, issuance, mining, trading and transferring crypto-assets. It is expected to be one of the world’s strictest policies against cryptocurrencies.

Officials are confident of getting the bill enacted into law as Prime Minister Narendra Modi’s government holds a comfortable majority in parliament. If the ban becomes law, India would be the first major economy to make holding cryptocurrency illegal. The Finance Ministry did not immediately respond to an email seeking comment.