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News of India Banning Cryptocurrency Emerge

New details have emerged suggesting that the Indian government will go ahead with banning cryptocurrency, in contrast to what the crypto community believes. In her latest interview regarding cryptocurrency legislation, India’s finance minister said that there will be a window for experimentation for cryptocurrency, blockchain, and fintech.

The Indian crypto community is closely watching whether the government will ban cryptocurrencies, including bitcoin. A cabinet note regarding cryptocurrency legislation is being finalized and will soon be submitted to the cabinet.

The latest information regarding the Indian crypto ban comes from Reuters which reported Sunday night that “India will propose a law banning cryptocurrencies, fining anyone trading in the country or even holding such digital assets.” The publication cited an unnamed senior government official who claims to have direct knowledge of the plan. He said that bill “would criminalise possession, issuance, mining, trading and transferring crypto-assets.”

According to the official:

The bill would give holders of cryptocurrencies up to six months to liquidate, after which penalties will be levied.

Many people on social media do not believe that India will go through with banning cryptocurrency, however, suggesting that the information provided by Reuters is outdated. They believe that the finance minister, Nirmala Sitharaman, has indicated in her recent interviews that cryptocurrency will not be banned.

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