‘India wants to ban cryptocurrency mining and possession’ – IT Pro – News

India is reportedly working on legislation that will prohibit the possession of, trade in and mining of cryptocurrency. The bill would give current holders of crypto coins six months to sell them.

The bill has not yet been brought out, but a government official says to Reuters that it is being worked on. The Indian government is said to be confident that the law can be passed. According to the Reuters source, the law criminalizes the trading, possession and mining of cryptocurrency.

The law would give cryptocurrency owners up to six months to sell and then enforce it. It is not known which penalties are included in the bill. According to estimates, there are eight million people in India who own crypto coins, with a total value of 100 billion rupees, or about 1.2 billion euros.

The measure is in line with the government’s agenda, Reuters writes. In January, the government suggested that private crypto coins such as bitcoin should be banned and that the government should work on a framework for its own digital currency. The legislation would not ban the use of blockchain technology. India would like to stimulate that.

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