The owner and trader of cryptocurrencies, including Bitcoin, are prepared to be severely punished in India. The local government is setting up tough rules for those who hold and miners cryptocurrency.
This report comes from Reuters which exposed leaked information from an Indian government official. He mentioned the virtual currency holders to sell their assets for six months after the rule was passed.
But for those who do not follow these rules, prepare to accept the punishment, quoted Wednesday (17/3/2021).
The Indian government has yet to open its voice regarding the news of a law prohibiting the use of cryptocurrency in the country.
However, if the rule is passed, it will make India the first largest economy to impose penalties on cryptocurrency owners and miners. This has not even been done by other countries.
China is Ready to Law on Cryptocurrency Owners
For example, China, which until now has no rules to punish cryptocurrency owners. But the country has indeed banned the mining and trading of these digital assets.
India has long planned to regulate the existence of Bitcoin and its friends. In 2019, a government panel even suggested a ban on all types of cryptocurrencies.
In addition, the panel also recommended sanctions for those who violate the rules. There are plans for up to 10 years in prison and heavy fines for offenders.
But in fact, many Indians have jumped into the crypto world. Bitbns Chief Crypto-Exchange Executive Gaurav Dahake said over the past year there has been a 30-fold increase in user registrations as well as cash inflows.
The same is the case for India’s oldest exchange called Unocoin. Last January and February, Unocoin managed to get 20 thousand newcomers.
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