A New Bill May Cause Indian BTC Users To Face Harsh Penalties
It is no secret that India has almost always been against the idea of cryptocurrency and digital trading. The main reason for this animosity is that they are often unable to tax those who do use cryptocurrency, nor are they able to regulate the industry due to the firms usually being decentralized and lacking a regulatory body.
However, things have taken a turn for the worse as the Indian government has recently announced that it will be introducing a new bill through which cryptocurrency users and exchanges alike within the country could be subject to extremely harsh penalties going forward; what is interesting, though, is that the country’s Finance Minister Nirmala Sitharaman claims that there is some reason to be optimistic too, as there may just be a light at the end of the tunnel for the Indians as she expects a ‘window of opportunity to open soon.
India to ban usage or possession of cryptocurrency
In accordance with a new law soon to be implemented by the Indian government, cryptocurrency users and investors will have even more reason to worry as this new law will ban any and all usage of cryptocurrency within the country in its entirety. The authorities had even suggested prison time for those found guilty of breaking this new law. However, they eventually settled for a heavy fine and imposition of strict penalties instead. Still, popular cryptocurrencies such as Ethereum and even Bitcoin are to be completely banned going forward, in addition to all crypto assets.
However, Finance Minister Nirmala Sitharaman claims that despite the government’s recent announcement, there will nevertheless be a small window of opportunity for crypto users in the near future. She is working towards passing a bill that will allow a limited number of users to ‘experiment’ with cryptocurrency, but it still remains unclear as to how this will be done at the time of this writing.
India may not be lost yet as some hope for crypto remains
Regardless of what happens, it is still nevertheless clear that many Indians desire cryptocurrency to be implemented within their country. Many would assume that India is an economic superpower these days, and they would be right in thinking as such. Still, only time will tell what the future will hold for cryptocurrency in India.
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