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INDIAN GOVERNMENT PLANNING TO BAN BITCOIN & OTHER CRYPTOCURRENCIES

Highlights
• This decision by the Indian government will be impacting Bitcoin, Dogecoin and other crypto money investors
• As per a senior government official, this new bill is being introduced to criminalise possession, issuance, mining, trading and transferring crypto-assets
• If the bill gets passed, it will make India the first country across the globe to make holding cryptocurrency illegal


According to the sources, the government of India is all set to ban bitcoin by proposing, a new bill which will not only ban digital money but will also fine anyone trading in India or even holding such digital assets. This decision by the Indian government will be impacting Bitcoin, Dogecoin and other crypto money investors. As per a senior government official, this new bill is being introduced to criminalise possession, issuance, mining, trading and transferring crypto-assets.
The bitcoin and other digital currencies have been under the scanner for a long and the government has been planning an action against them for last few months though the recent comments were like a glimpse of hope for the investors. If the bill gets passed, it will make India the first country across the globe to make holding cryptocurrency illegal.
Talking to the Reuters, a senior Indian government official said that investors will be given a window of six months in order to liquidate their assets before a penalty is levied on them.
He also said that the plan is to ban private crypto-assets while promoting blockchain technology which forms the backbone for virtual currencies.

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