NEWS

India Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets


India has become the second country to outrightly
ban Bitcoin and other cryptocurrencies. This is coming after
the Central Bank of Nigeria instructed all financial institutions
in the country to block the accounts of all individuals and
entities linked to cryptocurrency transactions.
There has been a lot of drama surrounding India’s
cryptocurrency stance. In 2018, the Reserve Bank of India
issued a ban on all cryptocurrency transactions. The ban was
lifted by the country’s Supreme Court in March 2020.
In December 2020, government officials hinted that they were
considering taxing Bitcoin transactions by up to 18%. Barely a
month later and there were rumours that the country was
mulling over banning all private cryptocurrencies.
Apparently, officials were serious about banning
cryptocurrencies. Citing an unnamed senior finance ministry
official, BloombergQuint disclosed the government’s move.
However, according to the official, the ban would not be
imposed overnight, as in the case of Nigeria. Instead,
investors would be given three to six months to liquidate their
investments.
As per the report, India’s Parliament will proceed to introduce
a law that bans the usage of cryptocurrencies in all forms,
including restricting trading via foreign exchanges.
On the flip side of India’s ban is Kenya, an East-African
country that has proposed to make Bitcoin it’s base currency.

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