Crytocurrencies biz to be a cognisable offence in India

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New Delhi:  New-age investors involved in digital assets business, like cryptocurrencies, in India may soon be facing legal actions as the government is proposing a law to ban cryptocurrencies in the country.

According to reports, the proposed legislation l, one of the world’s strictest policies against cryptocurrencies, would criminalise possession, issuance, and mining, trading and transferring crypto-assets, said the official, who has direct knowledge of the plan.

The measure is in line with the government agenda that called for banning private virtual currencies such as bitcoin while building a framework for an official digital currency.

The bill would give holders of cryptocurrencies up to six months to liquidate, after which penalties will be levied, reports said.

If the ban becomes law, India would be the first major economy to make holding cryptocurrency illegal. Even China, which has banned mining and trading, does not penalise possession.

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