Can India Ban Crypto and change their opinion?

According to recent reports, the Indian Treasury is about to ban digital assets. This change occurs only three months after the country’s Supreme Court lifted a two-year ban. A local report shows that the Indian Treasury had submitted a note for inter-ministerial consultations. After the consultations, this letter will go to the Cabinet and then to Parliament.

 

If everything is implemented successfully, it could lead to a ban on the handling of cryptocurrencies in all its forms nationwide. People familiar with the matter have linked the note to a July 2019 bill that has hit traders and investors hard.It has been suggested that anyone dealing with cryptocurrencies be fined up to 25 rupees ($ 3.3 million) and imprisoned for up to 10 years.According to Amit Maheshwari, partner at AKM Global, such laws should not be passed. He said that holding, selling, issuing, transferring, prospecting, or using cryptocurrencies would be illegal in its current form, and this would completely decimate the crypto industry in India.

 

These laws should not be passed

According to Amit Maheshwari, partner at AKM Global, such laws should not be passed. He said that holding, selling, issuing, transferring, prospecting, or using cryptocurrencies would be illegal in its current form, and this would completely decimate the crypto industry in India.In March, India’s Supreme Court lifted a two-year-old ban on digital assets introduced by the Reserve Bank of India (RBI). It didn’t take long for the effects to be felt at local cryptocurrency companies.