crypto ban news in india | india to give transition time to crypto investors
Exact News –
India will go ahead with a complete ban on investment in cryptocurrencies, while providing existing investors a transition period to exit their holdings.
Cryptocurrency isn’t fiat currency backed by the Reserve Bank of India and its usage in all forms will be banned through the new law that will be introduced in Parliament, a senior Finance Ministry official said on condition of anonymity.
Crypto Trading Platforms stand –
Cryptocurrency trading platforms in India are anxious about the government’s impending decision.
We are all waiting for details (of the proposed law) to come out to determine our next course of action. If government goes ahead with banning all cryptocurrencies, except the one backed by the state, it will not make sense to continue our business in India, Uno coin co-founder and chief executive officer sathvik Vishwanath said. But we’ll have to wait and watch.
Penalty for crypto investors –
The proposed cryptocurrency bill may allow holders of such currencies to exit the asset class before its anticipated ban but may put a heavy penalty on its conversion to a legal asset.
“The bill is yet to be finalized. The form and manner of declaration and how existing holders of the cryptocurrency should dispose of it will be prescribed either in the law or through the rules to be notified later,” a finance ministry official said on condition of anonymity.
What’s next ?
many people are in confusion regarding the trending topic on crypto ban. Indian government decision is making investors nervous.
we will suggest everyone to check new daily regarding this issue, government has not finalized the crypto ban decision so no need to get panic and exit all currencies.
If we consider the worst case, if crypto gets banned then what? don’t worry, government will provide sufficient time to divest (3 to 6 months). if we don’t divest then certain penalties may get fined.
Note – government has not made the crypto currencies ban decision final so no need to get panic, keep an eye on news feed daily.
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