India is proposing new laws to block various activities related to crypto-assets including bitcoin, including jailing crypto-asset miners.
If this law is properly implemented, it will be the strictest crypto-asset code in the world where the Indian government can punish people who store, issue, mine, buy and sell crypto assets.
The proposed new bill is in line with the Indian government’s plans revealed in January, namely their desire to block all activity of private virtual currencies such as bitcoin. At the same time, they plan to build India’s official digital currency framework.
However, in its development, crypto-asset investors are a little more relieved because it seems that the Indian government will relax the rules, as quoted by BTYNews from Reuters.
If this law passes, India will become the first major country to ban crypto asset activities. Even in China, which prohibits the trading and mining of crypto assets, citizens can keep crypto assets.
Despite being threatened with being blocked, crypto-asset transactions in India are still relatively high. The number of investors in crypto assets is estimated at 8 million people with a value of up to 100 billion rupees or around $1.4 billion.
‘The amount of money is multiplying rapidly every month, and you certainly don’t want to be left behind. Although a lot of people are panicking about being blocked, greed seems to be the main cause (people keep using crypto assets),’ said Sumnesh Salodkar, a crypto asset investor in India.