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India: Cryptocurrency Ban in the Works

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The Government of India plans to propose a ban on every form of cryptocurrency transaction in the country. Despite the increase in cryptocurrency trading in India, once passed, the bill will make India one of the major economies to criminalize any form of possession, purchase, mining, sale, trading of cryptocurrency.

The aim of the bill is to discourage private access to, or ownership of cryptocurrencies while promoting blockchain. If or when it is passed, the bill will give holders of crypto-assets about 6 months to liquidate every cryptocurrency in their possession before levies are passed for failure to do so.

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