India finally bans cryptocurrencies and gives investors six months to liquidate their assets
India has become the second country to completely ban and other cryptocurrencies. This happened after the Central Bank of Nigeria instructed all financial institutions in the country to block the accounts of all individuals and entities linked to cryptocurrency transactions.
There has been a lot of drama surrounding India’s cryptocurrency stance. In 2018, the Reserve Bank of India banned all cryptocurrency transactions. The ban was lifted by the country’s Supreme Court in March 2020. In December 2020, government officials suggested that they were considering taxing Bitcoin transactions by up to 18%. Just a month later, it was rumored that the country was considering banning all private cryptocurrencies.
Apparently, the authorities were serious about banning cryptocurrencies. Citing an unidentified senior official in the finance ministry, BloombergQuint released the government’s action. However, according to the official, the ban would not be imposed overnight, as in the case of Nigeria. Instead, investors would have three to six months to settle their investments.
According to the report, the Parliament of India will proceed with the introduction of a law that prohibits the use of cryptocurrencies in all forms, including restricting trade through foreign exchanges.
On the other side of India’s ban is Kenya, an East African country that has proposed to make Bitcoin its base currency.
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