Why is the Indian government against cryptocurrencies
India bans ownership of private cryptocurrencies, blockchains should continue to be allowed
India will ban cryptocurrencies nationwide, but not the technology behind them. A corresponding law is to be passed soon, which will make trading, earning and owning cryptocurrencies a criminal offense. This would make India one of those countries with the strictest crypto laws.
Up to ten years imprisonment
Owners of cryptocurrencies have six months to part with them after the law comes into force. The legislative proposal quoted by Reuters does not reveal what penalties are imminent for non-compliance. As early as 2019, the Indian government decided to imprison up to ten years for violations of cryptocurrencies. Whether one wants to orientate oneself on this sentence remains open.
The plans were announced in January for the government's coming legislative period. The stated goal was to ban "all private crypto currencies" in India. Individual exceptions concern the general use of blockchain technology. Apparently India is planning its own digital currency. Competition such as Bitcoin would probably be a hindrance.
Finance Minister Nirmala Sitharaman emphasizes that it is not a total ban. "We are not closing all options in this direction with the law. There will be opportunities to experiment with blockchain and cryptocurrencies." Sitharaman refers to the fintech scene, which is very important for India. "Many fintech companies in India are celebrating great successes in the blockchain area." Numerous meetings with start-ups would soon follow, where they would like to talk about the topic.
With this law, India would be a pioneer in terms of crypto regulations. There has been an open fight against Bitcoin since 2018, when banks were banned from trading in this and other crypto currencies. In China you are not officially allowed to trade crypto currency, but the government does not punish possession. (red, March 16, 3021)
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