Government's new bill may finish India’s crypto spring
- In its previous avatar, in mid-2019, the bill proposed to criminalize possession, use or trading in cryptocurrencies.
- According to Ajeet Khurana, former CEO of Zebpay, around 50 lakh Indians held a cryptocurrency around a year ago.
A government bill to ban cryptocurrency in India has been floated for inter-ministerial consultations by the finance ministry, say media reports. The Reserve Bank of India (RBI) prohibited the use of the banking system for crypto-related payments in early 2018 but this was struck down by the Supreme Court in March 2020. The decision led to a brief resurgence in crypto trading in India. However, the new bill can not only kill the market but poses a significant legal risk if you have invested in cryptocurrencies.
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