India Government Bans Cryptocurrencies, Gives Investors 6 Months To Liquidate Their Assets

India has become the second country to outrightly ban Bitcoin and other cryptocurrencies. This is coming 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 variety of drama surrounding India’s cryptocurrency stance. In 2018, the Reserve Bank of India issued a ban on all cryptocurrency transactions. The ban become lifted through the usa’s Supreme Court in March 2020.

In December 2020, government officers hinted that they were considering taxing Bitcoin transactions through up to 18%. Barely a month later and there were rumours that the u . S . A . Changed into mulling over banning all private cryptocurrencies.

Apparently, officials have been severe about banning cryptocurrencies. Citing an unnamed senior finance ministry authentic, BloombergQuint disclosed the government’s flow. However, consistent with the legitimate, the ban would no longer be imposed in a single day, as in the case of Nigeria. Instead, traders could accept three to 6 months to liquidate their investments.

As in line with the file, India’s Parliament will continue to introduce a regulation that bans the usage of cryptocurrencies in all paperwork, including limiting buying and selling through foreign exchanges.

On the flip aspect of India’s ban is Kenya, an East-African united states of america that has proposed to make Bitcoin it's base currency.