The Indian government may soon introduce a new law banning all cryptocurrencies and would also fine those trading them in the country, a senior government official told.
According to the details, there would be a complete ban on digital currency and those found trading it would be penalized. However, it will affect Bitcoin, Dogecoin and other crypto money investors.
The Asian country will criminalize ownership, issuance, trading, and transfer of cryptocurrencies. If the new bill proposed successfully, India will become the first country to make cryptocurrency illegal.
According to reports, China, which had outlawed mining and trading, does not penalize the ownership.
Furthermore, the investors will have a time limit of six months to abolish their assets before being penalized.
Reports further added that in India, more than seven million have so far invested more than $1 billion in cryptocurrency.