The Indian authorities are planning to ban crypto every now and then. What should happen to the owners of crypto in case of a ban?
At a recent interagency meeting, the possibility of granting a grace period during which cryptocurrency owners will be able to get rid of their crypto assets was discussed. A Government official said the period could be within three to six months.
We remind you that rumors about a possible ban of cryptocurrencies in India have been circulating for years. A couple of years ago there was a ban on transactions with cryptocurrencies in the country, but then the regulation of the cryptosphere was weakened.
In 2021, talk of a crypto bath flared up with renewed vial. The Government intends to ban emissions, mining, trading and transactions with digital assets. The ban will not apply to the CBDC issued by the country's central bank.
So far, the document has not been finalised. The authorities plan to take into account the information received from different sources. These are expert reports, materials provided by the authorised bodies, as well as the results of inter-ministerial discussions.
On the basis of all the data, the bill on crypto will be finalised, which will be approved by the Government. It can be reviewed, adopted and implemented in 2021. The authorities emphasise that everything is done in the interests of citizens.