The Indian Government is set to outrightly ban Cryptocurrency.
This is coming shortly after Nigeria ordered a total ban on cryptocurrency. It will be recalled that 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, last week.
Indian government officials hinted that they were considering taxing Bitcoin transactions by up to 18%. Barely a month later, rumours emerged that the country was mulling over banning all private cryptocurrencies.
Apparently, officials were serious about banning cryptocurrencies. Citing an unnamed senior finance ministry official, BloombergQuint disclosed the government’s move. However, according to the official, the ban would not be imposed overnight, as in the case of Nigeria. Instead, investors would be given three to six months to liquidate their investments.
As per the report, India’s Parliament will proceed to introduce a law that bans the usage of cryptocurrencies in all forms, including restricting trading via foreign exchanges. India’s finance Minister, Nirmala Sitharaman earlier this week suggested that private cryptocurrencies include all digital currencies apart from those issued by a central bank.