One of the largest nations in the world is seeking to ban cryptos.As reported by Reuters, the bill is expected to criminalize the possession, issuance, mining, and trading of cryptocurrencies—on penalty of up to 10 years in jail.
The good news, if there is any, is that courts in India have struck down similar laws restricting the use of cryptocurrencies by banks. Hopefully this law, if passed, will see similar results. Such laws have negative effects beyond the obvious such as driving certain businesses out of India.
So why even propose such laws? What is it the government of India has against crypto? It's pretty simple really... They don't want any competition. The same law that seeks to ban crypto also seeks to establish a state digital currency. I doubt this will end the way they want it to.
Source: India Seeks to Criminalize Cryptocurrencies - Foundation for Economic Education
They had a good opportunity to raise hundreds of millions out of poverty, but they are more concerned about restricting their people.
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That's government for you.
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