Source
On one side there is historic and meteoric rise of Bitcoin with each passing day and the altcoins also showing promising signs of gradual increase pleasing one and all. With all the joy and fervour alongwith the enthusiasm and the euphoria seen in the crypto markets, with individuals and traders being extremely busy and miners aplenty all going gaga over the Bitcoin touching $60,000.
There seems to be some who are probably unhappy with all this happening and planning bringing new bill, laws, resolutions to put a curb ! Strange...Isn't it !
If the latest news are to be believed, then India may probably propose "The Cryptocurrency Ban" and Penalizing "The Miners" and "The Traders" as per the Latest MC Report according to a Source. It could be, making a strict policy against the cryptocurrency, probably "criminalise" the possession of cryptocurrencies, besides the mining /trading/issuance/transferring cryptoassets has been stated by the official who may have the vital information or knowledge about this whole plan of the government.
The New law or bill proposed will put a ban on cryptocurrencies and also fining those who may potentially deal in it in India or even those who may hold these potential digital assets. If this happens it could be a big blow to those millions of people who have recently found their new love with the cryptocurrencies and feel that cryptocurrencies may bring a new dawn of hope and change to the lives of millions. However, the government might be thinking the other way round.
The whole idea behind this is that government could possibly be seriously thinking or planning to bring its own official digital currency hence this hullabaloo over the cryptocurrencies in India. Though, in the recent times the government seemed to be going easier on the cryptos considering the booming market, but what may change when no one knows, that's what the government is currently doing/planning/thinking !!!...
If the new bill is introduced, the holders of cryptocurrencies could be given around 6 months to liquidate their cryptoassets post that there could be penalities levied upon those holders and their seems to be a big possibility of this bill being passed into a law as the current government holds majority and may intend to do so dashing the hopes of millions who are crypto frenzy, including me!
If this bill/law becomes reality then India would probably be "The First Major Economy" to making the keeping/holding the cryptos as "illegal"!!! Or... this could be a plan to dent the cryptos, with a sudden surge and millions of crypto transactions happening, people holding/hodling/trading and making hay while the sunshines !
In my opinion, come what may...cryptos are here to stay !
You may read the report here:
https://www.moneycontrol.com/news/business/economy/india-to-propose-cryptocurrency-ban-penalising-miners-traders-source-6645741.html