India proposes ban on cryptocurrencies, criminalizing holding, mining, etc.

India will propose a law to ban cryptocurrencies, imposing fines on anyone who trades or even holds such digital assets in the country, a senior Indian government official told Reuters. Officials said the bill is one of the world's strictest policies on cryptocurrencies and will criminalize the holding, issuance, mining, trading and transfer of crypto assets. The bill will give cryptocurrency holders up to six months to liquidate, after which they will be fined. Officials are confident that the bill will be passed as Prime Minister Narendra Modi's government has a majority in parliament. (Reuters)