India Likely to Impose Sweeping Ban on Cryptocurrency Trading

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India is looking to introduce a law to ban trade in cryptocurrencies, as the authorities sees a legal framework as being more effective after the Supreme Court overturned the government’s curb on the virtual asset class.A Bloomberg report stated that the government would lean on a previously drafted bill that bans all forms of crypto transactions and anyone caught holding them could face a hefty fine and up to ten years imprisonment.The Most Diverse Audience to Date at FMLS 2020 – Where Finance Meets InnovationPeople familiar with the development said the federal cabinet will discuss bill shortly before it is sent to parliament.Participants in India’s bitcoin market expressed their disappointment as they were hoping for some form of legislation to regulate the activities of local exchanges.Suggested articlesSquaredFinancial Strengthens Client’s Fund SecurityGo to article >>The move comes in a time when the nation’s cryptocurrency exchanges are at a nascent stage, primarily due to regulatory uncertainties. Still, a few local players are betting on global markets after most of their peers shut down operations. Those trying to survive the uncertain phase are exploring options, including crypto-to-crypto, P2P, and derivatives products.It’s making the community …

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