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Even china, which has banned mining and trading, does not penalise possession. The government is set to introduce the cryptocurrency and regulation of official digital currency bill during the current session of parliament to ban private cryptocurrencies while putting in place a framework for the launch of a digital currency by the reserve bank of india. The new move comes amid speculations around a cryptocurrency ban by the government. Even china, which has banned mining and trading, does not penalise possession. If the ban becomes law, india would be the first major economy to make holding cryptocurrency illegal.
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India may set up a panel to look into regulating the crypto market rather than outright banning it, the economic times reported on wednesday, citing three sources close to the matter.
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