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India Grants Crypto Holders Reprieve Ahead of Likely Ban: Report
The window of opportunity for investors to cash out to fiat is expected to be between three and six months.
Policymakers in India will provide a transition period if a proposed ban on cryptocurrency usage is passed as expected.
STORY CONTINUES BELOW
According to a report by Bloomberg on Thursday, a senior Financial Ministry official – speaking under condition of anonymity – told Bloomberg cryptocurrency holders were likely to be given a three- to six-month period to close their positions.
Those still holding digital assets after the window closes will likely see their investments liquidated, per the report.
After that, cryptocurrency usage in all aspects will be banned via a new law set to be introduced in the current parliamentary session via the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021.
See also: India Would Ban Private Cryptocurrencies Under Proposed Legislation
The bill is also expected to provide a framework for the Reserve Bank of India to issue its own digital currency.
While the new law explicitly targets private cryptocurrencies, it will allow certain exceptions to promote the underlying technology of the nascent asset class and its use across the greater financial sector, as CoinDesk previously reported.
Sebastian Sinclair
Sebastian Sinclair is the market and news reporter for CoinDesk operating in the South East Asia timezone. He has experience trading in the cryptocurrency markets, providing technical analysis and covering news developments affecting the movements on bitcoin and the industry as a whole. He currently holds no cryptocurrencies.
