Indian Government Considers a Ban on Crypto Assets

[mlawson71]

India keeps flip-flopping on the cryptocurrency issue. First cryptos was banned, then they weren’t banned, now they are preparing to ban them. Again.
The Indian government is preparing to ban all cryptos, according to new reports. The government is conducting a consultation with the ministries of law, information and technology and with the Reserve Bank of India. They are preparing a framework to use to ban cryptocurrency trading in the country.
Apparently there are ideas to include a $3.3 million fine and a ten-year prison sentence from crypto dealers.
Crypto companies and exchanges have been seeking to move out of the country and some have ended their services.
Source
Russia too intended to ban cryptos, complete with criminalizing them, and they legalized them instead. Let’s see how this process will develop in India.