India plans total ban on cryptocurrencies while promoting Blockchain – effect on China mining 65% Bitcoins
Harish Manotkar, Chicago
Mar. 15, 2021

Image credit India Times: © Pixabay.com / WorldSpectrum & Russia Today

In a smart move to counter China’s silent aggression in the currency front, New Delhi is planning to propose a new law that will ban cryptocurrencies and fine anyone trading or even holding digital assets in the country, a senior government official told Reuters.

Indian bill when enacted will criminalize the possession, issuance, mining, trading and transferring of crypto-assets including Bitcoin. Indian Government is adopting a smart strategy in banning private virtual currencies such as bitcoin. At the same time India will promote Blockchain technology that will be the norm of the future.

The bill would give holders of cryptocurrencies up to six months to liquidate, after which penalties will be levied. The move can be a strategic and calculated move to deter China’s dominance in the currency field. China mines 65% of bitcoins and the US second at around 7%. This initiative has encouraged many other countries consider banning cryptocurrencies.

According to chief executive Gaurav Dahake. Unocoin, one of India's oldest exchanges, added 20,000 users in January and February, despite concerns of a ban. The India’s new law will bring Cryptocurrency trades under radar and be a strategic deterrent to China.



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