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A new draft law in India could soon force a ban on cryptocurrencies, Reuters reported, citing government sources.
The law would criminalize the possession, issuance, mining, trading of crypto assets, imposing fines on any violations, after a six-month grace period allowing investors to liquidate their digital assets.
The Indian government reportedly plans to ban cryptocurrencies, like Bitcoin, and establish a new local official digital currency.
Around 8 million investors in India have invested an estimated $1.4 billion in crypto-asset.
The Reserve Bank of India has voiced concerns about digital currencies, despite calls for regulations.
