After temporarily breaking the ice on bitcoin regulations, the Indian government is doubling down its efforts to restrain cryptocurrency use. A new bill on the way could place cryptocurrency holders and miners at risk of fines and possible jail time.
A fresh Reuters report claims that India is preparing a new heavy-handed anti-bitcoin bill. Previous regulations in the country targeted the use of private coins, but the new bill will outrightly criminalize ownership of cryptocurrencies. This means that one can face serious penalties for simply owning bitcoin or any other digital asset. It doesn’t stop there. The supposed bill aims to further crackdown on cryptocurrency use by abolishing mining and trading.