Monday, 15 March 2021 11:14

India to issue law banning cryptocurrencies, report claims Featured

By
India to issue law banning cryptocurrencies, report claims Image by Megan Rexazin from Pixabay

India is set to put in place legislation outlawing the use of digital currencies in the country or even the mere possession of such assets, a report claims.

Reuters said it had been told by a senior government official that the proposed law would make it a criminal act to possess, issue, mine, trade or transfer any digital asset.

The report comes at a time when bitcoin, the best known of the cryptocurrencies, has hit record highs, crossing US$50,000 for the first time recently.

The rise in bitcoin's value came after electric vehicle manufacturer Tesla said it had bought bitcoin worth US$1.5 billion.

Some other well-known Americans to endorse the digital currency have been Twitter chief Jack Dorsey and rapper Jay-Z.

India had announced in January that it was looking at a ban of private digital currencies like bitcoin but creating the infrastructure for issuing an official cryptocurrency.

The measure will give current holders of cryptocurrencies in India up to six months to convert their assets, or face penalties.

If the law does come into effect, it would make India the first major country to impse such a ban. China does not allow mining or trading in cryptocurrencies, but allows its citizens to possess the assets.


Subscribe to ITWIRE UPDATE Newsletter here

GRAND OPENING OF THE ITWIRE SHOP

The much awaited iTWire Shop is now open to our readers.

Visit the iTWire Shop, a leading destination for stylish accessories, gear & gadgets, lifestyle products and everyday portable office essentials, drones, zoom lenses for smartphones, software and online training.

PLUS Big Brands include: Apple, Lenovo, LG, Samsung, Sennheiser and many more.

Products available for any country.

We hope you enjoy and find value in the much anticipated iTWire Shop.

ENTER THE SHOP NOW!

INTRODUCING ITWIRE TV

iTWire TV offers a unique value to the Tech Sector by providing a range of video interviews, news, views and reviews, and also provides the opportunity for vendors to promote your company and your marketing messages.

We work with you to develop the message and conduct the interview or product review in a safe and collaborative way. Unlike other Tech YouTube channels, we create a story around your message and post that on the homepage of ITWire, linking to your message.

In addition, your interview post message can be displayed in up to 7 different post displays on our the iTWire.com site to drive traffic and readers to your video content and downloads. This can be a significant Lead Generation opportunity for your business.

We also provide 3 videos in one recording/sitting if you require so that you have a series of videos to promote to your customers. Your sales team can add your emails to sales collateral and to the footer of their sales and marketing emails.

See the latest in Tech News, Views, Interviews, Reviews, Product Promos and Events. Plus funny videos from our readers and customers.

SEE WHAT'S ON ITWIRE TV NOW!

BACK TO HOME PAGE
Sam Varghese

Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

Share News tips for the iTWire Journalists? Your tip will be anonymous

WEBINARS ONLINE & ON-DEMAND

GUEST ARTICLES

VENDOR NEWS

Guest Opinion

Guest Reviews

Guest Research

Guest Research & Case Studies

Channel News

Comments