India wants to ban cryptocurrency mining and possession

India is reportedly working on legislation banning the possession, trading and mining of cryptocurrency. The bill would give current crypto holders six months to sell them.

The bill has not yet been released, but a government official tells Reuters that it is being worked on. The Indian government is said to be confident that the law can be passed. According to the Reuters source, the law criminalizes the trading, possession and mining of cryptocurrency.

The law would give cryptocurrency owners up to six months to sell it and then begin enforcement. It is not known what penalties are included in the bill. According to estimates, there are eight million people in India who own cryptocurrencies, with a total value of 100 billion rupees, or about 1.2 billion euros.

The measure is in line with the government’s agenda, Reuters writes. In January, the government already suggested that private cryptocurrencies such as bitcoin should be banned and that the government should work on a framework for its own digital currency. The legislation would not prohibit the use of blockchain technology. That is precisely what India would like to encourage.