India will likely be the first country in the world to ban possession of Bitcoin

According to a Reuters report, the legislature in India is preparing to introduce a bill that criminalizes trading, mining, issuance, transfer or possession of cryptocurrencies. If this bill is passed and applied, India will be the first country in the world to ban the possession of Bitcoin and other cryptocurrencies.

Under the bill, Bitcoin and cryptocurrency holders will have 6 months to liquidate these assets. According to Reuters, it is not clear what penalty would be imposed on those who violate the activities of the bill. But according to a proposal in 2019, crypto-related offenses could be punished by up to 10 years in prison.

The Indian government outlined its plans for cryptocurrency development in January, on the agenda of the next legislative session. The goal is to issue a Government cryptocurrency, which aims to promote the development of blockchain technology while banning all other cryptocurrencies like Bitcoin.

Currently, there is no country in the world that has implemented a ban on possession of cryptocurrencies. China is the country with the most stringent regulatory policies, currently prohibiting trading of cryptocurrencies, but not prohibiting ownership.

Reference: theverge