Bloomberg: India to allow cryptocurrency holders to close positions ahead of ban

Indian authorities will ensure a smooth transition to the ban on cryptocurrencies. Crypto-asset holders will have three to six months to close their positions, Bloomberg reports, citing an anonymous senior Finance Ministry official.

According to the source, if cryptocurrencies are retained after the transition period, the investments will be liquidated.

Parliament will consider the government-proposed ban on digital assets bill during the upcoming budget session. The country plans to issue its own digital currency.

In 2018, India prohibited banks and financial institutions from providing services to companies dealing in cryptocurrencies. In March last year, the Supreme Court overturned the restriction.

In December 2020, India’s Central Bureau of Economic Intelligence proposed taxing cryptocurrency trading with an 18% GST.

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