Planned Indian law on Bitcoin may give exit window to investors, may lead to probe in past transactions

The Indian government may soon come with a law which is likely to ban all cryptocurrencies, may look into past transactions but, will provide investors with a window to exit from their holdings

The Indian government may soon come with a law which is likely to ban all cryptocurrencies, may look into past transactions but, will provide investors with a window to exit from their holdings. According to a new report by The Indian Express, which cites a government official, the possibility of providing a three to six month window has been discussed in inter- ministerial discussions. However, a final draft of the bill is yet to be taken by the Cabinet. The new law, if imposed, plans to ban all digital currencies in the country including Bitcoin. The investors will only be allowed to trade in digital currency being mooted by the Reserve Bank of India (RBI). Even though the proposed law will restrict future transactions, the government may also seek details of holdings and transactions done in the past, the official added. Around 7 million Indian investors are believed to hold crypto assets worth over $1 billion. However, no official data has confirmed this. The industry in the past, has asked for reimbursements, if the government decides to go ahead with the ban. While that seems unlikely, the investors will get a window to let go off their assets.