Indian Officials Attack People Holding Crypto Assets

Indians officials have planned to ban the world’s richest person, Elon Musk, to enter their country and eliminate their chances to join the pioneers on the road to the space race.

According to the official report from on the part of the government, Musk would have to go through the investigation process upon his criminal possession, but they declined to express their views about whether he would be in jail or fined. This is possible only if Musk liquidates some of the assets within six months, especially Bitcoin and Dogecoin.

Official’s Statement

The released document will give six months to the crypto holders to liquidate certain cryptocurrencies, and after that, penalties will be imposed. The officials also said that the contents of the bill are not allowed to make public. The proposed bill will easily pass from the parliament as the current prime minister holds the majority.

According to the report, India wants to criminalize the ownership of digital assets, trading, mining, issuance, and movement of Bitcoin, Ethereum, Dogecoin, and other crypto assets.

As a result, Elon Musk and many politicians, hedge fund owners, prominent personalities, founder of Twitter, and approximately a hundred million people across the globe would spontaneously become criminals in the Indian professed democratic state.

This step would result in disgracing the reputation of India among the global business circle. Another side of the coin is that this step would make India’s state even more authoritarian than China.

Another statement on the liquidity of crypto assets was seen this month by the finance minister of India. Mis Nirmala Sitharamun said that she could only give a signal to those who have not closed their eyes and are looking for ways on which they can perform experiments in the world of cryptocurrency. While talking with CNBC, she mentioned that “a calibrated position will be taken.” Adding to the finance minister’s point of view, India’s minister of state finance, Mr Anurag Thakur, said that he strongly believes that we should explore, evaluate, and encourage a modern school of thought towards cryptocurrency and accept it with an open heart. 

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