Earlier reports suggest that India’s new crypto laws could land investors in jail for up to 18 months and pay a maximum fine of $2.7 million.
The government is currently in talks with stakeholders about whether to completely ban private cryptocurrencies, allow all crypto products with regulation, or regulate a few selective ones. Reports suggest that India’s Prime Minister Narendra Modi will take a final call soon, as the finance ministry has already finalised the draft bill. However, certain sections believe that more detailed discussions might be required. India’s final decision will decide the fate of Indian crypto investors. While the decision is yet to come, many investors and crypto traders have come up with their theories on social media.
