• Ishaan kakkar

Individuals, corporates to be fined for using cryptocurrencies: Govt

Indian companies and individuals are unlikely to be allowed to pull a Tesla and stash excess cash in cryptocurrencies that have been on an eye-popping surge if a new bill proposed by the government is cleared by parliament.

A draft bill expected to be presented soon, proposes a complete ban on all private cryptocurrencies - decentralised digital money that is prized for being untraceable and a buoyant valuation while laying groundwork for the official digital currency, sources have told NDTV.

Nearly 7 mn Indians hold cryptocurrencies worth over $1 bn and there has been an over 700% increase in the last year, according to official estimates.

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