The Indian government has developed a draft law that will completely ban cryptocurrencies in the country.

Storage, release, mining, trading and transfer will face a fine or criminal liability. Meanwhile, citizens will be given six months to get rid of cryptocurrency assets. If the draft law is passed, India will become the first major economy which will completely ban cryptocurrencies.

Even China, which previously banned mining and trading, does not punish citizens for holding digital coins. According to the Indian authorities, bitcoin can be used in illegal schemes and is highly volatile. There are about eight million investors in the country who own 100 billion rupees ($1.4 billion) of cryptoassets.