India is apparently considering placing a ban on cryptocurrencies, which would involve fining people involved in trading or even holding any digital assets. Meanwhile, the South Korean crypto exchanges have surpassed the stock market of the country.

According to a Reuters report, the Indian government is proposing passing a new law that will ban cryptocurrencies and even fine crypto miners, as per a government official. Although this could be a major potential blow to million of investors as well. At the moment, the bill will be one of the world’s strictest policies against cryptocurrencies, which would involve criminalizing possession, issuance, mining, trading, and transferring cypto assets as well.

This arrives as the government seeks to ban private virtual currencies in favor of building a framework for an official digital currency. However, investors recently raised concerns and hoped that the authorities might ease up on the booming market. But, the new bill will enable cryptocurrency owners up to six months to liquidate all their assets. After this period, the government will start levying penalties, as per the government official. If the ban goes live, India will be the first major economy to make holding cryptocurrency illegal.

On the other hand, the colume of transactions in the South Korean digital currency market briefly overtook the daily average transactions of the nation’s stock market, as per a CoinTelegraph report. The combined crypto exchanges was valued at 14.6 billion US Dollars on Sunday, higher than the rough 14.5 billion US Dollars value of the Korea Composite Stock Price Index. In other words, this shows a stark contrast between the the two nations.

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A number of big names have been linked to the recent blockchain trend. Samsung is one of them but not in the way you think. News has it that Samsung will begin manufacturing hardware for the mining of cryptocurrency.

The news was first reported by Korean media The Bell which cited Samsung officials as its source. They said Samsung will supply an unnamed Chinese mining equipment provider the hardware, whom will in turn handle distribution.

A Twitter user also tweeted about it saying Samsung has begun production of ASIC (Application-Specific Integrated Circuit) mining hardware for bitcoin and cryptocurrency mining.

https://twitter.com/iamjosephyoung/status/958287126415593472

Samsung has been linked to cryptocurrency mining as far back as October last year when it demoed a mining rig made from several Galaxy S5 units. It was also reported to have signed an agreement  with Baikal – a Russian bitcoin mining hardware firm for the supply of ASIC chips.

READ MORE: MediaTek’s Fresh Headache: Samsung Reportedly Plans To Sell Exynos Chipsets To OEMs

The news is expected to stir up more competitors and spur existing ones like Canaan Creative and Bitmain to improve their efforts.

(Via)

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