India plans to propose a law to ban cryptocurrencies, fining anyone who mines, trades and holds them in the country, Indian government officials said. The new law would give cryptocurrency holders six months to liquidate such assets.

Finance Minister Nirmala Sitharaman said in an interview that the so-called "to propose a cryptocurrency ban” is not closing all windows for cryptocurrency.

Sitharaman told that both the Supreme Court and she have made comments on that. At the same time, the Reserve Bank may be calling for an official digital currency. But she also says they are clear that it is not to shut down all cryptocurrency options.

Sitharaman indicates that officials will allow a certain amount of windows for people to experiment with blockchain, bitcoin or other cryptocurrencies. Meanwhile, a Cabinet meeting has been held to discuss cryptocurrencies, and relevant plan will be launched soon.