Is it possible that all wallets which did not have any transaction in past 3 years are considered inactive and only those bitcoin wallets which have had
at-least 1 active transaction are allowed to send/receive bitcoins.
What do you think?
it's not possible, there are really a lot of wallets that are inactive, maybe the owners lost the private key and can't accessed it anymore. But there are some 3 year old wallet that are inactive but have owners on it. They might be inactive because they simply doesn't want to touch it, they are what you call bagholders. They will never sell anything, not unless they have reached their exit strategy. But I doubt that they will because we all know that the longer you hold it, the higher profits can be made.
What do you asked though? What's the reason behind if I may?