Regulations

Draft law proposes 10-year jail term for involving in cryptocurrencies

According to reports by the Economic Times, holding, selling or involving in cryptocurrencies could soon lead to 10 years in prison.

The bill duped “Banning of cryptocurrency and regulation of digital currency 2019” proposes a 10-year jail sentence for anyone in India who either mines, buys, sells, or issues cryptocurrencies.

This bill if passed will make involving in cryptocurrencies completely illegal in the country and victims will not even have the possibility of getting bail.

This is not the first time the government of India has either proposed or taken a tough stance towards cryptocurrencies. This bill, however, if it passes as law will be the toughest reaction towards cryptocurrencies by the nation.

Also, it will take India right behind the cryptocurrency train which might also leave a very huge gap in the country’s Fintech advancements given that most countries are currently monitoring cryptocurrencies with the hope to fully understand them and pass favourable laws.

In April of last year, the Reserve Bank of India stopped banks in India from offering their services to cryptocurrency related companies, particularly exchanges.

India is not the first nor the only country that is concerned about cryptocurrencies being used for money laundering or other illicit activities.

It is now left to be seen if this bill will be passed or not.

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