India Proposes 10-Year Jail For Cryptocurrency Use | RBI Denies Involvement to Ban Cryptocurrencies
In the process of discussing a new bill to ban cryptocurrencies, the Indian government has proposed the introduction of up to ten years in prison for those..
If new market regulations are adopted, they supply, buy, sell, issue, manage, or have an indirect relationship to cryptocurrency trading. The considered process of transferring data of owners of digital assets within 90 days from the date of entry into force of the new rules, and in the future to dispose of them only in accordance with the instructions of the authorities.
The current version of the document provides for a system of penalties for breaking the rules of the rules. The amount of the recovery will be three times the amount paid by the system or the income of the holders.
However, in a recent submission, government officials have proposed tougher penalties, up to 10 years in prison..
In addition to the proposed ban on cryptocurrencies, the new bill also proposes a ban on the national alternative.. – a digital rupee that will become legal tender.
Recall that earlier South Korea also decided to strengthen surveillance behind the crypto market due to the growth of speculative demand.
Indian government panel proposes ban on cryptocurrencies
text: Ivan Malichenko, photo: Shutterstock