The future of cryptocurrency in India has been decided. Dealing in Cryptocurrency may lead to 10-Years of Jail says a proposed draft of Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019.
This law would be imposed and applicable on those who “Hold, Mine, Sell, Buy, Generate or Transfer Cryptocurrency directly or indirectly.” A new setback for many cryptocurrency trading platforms which aren’t afraid to deal in virtual currency like Bitcoin. This previous RBI diktat of restricting banks from dealing in cryptocurrency closed many businesses. Now, once again, this draft is going to hinder many companies and traders since the clampdown is supposed to restrain dealings in such currency. Any offense or activity that breaks the regulation would be considered as ‘cognizable and non-bailable.’
“If any conduct is punishable under any other law, this Act will be in addition to, and not in derogation of such law,” the article quotes the draft as proposing the penalty for cryptocurrency users. While the draft proposed strict actions against people dealing in cryptocurrencies, it also advocates the introduction of an official digital currency for India. The ‘Digital Rupee’ will be introduced after consulting the central board of the Reserve Bank of India (RBI).
However, this report has not been verified by Virtuefy, and currently relies on a different source.