Cryptocurrency to go illegal.
With the recent hype of crypto money, its various dangerous possibilities have occurred. India has decided its illegal characteristics and played the banned card. People holding any Cryptocurrency such as Bitcoin or Ethereum is in for some trouble. Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019 has been issued. 10-year jail for the offender has been decided and the process is in action.
According to a report of Bloomberg Quint
Anybody found to be dealing, mining, generating, holding, selling, transferring, issuing and disposing of Cryptocurrency directly or indirectly, will be charged as an offender. If the bill is passed in India, several people will come under the category of criminals holding any form of cryptocurrency. There is another possibility that the accused get no chances of bails. A report offers that people will get a 90 day period to dispose of any cryptocurrency under their possession “in accordance with the prescription of the Central Government”.
A penalty system is also in process.
According to another report by Bloomberg Quint, “The penalty imposed on the accused, according to the bill, shall be either thrice the loss caused to the system, or three-fold the gains made by him/her, whichever is higher. If the loss or gain can’t be reasonably determined, the maximum fine that can be imposed may be notified by the government.” Along with this, the draft quotas for the offenders, “if any conduct is punishable under any other law, this Act will be in addition to, and not in derogation of such law.”
The report also brings forward Subhash Chandra Garg
The Economic Affairs Secretary under whose guidance the bill has been developed. Several members of the Central Bank and other authorities are working as well. In retrospect of this to-be decision, India is planning to launch its very own Digital Rupee after some consultations with the Reserve Bank of India.
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