India May Jail People who Mine, Hold or Transact Cryptocurrencies

June 24, 2019 | Digital Assets, News

Drafted legislation proposes a jail term of one to ten years

An India ban on cryptocurrency is in the works. Its latest legislation suggests that cryptocurrencies like Bitcoin will not be welcome in the years ahead.

The nation’s “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019” has a draconian provision regarding cryptocurrencies. Those who use digital currencies in any way could face a jail term from one to ten years. They may also face stiff financial penalties.

India Ban on Cryptocurrency?

Dealing in cryptocurrencies would be a cognizable and non-bailable offense. The quantum of the penalty and term of imprisonment would center on factors such as the culpability of the accused, gain and loss, whether there is a previous conviction for the same crime and harm caused to the system. The penalty would be three times the loss to the system or the gain to the accused.

Get rid of crypto…or else

Anybody owning or holding cryptocurrencies once the law passes, must declare and dispose of it within 90 days. The Reserve Bank of India will likely release new updates and insights on the bill in the coming weeks.

For more updates on the bill, be sure to bookmark

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