Friday, December 4, 2020
Home Lead Story Anti-Crypto Law Draft Proposes 10-Year Jail for Dealing in Bitcoin, Cryptocurrencies

Anti-Crypto Law Draft Proposes 10-Year Jail for Dealing in Bitcoin, Cryptocurrencies

Besides making it completely illegal, the bill makes holding of cryptos a non-bailable offence

Holding, selling or dealing in cryptocurrencies such as Bitcoin could soon land you in jail for 10 years.

The “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019” draft has proposed 10-year prison sentence for persons who “mine, generate, hold, sell, transfer, dispose, issue or deal in cryptocurrencies.

Besides making it completely illegal, the bill makes holding of cryptos a non-bailable offence.

A cryptocurrency is a digital or virtual currency that uses cryptography for security and is generally based on blockchain technology, a distributed ledger enforced by a disparate network of computers. Bitcoin is the most popular cryptocurrency in the world.

Draft, Law, Jail, Bitcoin
) Holding, selling or dealing in cryptocurrencies such as Bitcoin could soon land you in jail for 10 years. Pixabay

Given the high chances of cryptocurrencies being misused for money laundering, various government bodies such as the Income Tax Department and the Central Board of Indirect Taxes and Customs (CBIC) had endorsed banning of cryptocurrencies.

The draft bill for banning cryptocurrency has been in the works for some time with Economic Affairs Secretary Subhash Chandra Garg leading the exercise.

While strict law would soon be in place to deal with people indulging in trade of cryptocurrency, India is likely to have its own digital currency.

Also Read-Milk Best Vehicle for Fortification, to Fight Malnutrition

“A decision on the launch of Digital Rupee would be taken after consulting the Reserve Bank of India (RBI),” said an official. (IANS)

STAY CONNECTED

19,120FansLike
362FollowersFollow
1,778FollowersFollow

Most Popular

‘Operation Talwar’, A Story Of The Valour Of The Indian Navy

BY SHANTANOO MISHRA If the border of a country is secure, then both development and history can be created. All the three armies of India...

Indian American Teen Gitanjali Rao Is ‘Kid Of The Year’ By TIME Magazine

TIME magazine has put an Indian American teen "scientist and inventor" Gitanjali Rao on its first-ever 'Kid of the Year' cover, selected from a...

Christopher Nolan: Indian Films Are Wonderful And Are Kind Of Fundamental

Christopher Nolan feels Hindi films happen to retain the fundamental reasons due to which we enjoy cinema, and that Hollywood has lost some of...

Natural Antioxidants That Helps Body To Deal With Pollution

The air that we all are breathing has reached dangerous levels of pollution yet again. People with no known history of respiratory problems are...

A Focus On Academic Entrepreneurs In India

India is the third-largest tech start-up hub globally, yet academicians are still on the fringes when it comes to entrepreneurship in the country. The...

Indians Willing To Take Salary Cut To Work From Home

Amid the Covid-19 pandemic, at least 54 percent of working Indians said that they love working from home (WFH), of which 34 percent are...

Energy Efficiency Sets Slow Not Reaching Climate Goals

The already sluggish pace of global progress on energy efficiency is set to slow further this year due to the economic impacts of the...

Plant Food Instead of Red Meat Decreases Heart Disease Risk

Replacing red meat with high-quality plant foods such as beans, nuts, or soy may be linked to a modestly reduced risk of coronary heart...

Recent Comments