Friday October 18, 2019
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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

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Bitcoin is the most popular cryptocurrency in the world. Pixabay

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.

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) 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.

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

Next Story

SpankChain Launches SpankPay so Users can Pay for Porn with Bitcoin

The payment to watch premium porn via SpankPay would charge a 0.5 percent transaction fee, the company said

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We acquire smaller tech companies from time to time. We don't always discuss our plans. Pixabay

 Soon, you will be able to pay Bitcoins to watch porn. Adult content platform SpankChain has launched SpankPay, a cryptocurrency payments platform, which will be integrated to allow for a single payment solution across number of different online adult sites.

The payment to watch premium porn via SpankPay would charge a 0.5 percent transaction fee, the company said in a statement.

SpankChain has launched the service with two integration partners, SkyPrivate and JustFor.Fans, offering a low-cost way for users to consume adult content online.

Users can use different cryptocurrencies — including Bitcoin, Ethereum and privacy-focused coins such as Zcash and Monero — for instant transactions and one-click purchasing.

SpankChain, Porn, Cryptocurrency
Soon, you will be able to pay Bitcoins to watch porn. Pixabay

“With SpankPay, we are bringing immediate value to adult merchants by helping them accept crypto, avoid chargebacks, and reach a global audience. We are proud to launch it with SkyPrivate and JustFor.Fans, which are lead by two of the most forward-thinking business leaders in the adult space,” said Ameen Soleimani, CEO of SpankChain

Dominic Ford, creator of JustFor.Fans, said they excited to offer cryptocurrency payment options to its subscribers.

“Using SpankChain, we don’t have to worry about being shut down due to the fact we are an adult company. We’d much rather support our fellow adult solution providers than use outside solutions that are potentially not adult-friendly,” he said.

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Pornhub last year announced a partnership with anonymous cryptocurrency Verge. (IANS)