Sunday December 15, 2019
Home Lead Story Anti-Crypto L...

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

0
//
Draft, Law, Jail, Bitcoin
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.

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)

Next Story

Use of Information Technology Can Save Police Personnel from Death in Line of Duty

The use of IT by police increases the occupational safety of police officers in the field and reduces deaths and assaults against police officers

0
Information Technology
The use of Information Technology to learn more about potential suspects improves the likelihood that police can make an arrest without violence. Pixabay

The use of information technology by law enforcement agencies can significantly cut the number of police personnel killed or injured in the line of duty, reducing violence as much as 50 per cent, says new research.

People haven’t previously known much about the impact of IT on police safety, because relatively few departments used it until recently and there hasn’t been much research on the topic.

“The use of IT by police increases the occupational safety of police officers in the field and reduces deaths and assaults against police officers,” said Paul A. Pavlou, dean of the CT Bauer College of Business at the University of Houston.

Pavlou and Min-Seok Pang of Temple University used data from the FBI, the federal Bureau of Justice Statistics and the US Census to build a dataset correlating IT use and reported violence against law enforcement from 4,325 US police departments over a six-year period.

The analysis determined extensive use of IT by the police could cut violence against law enforcement between 42 per cent and 50 per cent — amounting to between six and seven fewer assaults or deaths for an average-sized police department.

For large urban departments serving more than 1 million people, relying on information technology could mean up to 199 fewer assaults or deaths, said the study published in the journal Decision Support Systems.

The dataset focused on the use of information technology in three areas: Crime intelligence, crime prediction and crime investigation.

Information Technology
The use of Information Technology by law enforcement agencies can significantly cut the number of police personnel killed or injured in the line of duty, reducing violence as much as 50 per cent, says new research. Pixabay

The use of IT to learn more about potential suspects improves the likelihood that police can make an arrest without violence, the researchers said.

Discovering that a suspect is likely to be armed, for example, can lead police to don protective gear.

ALSO READ: Use of Robots in the US Increases Tremendously

The finding is also applicable to other types of workplace safety, including those involving factory workers, chemical plant employees, truck drivers and other high-risk occupations. (IANS)