• Sun, 16 Jun 2019, 10:36 PM
  • All times are UTC
  • Edition:
    International
Link copied

Indian lawmakers propose 10-year jail term for dealing in cryptocurrencies: Report

Mon, 10 Jun 2019, 04:06 am UTC

The inter-ministerial committee led by the Indian Department of Economic Affairs secretary Subhash Chandra Garg has reportedly proposed a draft bill that seeks to make it illegal to hold, sell or deal in cryptocurrencies in the country.

The Economic Times had initially reported in April that the "Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019" was being circulated to relevant government departments.

According to latest reports from the ET and Bloomberg Quint, the draft law has proposed 10-year prison sentence for persons who "mine, generate, hold, sell, transfer, dispose, issue or deal in cryptocurrencies.” If passed, the bill would also make holding of cryptocurrencies a non-bailable offence.

Government agencies including the Income Tax Department and the Central Board of Indirect Taxes and Customs (CBIC) have endorsed a complete ban on cryptocurrencies over concerns of their potential use for illicit activities such as money laundering, the report said.

While the government seems to be unwavering in its efforts to completely ban cryptocurrencies, the country could have its own national digital currency, according to ET. It quoted an unnamed official saying:

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

TokenPost could not verify the story at the time of writing.

Just last week, the RBI denied its knowledge of and involvement in the drafting of the said cryptocurrency ban bill. Responding to a Right to Information (RTI) request filed by an Indian lawyer, the central bank said that it neither received any official written correspondence from other ministerial departments nor sent out official communication to other departments in this matter. It has also denied receiving any communication from the central government in this matter.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $9,026.63 (+2.33%)
  • Ethereum (ETH) $269.41 (+0.09%)
  • XRP (XRP) $0.425400 (+3.74%)
  • Litecoin (LTC) $136.56 (-0.74%)
  • Bitcoin Cash (BCH) $427.32 (+1.61%)
  • Bitcoin (BTC) $9,026.63 (+2.33%)
Jun 14, 2019 (Friday)
10:49
Crypto Technicals: Bitcoin hovers around 20-DMA, poised for upside resumption
10:35
National Fisheries Institute to begin seafood blockchain pilot with IBM Food Trust
09:43
Reuters, Bloomberg, TradingView add support for new cryptocurrency index ‘CIX100’
09:26
Crypto Technicals: Litecoin retraces brief dip below $129, finds strong support at 110H EMA
09:08
Facebook's cryptocurrency project gets big backers including Mastercard, Paypal, Uber, Visa: Report
08:59
Circle to end support for its payment app, to shift to blockchain-based financial projects
07:27
Bitcoin startup Bitrefill closes $2M seed round led by Coin Ninja
07:21
U.S. FDA picks IBM, KPMG, Merck and Walmart to develop blockchain platform for prescription drugs
06:01
Turkey's BKM launches blockchain-based digital certificate platform co-developed with Microsoft and VeriPark
04:47
Bakkt to begin bitcoin futures testing on July 22
03:32
R3, Bradesco, Itau team up to develop blockchain-enabled platform for foreign trade and insurance: Report
02:36
Brazil considers promoting blockchain in public administration in new proposed bill
02:29
FINRA fines, suspends ex-Merill Lynch advisor for crypto mining business
02:25
Less than 5% of GitHub crypto contributors are women: Study
Jun 13, 2019 (Thursday)
11:25
John McAfee launches new cryptocurrency trading platform
10:27
Indian government-backed learning initiative SWAYAM offers free course on cryptocurrencies and blockchain
10:20
Crypto Technicals: ETH/USD consolidates break above 20-DMA, scope for further upside
09:29
Square Crypto announces former Google director Steve Lee as first hire
08:41
FATF to release new policies for global digital asset industry affecting crypto exchanges, custodians, hedge funds: Report
08:33
Crypto Technicals: Bitcoin Cash edges above 21-EMA, signs of bullish resumption
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft