Copy link
Increase text size
Decrease text size
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) $9,558.45 (+0.42%)
  • Ethereum (ETH) $237.36 (+0.89%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $243.19 (-0.72%)
  • Bitcoin SV (BSV) $194.58 (-0.87%)
  • Bitcoin (BTC) $9,558.45 (+0.42%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft