Home >> Linux >> Proposed Law in India Would Imprison Anyone Who Uses Cryptocurrency

Proposed Law in India Would Imprison Anyone Who Uses Cryptocurrency

Holding, selling or dealing in cryptocurrencies such as Bitcoin could soon land people in India in jail for 10 years. From a report: The “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019” draft in the nation 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, too. Given the high chances of cryptocurrencies being misused for money laundering, various government bodies in the country such as the Income Tax Department and the Central Board of Indirect Taxes and Customs (CBIC) had endorsed banning of cryptocurrencies.


Share on Google+

Read more of this story at Slashdot.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

*