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 of, issue or deal in cryptocurrencies".
Not only the crypto is illegal but also un-bailable ! horrible. Is not it?
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.
T 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) endorsed banning of cryptocurrencies.
The draft bill has been in the works for some time with Economic Affairs Secretary Subhash Chandra Garg
While strict law would soon be in place to deal people in the trade of cryptocurrency, India is likely to have its own digital currency.
RBI said that -
"A decision on the launch of Digital Rupee would be taken after consulting the Reserve Bank of India
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