Anybody in India dealing in cryptocurrencies will be sent to jail for 10 years, says a proposal in the draft of Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019. According to a report by Bloomberg Quint, the penalty is applicable to those who “mine, generate, hold, sell, transfer, dispose, issue or deal in cryptocurrencies directly or indirectly.”
Although the draft supports a complete ban of #cryptocurrency, it proposes the introduction of an official digital currency for the Indian government. The ‘Digital Rupee’ will be introduced after consulting the central board of the Reserve Bank of India. Thats contradicting the first case of banning cryptocurrency!
Further a relatively fresh statement by India’s Central Bank denied any knowledge of such a bill. Furthermore, India’s Central Bank also claimed not to be in contact with any other agency regarding the creation of such a bill. It is important to note that although this does not explicitly rule out the existence of the draft bill, it casts some doubt on it.
If the draft bill comes a reality that would put a lot of people in jail. We don’t think there is enough space in the jails. Are you ready for #jailbaro andolan for save cryptocurrency in India ?
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