India is ready to try and do the unthinkable: Cryptocurrencies like bitcoin will be entirely illegal in India, and anyone using or trading or mining them will be imprisoned for ten years.

On the other hand, India’s own cryptocurrency will be launched shortly.

India Proposes Jail ForCryptocurrency Usage

A high-level committee headed by Economic Affairs Secretary Subhash Chandra Garg has been working on making a policy for cryptocurrency in India

Now, the committee has written a policy named, “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019”.

The highlight of this draft is that, any Indian found trading, using or mining and dealing with any cryptocurrency are going to be imprisoned for ten years.

Cryptocurrencies like Bitcoin and others would be entirely illegal in India as well, and usage of cryptocurrencies are going to be a non-bailable offense.

This will make cryptocurrencies as unlawful entities, and anyone dealing with them as criminals.

Why are Cryptocurrency Declared As Illegal?

Income Tax Department and therefore the Central Board of Indirect Taxes and Customs (CBIC), together with other Govt. bodies have created indepth analysis and calculations, and have found that bitcoins and other cryptocurrencies are progressively used for money laundering inside and outside India.

The money funneled via bitcoins and other cryptocurrencies has no trace whatever, and Govt bodies don't seem to be able to monitor its origin and destination.

Cryptocurrencies like bitcoin and etherium are supported blockchain technology, and uses cryptography for security, and big networks of computers are wont to mine them, sell them, buy them.

No central authority has control over any cryptocurrency, and primarily, it works beyond the present monetary systems of the globe, with no law governing its usage.

India’s Own Cryptocurrency Is Coming Up?

The draft policy on cryptocurrency conjointly proposes India’s very own cryptocurrency, which can be a kind of Digital Rupee.

An official stated, “A call on the launch of Digital Rupee would be taken when consulting the reserve bank of India (RBI)”.

Do you think the supreme court will lift the RBI ban? Do you think the Indian government will come up with positive regulation for cryptocurrency? Let us know in the comments section below.

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