Flouting any rules of proposed India’s crypto bill could mean jail time

December 8, 2021

Proposed legislation that would ban the use of cryptocurrencies as a method of payment in India has more than just about banning the currency. If any individual breaches the law, they can be arrested without a warrant and can be held without a bail, according to sources by Reuters.

According to the summary of the bill, the Indian government is planning a “general prohibition on all activities by any individual on mining, generating, holding, selling, (or) dealing” in digital currencies as a “medium of exchange, store of value and a unit of account”.

The government’s plans to douse cryptocurrency trading created hysteria in the market and several investors exited with significant losses.

Well, the government is also aiming to put restrictions on advertising of crypto that are put up to woo and mislead people. Self-custodial wallets that retain people to store digital currencies outside exchanges are also likely to be banned, sources staed.

The information has been given by an anonymous source who has direct knowledge of the matter isn’t allowed to speak to the media.

Source: Reuters

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