India wants to jail crypto users for up to 10 years

07 Jun, 2019
by Joeri Cant
India wants to jail crypto users for up to 10 years

Inda is proposing a bill which would sentence cryptocurrency users to one to 10 years in jail, if they get caught mining, generating, holding, buying, selling or dealing in cryptocurrencies.

According to Bloomberg Quint, India has proposed a jail term of one to 10 years for those who mine, hold or sell cryptocurrencies.

The so-called 'Banning of Cryptocurrency and Regulation of Official Digital Currency Bill', implies that anyone who is involved in the cryptocurrency ecosystem would face the possibility of severe punishment.

Indian citizens who break the proposed laws may have to spend up to ten years in prison, and pay hefty fines, which could amount to up to three times the recorded gains.

'The penalty imposed on the accused, according to the bill, shall be either thrice the loss caused to the system, or three-fold the gains made by him/her, whichever is higher', Bloomberg Quint writes.

'If the loss or gain can’t be reasonably determined, the maximum fine that can be imposed may be notified by the government.'

Apparently, India’s plans to launch its own state-backed cryptocurrency, the Digital Rupee, are back on the table. However, it remains unclear if Indian citizens will be allowed to trade the Digital Rupee.

Chepicap previously reported that a popular Bitcoin enthusiast in India, who goes by the Twitter handle, Sunny Bitcoin, took to social media to disagree with a high-profile Indian government official who claims that Bitcoin is a Ponzi scheme.

Indian Bitcoin enthusiast, Sunny Bitcoin, tweeted that 'just like stocks of scam companies do not make the entire asset class of stocks a scam, similarly Ponzi cryptos do NOT make Bitcoin a Ponzi.'

'Bitcoin is NOT a Ponzi!', he emphasized.

Despite this, the Indian government continues its attempt to crack down on Bitcoin and cryptocurrencies. How successful they will be, remains to be seen of course.

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