Is India about to ban all cryptos, except its own digital Rupee?

16 Jul, 2019 | Updated: 16 Jul, 2019
by Joeri Cant
News
Is India about to ban all cryptos, except its own digital Rupee?

Tech lawyer Varun Sethi took to Scribd to publish an unverified document which seems to reveal the plans of the Indian government to impose a ban on the use of all cryptocurrencies in India, except its own digital Rupee.

The Indian laywer, Varun Sethi, took to Scribd to publish a 'leaked' draft legislation, which apparently reveals the plans of the Indian government to impose a ban on the use of all cryptocurrencies in the country.

The unverified document, entitled the 'Banning of Cryptocurrency & Regulation of Official Digital Currencies', defines cryptocurrencies as 'any information or code or number or token not being part of any Official Digital Currency, generated through cryptographic means or otherwise, providing a digital representation of value', and more importantly suggests that only the 'Digital Rupee' would be approved by the Central Government as legal tender, while all other cryptocurrencies would be prohibited.

The leaked document reads that no person shall mine, generate, hold, sell, deal in, issue, transfer, dispose of or use cryptocurrency in the territory of India.

The use of distributed ledger technologies or other related technologies for the purposes of experiments, education or research are exempt from the ban, if cryptocurrencies for payments are not involved in any way.

Chepicap previously reported that the proposed bill included a clause that would sentence cryptocurrency users to one to 10 years in jail, if they get caught mining, generating, holding, buying, selling or dealing in cryptocurrencies.

Varun Sethi, took to Youtube to further explain some of the details of the leaked draft of the proposed legislation.

In the beginning of June, one Indian Bitcoin enthusiast, going by the Twitter handle, Indian Cryptogirl, came forward claiming that all of these India-crypto related articles are based on FUD, and pointed out in a tweet that even if it is true, it talks about a draft sent by a committee to the government, not a law passed in court.

'Let's wait for India's Supreme Court verdict in July', she added.

NEW! Bitcoin & Cryptocurrency Merch available at stacking sats!

 

Poll

Do you think these articles on India banning crypto are based on FUD?

(36 votes)

Add a comment

Check out the latest news

You will be logged out and redirected to the homepage