India Proposes 10-Year Jail Sentence for Using Cryptocurrencies

Asia Blockchain Review
June 23, 2019

Indian lawmakers have proposed a bill banning cryptocurrency trading, which could impose severe criminal penalties for violations, according to a June 6th report by Bloomberg Quint.

Harsh Penalties Prescribed by India’s Anti-Crypto Bill

Should the ‘Banning Cryptocurrencies and Regulation of Official Digital Currency Bill 2019’ become law, mining, generating, holding, buying, selling or dealing in cryptocurrencies “directly or indirectly” will become illegal in the country.

The offense would be deemed “cognizable and non-bailable.” Those breaking the new rules may face up to 10 years in prison as well as hefty fines up to three times their 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 reports. “If the loss or gain can’t be reasonably determined, the maximum fine that can be imposed may be notified by the government.”

Implications for Crypto Traders and Their Digital Assets

If the bill is enacted, cryptocurrency holders will have 90 days to declare and relinquish their cryptocurrencies from the date of promulgation “in accordance with the prescription of central government.”

As earlier reported, Economic Affairs Secretary Subhash Chandra Garg led the panel working on the bill. The panel included representatives of the Reserve Bank of India (RBI), the Securities and Exchange Board of India, the Central Board of Direct Taxes, and investigative agencies.

However, the new bill also proposed creating a new official cryptocurrency — the Digital Rupee. The bill comes after a statement earlier this year by the RBI, claiming it was no longer planning to issue a digital currency.

Source: cointelegraph.com


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
Blockchain: Fine-tuning the Music Industry
Music might be in need of another tech disruption in the form of blockchain.

July 17, 2019

Graph Blockchain Secures Contract with South Korean Transport Ministry
The pilot project is for storing traffic data on a blockchain network as part of the Smart City nati...

July 13, 2019

Hong Kong, a Great Place for Blockchain Startups
It is quite evident that Hong Kong is quite rapidly developing to be a blockchain hub in the region ...

July 12, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us