Using Bitcoins may earn you a 10-year jail sentence

Bitcoin jail

In a move that’s likely to cause huge disappointment, the government has proposed a 10-year prison sentence for persons who ‘mine, generate, hold, sell, transfer, dispose, issue or deal in cryptocurrencies.

In a move that’s likely to cause huge disappointment, the government has proposed a 10-year prison sentence for persons who ‘mine, generate, hold, sell, transfer, dispose, issue or deal in cryptocurrencies.

A new draft bill The Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019 has proposed a 10-year prison sentence for anyone dealing with cryptocurrencies.

The bill will make cryptocurrencies completely illegal and make holding them a non-bailable offence.

A cryptocurrency is a digital or virtual currency that uses cryptography for security and is generally based on blockchain technology, a distributed ledger enforced by a disparate network of computers. Bitcoin is the most popular cryptocurrency in the world.

Given the high chances of cryptocurrencies being misused for money laundering, various government bodies such as the Income Tax Department and the Central Board of Indirect Taxes and Customs (CBIC) had endorsed banning of cryptocurrencies. The draft bill for banning cryptocurrency has been in the works for some time with Economic Affairs Secretary Subhash Chandra Garg leading the exercise.

While strict law would soon be in place to deal with people indulging in trade of cryptocurrency, India is likely to have its own digital currency. “A decision on the launch of Digital Rupee would be taken after consulting the Reserve Bank of India (RBI),” said an official.

Source: dnaindia.com

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