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10 year jail term for dealing in cryptocurrency!

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Posted on : 08/Jun/2019 14:09:20



 
 
 
Another crime labelled: Holding, selling, or dealing in cryptocurrencies such as Bitcoin could soon mean punishment by jail for 10 years!

The draft on the Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019 has proposed a 10-year prison sentence for persons who mine, generate, hold, sell, transfer, dispose of, issue or deal in cryptocurrencies.

This bill, besides making the above completely illegal, also makes the holding of cryptos a non-bailable offence.

What is a cryptocurrency?

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

Bitcoin is the most popular cryptocurrency in the world.

Obviously, there are immense possibilities for the chances of cryptocurrencies being misused for money-laundering. Hence, various government bodies such as the Income Tax Department, and the Central Board of Indirect Taxes and Customs (CBIC) had endorsed the banning of cryptocurrencies.

The draft bill for this purpose has been in the process for some time with the Economic Affairs Secretary Subhash Chandra Garg leading the exercise. While strict law would be soon in place to deal with people indulging in the trade of cryptocurrency,

An official shared: A decision on the launch of Digital Rupee will be taken after consulting the Reserve Bank of India (RBI).