Hello every one, here I am here with a piece of shocking news for Indian users. The Government of India has banned cryptocurrency in India for all the users who use cryptocurrency in India.
Until yesterday there was no restriction for using cryptocurrency in India now Facebook have also the bad news is it was going to launch is cryptocurrency in the market place like India where people use money more than the real cash. so, now what you say no Bitcoins or anything else.
If you dealing in cryptocurrencies like Bitcoin or Ethereum in India, you need to be careful as buying or selling of cryptocurrency in India can land you in jail for 10 years or more according to the prevailing law of India.
According to Bloomberg Quint, the reference is a part of the draft- “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019”. This will be suitable to all users who mine, generate, hold, sell, transfer, dispose of, issue or deal in cryptocurrencies directly or indirectly.
The bill also appears with a penalty system for the offenders, where the involved according to the bill have to bear thrice the loss caused to the system or three-fold gains made by him or her whichever is the highest. Bloomberg Quint reported if maximum loss or gains cannot be determined meanwhile it can be notified by the government as mentioned in the draft.
The draft also advises the addition of penalties for cryptocurrency users. The article evaluated in the draft says – “if any conduct is punishable under any other law, this Act will be in addition to, and not in derogation of such law.”
If the drafted bill is transferred in India, cryptocurrencies like Bitcoin, Ethereum, etc will become illegal things. Anyone who deals with them will be considered criminals and use of cryptocurrencies with being a cognizable and non-bailable offense. This means the offenders will similarly not be able to get bail in such cases.
Once the bill is passed all cryptocurrency holders will have 90 days to declare and dispose of cryptocurrencies, as directed by the central government.
The draft bill for banning cryptocurrency in India has been developed under the leadership of the Economic Affairs Secretary Subhash Chandra Garg and members from the central bank and other regulatory authorities.
Reports suggest India is likely to offer its own digital currency called the “Digital Rupee”. This will take place after discussion with the Reserve Bank of India (RBI) – the central bank of the country.