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Moneycontrol.com reported that a proposal in India's 2019 draft "Prohibition of cryptocurrency bans and regulation of official digital currency bills" stated that anyone who handles cryptocurrencies would be sentenced to 10 years in prison. According to a Bloomberg report, the penalty applies to Indian nationals who “mine, generate, hold, sell, transfer, dispose, issue or trade cryptocurrencies directly or indirectly”.

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Image courtesy of News.trijo.co

This undermines the hope that cryptocurrencies will eventually become formalized in India. For those who are trying to trade in cryptocurrency, the move will definitely tighten the lasso. This is also a setback for India's various cryptocurrency trading platforms, which have been eagerly awaiting the government's positive steps to accelerate the currency.

Economic Affairs Secretary Subhash Chandra Garg leads the team that is drafting the bill. According to reports, the group has some members of the Securities and Exchange Commission of India (SEBI). It also includes representatives of investigative agencies and the Central Direct Taxation Bureau (CBDT).

This article cites the draft and recommends penalizing users of cryptocurrencies,

If any act is punished under any other law, this Act will supplement such law and not derogate from such law.

Although the draft proposes strict actions against people who trade in cryptocurrencies, it also advocates the introduction of official digital currency for India. The “digital rupee” will be launched after consultation with the Central Bank of the Reserve Bank of India (RBI).

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