India’s bill banning crypto payments provides jail terms for violations. The bill, which will ban the use of cryptocurrencies as a payment method in India, aims to arrest violators without a warrant and hold them without bail. Details cryptocoin.com‘in.
Jail for cryptocurrencies
The Indian government has previously stated that it plans to ban most cryptocurrencies. According to the summary of the bill on the agenda, the government of India is planning a “general ban on all activities of any individual to mine, produce, hold, sell (or) transact” in cryptocurrencies as a “means of exchange, store of value”. It is claimed that violating any of these rules will also be punishable by arrest. It is stated that the proposed law will deal a blow to the non-tradable token market as well as crypto usage in India.
“If no payments are allowed and an exception is made for the transaction fee, then it will effectively stop blockchain development and NFT as well,” said lawyer Anirudh Rastogi. The government’s plans to massively block cryptocurrency trading have caused a panic in the market. While no official data is available, industry estimates suggest that there are around 15 million to 20 million crypto investors in the country, with total crypto holdings of around INR 450 billion ($6 billion). According to the draft summary of the bill and the source, the government now also plans to heavily cut back on advertisements trying to lure new investors. Their own custodian wallets, which allow people to store their digital currencies outside of exchanges, will reportedly be banned as well.
In the draft summary of the bill, it was stated that the tough new regulations stemmed from the central bank’s serious concerns about digital currencies and aimed to take measures to distance the traditional finance sector from cryptocurrencies. The draft brief also said that the Securities and Exchange Board of India (SEBI) will be the regulator of crypto assets.
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