While it is still unclear how India will regulate Bitcoin and cryptocurrencies, Reuters made a claim about the Indian bans.
Referring to the synopsis of the crypto bill, Reuters noted that the cryptocurrency bill proposed by the Indian government could introduce tougher measures for cryptocurrencies, including jail time for violating the law.
According to the summary of the bill, the Indian government plans to impose a general ban on “all activities by citizens to mine, produce, hold, sell (or) transact digital currencies” related to cryptocurrencies as a medium of exchange, store of value and unit of account.
In fact, in the draft law, it was stated that people who violated the law could be arrested without a search warrant.
The bill, which has sparked controversy and speculation and bans the use of cryptocurrencies as a payment method, has not yet become law.
According to the synopsis of the crypto bill, the Indian government also plans to drastically cut back on ads trying to lure new investors.
Reuters also added that the Securities and Exchange Board of India (SEBI) will be the regulator of crypto assets.