Crypto ban bill seems to pass: Holding bitcoin in India punishable with 10 years in prison

Controversial bill seems to pass: Holding bitcoin in India punishable with 10 years in prison

Image source: Shutterstock / Trijo News

Teodor Stig-Matz

teodor.matz@trijo.co

In a new report, really tough penalties are proposed for Indians who own cryptocurrencies.

Cryptocurrencies have encountered a lot of criticism from authorities lately. Among other things, US President Donald Trump has tweeted negatively about bitcoin.

Now comes another blow to the crypto sphere from legislators, this time in India.

A committee reporting to India’s Finance Department has proposed that the country should make all cryptocurrency holdings illegal and punishable by up to ten years in prison. This is after the controversial bill was put out for investigation earlier this summer.

Opens for Indian cryptocurrency

The report is not completely negative towards cryptocurrencies. It also proposes that India’s central bank creates its own cryptocurrency. It says that the problem with, for example, bitcoin is that it stands outside Indian control, Coindesk reports.

The question is whether someone will be sentenced for crypto possession or if the bill is intended to function as a deterrent.

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