New bill in India proposes ten years in prison for owning cryptocurrencies

New bill in India proposes ten years in prison for owning cryptocurrencies.

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Christian Ploog

christian.ploog@trijo.co

A new bill in India proposes to completely criminalize ownership of bitcoin and other cryptocurrencies.

According to a new bill in India, people that “mine, generate, hold, sell, transfer, dispose, issue or deal” with cryptocurrencies risk a prison sentence of up to ten years. This according to CCN who refers to the Indian news site Bloombergquint.

According to the proposal, everyone who owns bitcoin and other cryptocurrencies must also declare that they do. Then they have 90 days to dispose of their crypto assets.

Plans to issue their own digital state currency

In addition, all possible fines given to a convicted person must be three times as much as the profit (or loss) that the person has made on cryptocurrencies.

India is also planning to release a state-backed cryptocurrency called the “digital rupee”. However, that digital currency would not fall under the laws that are proposed in the new bill, CCN reports, referring to Bloombergquint.

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