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10 year jail term proposed in India for handling cryptocurrencies



10 year jail term proposed in India for handling cryptocurrencies
Source: Pixabay

With stricter rules imposed on crypto exchanges around the globe, India became the latest addition to the list by proposing a bill to implement a 10-year jail term for those citizens who manage digital currencies in any form. 

The main purpose of the bill is to halt the crypto related activities actively going on in the country. The guideline revolved around identifying the individuals carrying out mining, holding, purchasing and selling digital forms of money. It was taken in order to protect the outflow of capital that cannot be traced by the governing body, according to the sources.  

Bill covered all the activities associated with the digital coins, in order to reduce the harm caused to the fiat currency and to control the flow of capital in the country. With the passing of the bill, the individuals will be given a period of 90 days to dissolve their digital assets in order to prevent themselves from going to jail. 

The bill also stated the plans of launching a national cryptocurrency to get into the crypto ecosystem. Recently, Facebook announced to launch its cryptocurrency in India but with the latest bill, the plans of social networking giant to kick start its crypto coin plans will get interrupted.

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Chayanika is a full-time cryptocurrency journalist at AMBCrypto. A graduate in Political Science and Journalism, her writing is centered around regulation and policy-making regarding the cryptocurrency sector.