Proposed India bill banning crypto payments could mean jail for violations -document
Information about Proposed India bill banning crypto payments could mean jail for violations -document
Kevin David Scam or Legit
By Aftab Ahmed and Nupur Anand
MUMBAI (Reuters) – Proposed legislation that would ban the use of cryptocurrencies as a method of payment in India also seeks to make those who infringe the law subject to arrest without a warrant and being held without bail, according to a source and a summary of the bill seen by Reuters.
Prime Minister Narendra Modi’s government has previously flagged that it plans to ban most cryptocurrencies – a move which follows measures by China this September that intensified its crackdown on cryptocurrencies.
According to the summary of the bill, the Indian government is planning a “general prohibition on all activities by any individual on mining, generating, holding, selling, (or) dealing” in digital currencies as a “medium of exchange, store of value and a unit of account”.