India’s cryptocurrency ban? Experts weigh in on ‘draft bill’ that proposes 10-yr prison term for dealing in crypto

The regulatory clarity surrounding Bitcoin and other cryptocurrencies has been lacking in many countries. China and India have always shunned away from cryptocurrencies while encouraging blockchain.

A recent post by Bloomberg Quint regarding a draft bill that calls for the sentencing of one to ten years in jail if caught dealing with cryptocurrencies has turned a lot of heads. However, the authenticity of the draft bill has not yet been validated; the two images of the bills that are being circulated on crypto Twitter had not been authenticated by the officials, at press time.

The ‘draft bill’ stated:

“Whoever directly or indirectly mines, generates, holds, sells, deals in, transfers, disposes of or issues cryptocurrency or any combination thereof with an intent to use it for any of the purposes mentioned in, or directly or indirectly uses cryptocurrency for any activities mentioned in clauses… shall be punishable with fine as may be prescribed by the Central Government in the First Schedule or with imprisonment which shall not be less than a year but which may extend up to ten years or both.”

In addition, the “bill” makes it clear that the above-mentioned offense will be non-bailable. The news caused a lot of panic and turned quite a lot of heads as prominent people in the space responded negatively to the draft bill.

CZ, the co-founder of Binance, tweeted:

“That Bill in India will really push privacy coin adoption forward. To 1/5th of the population of the world”

Barry Silbert of the founder of Digital Currency Group and the proponent of the #DropGold initiative tweeted:

“India ain’t messing around. This will, of course, have the opposite of the desired effect on bitcoin awareness and interest in the country”

CNBC Cryptotrader Ran NeuNer tweeted:

“This is so [email protected] stupid. One of the biggest industries that could receive the Indian economy is tech and specifically blockchain. What a bunch of idiots!”

Source: Read Full Article