Any resident of India who is caught using cryptocurrencies can be jailed for 10 years, BloombergQuint writes with reference to the draft law “On the prohibition of cryptocurrencies and the regulation of official digital currencies” Of 2019.
India offered to plant for cryptocurrencies for 10 years
According to the publication, the punishment can be extended to persons “directly or indirectly related to mining, generation, storage, sale, transfer, marketing, emission and conclusion of transactions with cryptocurrencies”.
It is assumed that citizens arrested for related violations will not be able to exercise the right to release from custody on bail. When making decisions, the court will be guided by four criteria:
- The degree of guilt;
- Real and expected profit;
- The frequency of the crime;
- Damage to the system.
Among other things, it is planned to impose a fine on cryptocurrency users that is 3 times the amount of the benefit received. Or, the accused will be charged a fine in the amount of damage caused to the system if this amount is greater.
In order to avoid persecution, residents of India who are present time hold cryptocurrencies, must inform the state about it and get rid of them within 90 days. It is also proposed to amend the law “On combating money laundering“From 2002 to include activities related to blockchain and cryptocurrencies.
The same bill mentions the possibility of creating a state digital currency – the digital rupee, which can receive official status if approved the central bank countries.
The Reserve Bank of India, in turn, said earlier this week that it has nothing to do with the development of a bill that would completely ban cryptocurrencies. Representatives of the structure then reported that they communicated with the government on this topic, but did not receive a bill from it..
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