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

2019-6-8 17:00

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 f@cking stupid. One of the biggest industries that could receive the Indian economy is tech and specifically blockchain. What a bunch of idiots!”

The post India’s cryptocurrency ban? Experts weigh in on ‘draft bill’ that proposes 10-yr prison term for dealing in crypto appeared first on AMBCrypto.

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While most countries have remained uncertain about cryptocurrencies and crypto-adoption, India perhaps leads the race in terms of keeping its citizens in the gray. With Right to Information (RTI) requests going vaguely answered and strange rumours about a ban floating around, India’s Ministry of Finance has now openly addressed the ongoing crypto-confusion.

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India Unlikely to Issue Blanket Ban on Cryptocurrency

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2018-7-11 17:00


On the backdrop of recent developments concerning the status and the future of cryptocurrencies in India, Bitcoin has been dragged into a political scandal between the country’s two major parties. We’ve covered the story in today’s Bitcoin in

Also in the daily, check the details around some BCH-related projects and services, as well as the latest incarnations of the blockchain technology. However, he also quoted local press mentioning figures of up to 88,000 crore rupees, close to 13 billion USD.

2018-7-7 16:12


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Indian Exchange Says Women More Bullish on Cryptocurrency Than Men

Women in India are making larger individual investments in cryptocurrencies compared to men, according to one local exchange. However, men are leading the charge when it comes to sheer numbers. Women are Bigger Spenders Women have turned out to be the bigger spenders in India when it comes to cryptocurrency investments, according to a recent survey conducted by BuyUcoin – a local cryptocurrency exchange.

2018-6-29 07:00


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Reserve Bank Of India Ruling Could Mean Zebpay Customers Can No Longer Withdraw Their Rupees

The saga surrounding The Reserve Bank of India (RBI) and their attempt at banning cryptocurrencies continues. We have recently seen confirmation from the RBI that they failed to do any prior research before making a move to ban cryptocurrencies, and of course a team of legal officials are working on determining how much say the RBI have in this matter, but regardless, the RBI deadline of the 5th of July now nears.

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