Indian lawmakers have proposed to enforce a jail-term of over 10 years for those who choose to deal with cryptocurrency. This is all part of the local financing news agency. The tough regulations are part of a draft bill that is going to be called the “Banning Cryptocurrency” movement. The regulation is going to relate specifically to those who mine or even sell cryptocurrencies. It is also going to apply to those who deal with it indirectly throughout the country. If the bill happens to be passed, the cryptocurrency holder will then declare their assets within 90 days. They are also going to try and dispose of the assets in a way that aligns with the prescription of the central government. The bill includes a penalty system that envisions a fine that is worth three times the amount of the loss of the system. This is especially the case when you look at the offense in general and how it could have an impact on the currency world as we know it.
The new bill proposed the brand-new development of a new and national currency. This is interesting to say the least. The currency is known as being the digital Rupee and when you look at the central bank you will also see that they have postponed their plans to try and release a currency as well. The first inter-ministerial consultation on the bill looks to have banned all cryptocurrencies and they have also tried to launch a new bill as well. They want to do this all across the country and they also want to try and make it as difficult as possible to trade. The RBI have denied that they have any involvement with the draft in the government bill and they have also claimed that the bank itself doesn’t have any communication with the new law and that they don’t even have a copy of it either.