Leaked document: Is India going to ban cryptocurrencies?

Leaked document: Is India going to ban cryptocurrencies?

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A new leaked bill shows that India may intend to ban cryptocurrencies completely. The unverified document, called “Banning of Cryptocurrency & Regulation or Official Digital Currencies,” is currently circulating on Twitter.

Cryptocurrencies are described in the document as follows:

Cryptocurrency, or whatever name it uses, means any information, code, number, or token that is not part of an official digital currency, created by cryptographic means or otherwise, that provides a digital representation of value.

The following piece can be found later in the document:

No one may mine, generate, retain, sell, trade, transfer, remove or use cryptocurrency in the territory of India.

The bill makes an exception for researchers studying the underlying technology as well as for blockchain technology used to set up networks. The document also states that for those who break the rules and still trade in cryptocurrency, a fine or even a prison sentence of up to 10 years is imposed.

A number of people write on Twitter that there is no reason to panic. For example, the authenticity of the document has not yet been confirmed, not all legislative proposals are actually adopted, the opinion of the public can still be consulted, it is a rough draft that can still be substantially amended, and it will be a long time before the law can be adopted at all.

What is also striking about the document is that a so-called digital rupee is being discussed; a digital currency that would be issued by the Reserve Bank of India (RBI) and approved by the central government. Perhaps the Indian government wants to create a monopoly on digital currency in the country with this bill.

A small part of the document already leaked out last month . However, the Central Bank of India said shortly thereafter that it was not aware of the bill.

Also last month in India, 78 members of a gang were arrested for scamming 100,000 Americans. They had captured almost $ 1.7 million in, among other things, bitcoin (BTC).

About Shawn Morrison 266 Articles
One of the founders of BitzArena. Active with crypto currency since the rise of the bitcoin. Loves the innovative character of crypto and blockchain technology, and follows developments in the market closely. Likes to connect technology with business, and likes to make difficult concepts accessible to a wide audience.

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