The proposed Indian cryptocurrency legislation is expected to be tabled in the ongoing session of their country’s parliament. The bill will impose a complete ban on cryptocurrencies and any violation should lead one towards criminal charges according to reports from Reuters today
The news outlet reported that both Bitcoin mining, as well as trading with them, would come under strict regulation if passed by both houses-the upper house which represents states, provincial governments; while the lower House refers only directly elected members at state assemblies or legislative committees responsible for drafting bills dealing mainly with local matters such laws concerning irrigation projects, etc.
The report detailed the draft bill as recommending strict jail terms for violators, who can be arrested without any warrant. Further, these offenses may become ‘non-bailable’ and carry a penalty of five years imprisonment or more in cases where there is bodily harm involved etcetera.
Though the draft bill isn’t available to the public yet, it’s been listed on a parliamentary session’s roster. The Indian government is planning to implement a general prohibition on all cryptocurrency-related activities by any individual, including mining and trading. The summary for the bill reads: “There shall be no restriction of dealing in kind with cryptocurrencies as per rules made under this act. The Reserve Bank of India has issued several warnings about these virtual currencies,” so it appears some action will be taken soon enough!
The government is considering a ban on cryptocurrency trading and mining, which could have devastating consequences for the crypto space. There’s no telling how they’ll go about it though; what we do know so far is that this new law will affect all coins not just ones held in exchanges or wallets within your personal device like Bitcoin Core (BTC).
It is interesting to note that the country’s securities market regulator, SEBI will be overseeing all activities related to cryptocurrencies. This move could pave way for India’s integration with cryptocurrency markets further down the line and create more opportunities in this niche space in the future!
High Crypto Penetration
India has a crypto penetration rate among its citizens that is much higher than other countries. The amount, size, and scope of this market make it an attractive destination for investors – with estimates at 15 million to 20 million people invested in cryptocurrencies worth $6 billion or more!
Crypto ads are running rampant in this country, but it looks like there is finally something that might put an end to them. A new bill has been proposed by one of our representatives who wants these extravagant marketing campaigns limited and only allowing those which can be deemed as informational or educational with no mention allowed towards tokens being sold off-site without any form whatsoever!
It’s great to see that despite the crypto ban, one of India’s largest lenders is opening up an account for a cryptocurrency exchange. Kotak Mahindra has been notoriously anti-crypto in their previous statements but this recent decision might be more than just rhetoric – we’ll have to wait and see!