According to sources, suggested legislation that would prohibit the use of cryptos as a mode of payment in India also anticipates making those who violate the law subject to arrest without a warrant and being held without bail.
The government of PM Narendra Modi has earlier indicated that it proposes to prohibit most cryptos – a stance which follows measures by China this September that increased its abolition on cryptos.
The summary of the bill mentions that the Indian government is thinking about a ‘general ban on all activities by mining or any individual, holding, generating, dealing, or selling’ digital currencies as a ‘store of value, mode of exchange and a unit of account’.
Defying any of these rules would also be within the jurisdiction of the court which means an arrest without a warrant is possible and non-bailable.
Although the government has earlier said it targets to encourage blockchain technology, the suggested law will also deal a blow to the NFT market in the country and as well as to the use of blockchain technology.Share & like