Suggested India bill prohibiting cryptocurrency payments could imply jail for violations

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.

Author: Diksha Khiatani

A writer by day and a reader at night. Emerging from an Engineering background, Diksha is a travel freak and anxious to explore different cultures and religions. Inclined towards the off-beat places, she wishes to uncover the secrets on her Scooty (if possible). She always grabs some time to take a quick nap, listen to music, skating and eat a brownie.

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