Indian govt. again planning a ban and fine up to 25 crore rupees by a new law on bitcoin buy-sale
Economics times showed a report today Indian Govt again planing put a ban on the cryptocurrency by creating a new law. as we all know that in march 2020 Apix court lifts the ban from crypto trading by bank deposits. this time Indian Govt. want to make this ban very effective as they want to create a law also on this ban. last time in 2018 RBI issued a circulation and only put the ban of all crypto deposits and withdrawal from banks
“A note has been moved (by the finance ministry) for inter-ministerial consultations,” An RBI official confirm this news
The article states that in mid-summer last year, a top-level panel in the Indian government created a draft law that would introduce a ban on Bitcoin and all other forms of digital assets. As per this draft, anyone dealing in crypto would have to pay a fine of up to Rs 25 crore (250 mln Rupee or $3,291,055). The alternative to this is up to ten years’ imprisonment.
One of the experts who spoke to ET stated that they suggested rules in a draft law in 2019 that were way too harsh. According to the document, holding, issuing, selling, transferring, and using crypto in any other manner would totally destroy the crypto industry in the country, Amit Maheshwari from AKM Global said. He hoped the government would conduct stakeholder consultations and not go ahead with the bill in its present form.
The panel, headed by former finance secretary Subhash Garg, had, in its report, advocated a ban on all forms of private virtual currencies, though it asked the RBI and the government to look at the introduction of an official virtual currency.