The proposed crypto bill by the Indian government may bring about tougher measures for crypto, including time in jail for those who violate the law, Reuters reported on Tuesday, citing an unidentified source and the summary of the draft bill.
- The government is planning a “general prohibition on all activities by any individual on mining, generating, holding, selling, (or) dealing” in digital currencies as a “medium of exchange, store of value and a unit of account,” according to the summary of the bill seen by Reuters.
- Individuals who are found in violation could face arrest without a warrant, which could be “non-bailable,” the report added.
- India’s capital markets regulator, the Securities and Exchange Board of India (SEBI), will be the regulator for crypto assets, according to Reuters and other outlets. Violators of exchange provisions could face a jail term and fines of up to 200 million rupees ($2.65 million), according to previous reports.
- The reports come as a blow to expectations that the Indian government might take a more relaxed stance on crypto.
- The draft bill hasn’t been presented to the cabinet yet, and will have to go through parliament before becoming a law.
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