THELOGICALINDIAN - Well India acutely feels it has article to prove Purportedly its latest abstract bill on bitcoin and cryptocurrency is the best callous yet
[Editor’s note: The Bloomberg antecedent commodity should be taken as a rumor as it is currently unverified.]
The ‘Banning of Cryptocurrency and Regulation of Official Digital Currency’ Bill, has added than aloof a abrupt title. According to BloombergQuint, it additionally wants to criminalize anyone in the Bitcoin or cryptocurrency ecosystem.
More Jail Time For Holding Bitcoin Than Heroin
The bill proposes a bastille book of one to ten years for bodies who “mine, generate, hold, sell, transfer, actuate of, affair or accord in cryptocurrencies, anon or indirectly.”
On top of this, offenders will be fined an bulk according to the greater of three times the accretion from the cryptocurrency or three times the accident to the system.
This would accomplish it worse to backpack bitcoin than class-A drugs, which in India warrants a beggarly 6-month imprisonment and/or a 10,000 Rupee fine. 10 years pits bitcoin acceptance as a abomination with a almost agnate akin of calmness to animal trafficking.
Actual sentences will be bent according to four criteria: culpability, absolute and advised gain/loss, repetitive nature, and abuse to the system.
It’s Not All Bad News For Indian Cryptocurrency Fans
You see the “Regulation of Official Digital Currency” bit of the title? Well, that refers to the abeyant affairs to barrage a ‘Digital Rupee’. This would of course, not abatement aural the ‘Banned Cryptocurrencies’ banner.
Yeah, we know… meh.
Bill Likely To Have The Opposite Of Its Desired Effect
Hmmm… we don’t appetite the association to use this new-fangled Bitcoin or cryptocurrency thing. Let’s actual audibly and about ban it with a absolutely aureate abuse for the affected of said ban.
Yep. That’s absolutely not activity to accession Bitcoin acquaintance and interest, is it?
It is about like Brad Sherman’s ‘Bitcoin can breach us‘ bill. Not that the Indian Rupee is the world’s assets currency, or anywhere close. But if they’re that afraid about it again it charge be appealing good.
If anesthetized (and alike if not), the bill may accept an careless adverse aftereffect on tourism. After all, I would appetite to accident 10-years in bastille for accepting a wallet app on my phone. And I absolutely don’t appetite to annul them all aloof to go to India. And I like India.
India’s Never-Ending Cryptocurrency Rollercoaster
This is aloof the latest affiliate of India’s will-they won’t-they ban it adventure in affiliation to cryptocurrency.
We’ve accepted that the country has been considering a cryptocurrency ban for some time. But aloof aftermost month, the CEO of exiled-from-India Zebpay was cogent all and assorted that a ban was ‘very unlikely‘.
In the meantime, all the bounded aptitude has gone to work for the added team while some Indians accept already declared that they don’t affliction about any ban if it absolutely becomes a reality.
“I’m from India and I will hold, buy but not advertise bitcoin. I don’t affliction what the gov. decides. I appetite to accrue added bitcoin,” one online analyst wrote.
Will India ban and criminalize bitcoin? Share your thoughts below!
Images via Shutterstock
