Will Cryptocurrency Gain Its Rights In The Indian Economy?

Cryptocurrency has created a lot of buzz in India. It is because the government of India is yet to decide on the legality of cryptocurrencies in the country.

Advertisement Miners Garden

Supreme Court Hearing Scheduled On July 23

The supreme court of India sets a new date for crypto hearing on July 23 i.e Tuesday. Usually Mondays and Fridays are miscellaneous days of the Supreme court. But the present date accounts to be of the non-miscellaneous nature. After the release of the counsel, the court has made the following order:

10 years Of Imprisonment For Crypto Holders, Miners, Traders

Bloomberg Quint was the first to access the draft of Banning of Cryptocurrency and Regulation of Official Digital Currency Bill in 2019. The draft read as,

Whoever directly or indirectly mines, generates, holds, sells, deals in, transfers, disposes of or issues cryptocurrency or any combination thereof with an intent to use it for any of the purposes mentioned in, or directly or indirectly uses cryptocurrency for any of the activities mentioned in, clauses (e), (g) and /or (h) of sub-section (1) of Section 8 shall be punishable with fines as may be prescribed by the Central Government in the First Schedule or with imprisonment which shall not be less than one year but which may extend up to ten years, or both.

In addition to the imprisonment, the draft also reads that the government will also introduce an official ‘Digital Rupee’ in consultation with the central board of RBI. It also reads that,

If the drafted bill becomes the law, cryptocurrency holders will have 90 days to declare and dispose off cryptocurrencies “in accordance with the prescription of central government.

RBI Denies Any Involvement In The Ban Of Cryptocurrencies

According to RTI, the central bank denies any involvement and knowledge about cryptocurrency ban. Recently, on May 7, Arun Sethi, who is a lawyer in Blockchain filed an RTI inquiry to understand RBI’s involvement in crypto ban. In response to it, the RBI said it had no knowledge of such a bill and it had not received the draft for perusal.

National Level Conference To Bring Some Changes To Crypto Regulation In India

Through this latest report from the Bloomberg Quint, many crypto enthusiasts, traders, hodlers, miners and investors got to know the depth of upcoming crypto & blockchain regulations.

It is also worth to note that Akshay Aggarwal has recently marked its presence at the Swiss-tour. Basically it aims to study and explore blockchain ecosystem of Switzerland. The latest coverage by Akshay Aggarwal is found here:

“As India Dapp Fest is just around the corner, Indian crypto & blockchain community is rushing to attend the conference to know crucial facts behind the scene. On top of all, this is the only event in India in 2019 that is launching blockchain-friendly regulation report that was prepared by bringing together the voice of India through nationwide road shows during the month of March & April.

India Dapp Fest – 11th June – 15th June

Hackathon – 11th June – 13th June

Conference – 14th June – 15th June ”

What is your opinion on this? Share yout thoughts on our Twitter and Facebook pages.

Show More

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button