RATE Group | Cryptocurrency: Garg panel proposes ban, pitches alternative – News Today
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Cryptocurrency: Garg panel proposes ban, pitches alternative – News Today

24 Jul Cryptocurrency: Garg panel proposes ban, pitches alternative – News Today

Posted at 11:13h in Cryptocurrency News by

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Chennai: The ban proposed by an Inter-Ministerial panel on private cryptocurrencies is backward-looking and a setback for companies mulling to launch their own virtual currencies on the lines of Bitcoin, said experts.

The panel headed by Economic Affairs Secretary S C Garg, in its report made public Monday, recommended banning of private cryptocurrencies and criminalising any activities related to virtual currencies.

This made dealing in Bitcoin, Ethereum and the likes problematic as it may land one in jail. The committee has recommended heavy penalties of up to Rs 25 crore and a jail term up to 10 years for anyone who mines, generates, holds, sells, transfers or issues cryptocurrency.

The panel’s recommendations along with the draft legislation, Banning of Cryptocurrency & Regulation of Official Digital Currency Bill, 2019, was put up on the website of the Department of Economic Affairs on Monday.

The development comes at a time when Facebook is set to launch its digital…

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