RATE Group | Holding a cryptocurrency? You could be jailed or fined
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Holding a cryptocurrency? You could be jailed or fined

30 Jul Holding a cryptocurrency? You could be jailed or fined

Posted at 05:38h in Cryptocurrency News by

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Mint

A high-level government panel on virtual cryptocurrencies has recommended a ban on all virtual cryptocurrencies in India. By and large, these include Bitcoin and Ripple which are not under government control. The committee submitted its report on 23 July 2019, along with a proposed draft bill, Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019.

However, the move has not come as a surprise. “The writing was on the wall regarding cryptocurrencies since April last year, when the Reserve Bank of India (RBI) barred banks and financial institutions from dealing with cryptocurrencies. That was just the trailer, this report and draft bill have crystallised this matter now. If this proposal is approved, India will join the countries which have banned cryptocurrencies,” said Nirav Maniar from International Business Advisors (IBA), an accounting, tax and legal advisory firm.

The committee is, however, favourable towards launching an…

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