Citizens of India, convicted of conducting cryptocurrency operations, will face up to 10 years in prison. Such a preventive measure is spelled out in the bill "On the prohibition of cryptocurrency and the regulation of official digital currencies" from 2019, reports BloombergQuint .
It is proposed to apply the punishment against persons “directly or indirectly connected with mining, generation, storage, sale, transfer, sale, issuance and conclusion of transactions with cryptocurrency”. The possibility of release on bail under these articles of the prosecution is not provided.
The bill also spelled fines, three times the size of the benefits. The infringement caused to the state will have to compensate it in full.
Cryptocurrency owners of India must, within 90 days, get rid of them and notify the state of this.
Additionally, the bill proposes to include in the law “On counteracting money laundering” activities related to the blockchain and cryptocurrencies, and is also considering the possibility of creating a state digital currency – the digital rupee.
The mentioned bill has been developed since 2018 . According to a number of media reports, representatives of various departments, including the Department of Economic Affairs, the Central Council on Direct Taxes, the Central Council on Indirect Taxes and Customs, and the Office of Education and Investor Protection Funds under the Government of India, took part in its preparation.
In turn, the Reserve Bank of India declared that it had nothing to do with the development of this bill.
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