20 crore fine and arrest without warrant...'- in the new crypto bill draft;
Categories: Crypto News
Cryptocurrency Bill Draft: Preparations are underway to bring a cryptocurrency bill. The government has prepared a draft on investment in cryptocurrencies in India, regulation and punishment related to it. There is information that such a proposal can be made in the crypto bill draft that a person and organization who break the laws implemented by the Government of India on crypto finance in India can be fined up to 20 crores and 1.5 years in jail. Prime Minister Narendra Modi has expressed that the stand of the governmentBe strict with cryptocurrencies. He said at an event on Friday that emerging technology like cryptocurrencies should be used to strengthen democracy. At the same time, according to a report last week, PM Modi is going to take a decision soon for the regulatory framework of cryptocurrencies. However, there is confusion about this. Policy-makers say that digital currency outside regulation is a threat to the economy and financial stability. The government is preparing a draft on investment in cryptocurrencies in India, regulation and punishment related to it. It is known that such a proposal can be made in the crypto bill draft that a person and organization who break the laws implemented by the Government of India on crypto finance in India can be fined up to 20 crores and 1.5 years in jail. Instead of the earlier talk of banning private cryptocurrencies, the government can bring all private crypto under regulation in this bill.Finance Minister Nirmala Sitharaman had informed in the Lok Sabha that the government is working on a new draft, that is, the old draft was made and is being amended. After this it was revealed that the government will replace the word 'cryptocurrency' with 'crypto asset' in the draft. Sources had also informed that the government will not give the status of legal tender to crypto, nor will it be given the status of currency. These will be viewed as assets, such as property, gold, or bonds, etc. The bill will aim to reduce financial risk by keeping other formal financial sectors separate from crypto.The government plans to prohibit any activity by any person mining, generating, generating, possessing crypto or dealing in digital currency as a medium of exchange, store of value or unit of account. is of