Cryptocurrency Bill Update: The Central Government's attitude is strictly visible to private Cryptocurrency in the country. The Central Government has prepared a bill about the digital currency, which has some new facts related to Reuters in their report.
According to a summary of the bills seen by a Source and Reuters, the proposed law, which banned the use of Cryptocurrency in the country can also take action on those who violate it. Those who violate the law can be a warranted arrest and they will not get bail.
Narendra Modi Government has already indicated that he is planning to ban most Cryptocurrency. This step follows the measures adopted by China. China has accelerated its actions in September.
According to the summary of the bill, the Government of India by any person's digital currency (Medium of Exchange), the value of the value (Store of Value) and the unit (a unit of account) 'as mining, All activities like Generating, Holding, Sailing (or) Dealing are generally planning to restrict.
Violation of any of these will be 'cognizable', which means that without the arrest of Warrant is possible, and 'non-bailable'.
Source holding direct information of the matter is not authorized to talk to the media and she refused to express her identity. At the same time, the Finance Ministry did not respond to the e-mail sent for the comment.
Although the government has said that its purpose is to promote Blockchain technology, but lawyers say that the proposed law will also be a shock for the non-trading token market in India.
Law firm Ikigai Law's founder Anirudh Rastogi said, "If any payment is not allowed and no exception is made for transaction fees, it will also stop Blockchain's development and NFT. '
Due to the government's plan to tighten Cryptocurrency trading, many investors have gone out of the market.
An increase in the number of crypto investors in India and attracted by increasing prices of a large number of advertising action and Cryptocurrency.
Although no official data is available, the industry estimates that there are approximately 15 million to 20 million crypto investors in the country. They have crypto holdings of about 45 thousand crore rupees.
Source also says that the self-custodial wallet can also be banned. With the help of a Self-Custodial Wallet, the Investor can store digital messages outside the crypto exchanges.
In the summary of the bill, it has been said that after the concerns of the Reserve Bank, there are strict rules for digital currency. Their purpose is to give security measures to protect the traditional financial sector from Cryptocurrency.
In the summary of the draft, it has also been said that there will be a regulator for the Securities and Exchange Board of India i.e. Sebi Crypto Assets.