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Ban on Cryptocurrencies - The Indian Government is planning to make it law

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Written by   15
3 months ago

Sometime ago, the Reserved Bank of India (RBI) issued a note to all banks operating in India that ordered them to not accept cryptocurrencies for transfers. This didn't work quite as well as the government expected it to.

So, the government now thinks that the note alone is insufficient for banning cryptocurrencies and as a result, a bill has been drafted. This bill is quite harsh in what it suggests and if passed, it will effectively kill the cryptocurrency industry in India.

The bill basically says that any direct or indirect use of private cryptocurrencies will be punishable by a fine up to ₹25 crore (about $3 million) and imprisonment up to a period of 10 years, with a minimum of 1 year.

Repeated offenses fine the person up to 3 times the gain he made or 3 times the loss or harm he caused or up to ₹25 crore and a minimum of 5 years of jail (maximum being 10 years).

What the bill essentially means is that it will become illegal to issue, mine, transfer, hold, sell or use cryptocurrencies. If it indeed gets passed, the consequence will be that the currently exponentially growing cryptocurrency industry will receive a huge blow.

People are holding out hope that the bill will be modified before being passed or that it will simply not pass at all. The worst outcome would be if it gets passed in its current state unmodified and unfortunately there is a good chance that it might happen.

Whatever it is, we will need to work towards making cryptocurrencies more acceptable by the world governments and to do that, we need to make more and more people adopt cryptocurrencies.

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If that bill is passed, India will be left behind in the cryptocurrencies innovations. It would be like a country banning the Internet, what a stupid move. It would only lead to an exodus of talents leaving the country and billion dollar startups in other countries.

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3 months ago

Thanks for the information from India, it is interesting to see how each country react to actual context with crypto-currencies.

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3 months ago

India is a big economy with a large population. I believe if India has good access to crypto it will be beneficial for the world

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3 months ago