This is a big change in the way people will look at cryptocurrencies in India. There is a regulation and this is not going to go to well with people who have invested in bitcoin.
The finance ministry of India gives this information than the local media. Subhash Chandra Garg who is new finance secretary gave this information out. This is going to be discussed on Thursday at an event in India. This regulation is completely ready and the report will be shared soon with the public. This will also be submitted to the finance ministry and once the complete approval from there is taken, then it will completely be shared with public and awareness on the same will be created.
- New regulation draft on cryptocurrency.
- 10 years of jail for making use of cryptocurrency.
This is a bold step by the government of India and has not gone too positively with crypto lovers. But the law of the land is the most important thing and everyone in the country should be respecting it completely.
There are lots of other government organization which are part of this and this is also in consolation with RBI. As per the information, the draft was already there from last year July, but it was not released may be due to the upcoming election. But as soon as the results come out the government thought it is the right time for the release. This bill has proposed 10 years in jail for making use of cryptocurrency.