India’s New Crypto Bill Proposes Rs 20 Cr. Fine, 1.5 Years Jail To Crypto Holders

Good and Bad news for crypto investors of India! The Government of India is not banning all private cryptocurrencies as proposed earlier this year. According to Reuters, the draft summary of the new crypto bill says there will be a general prohibition on mining, holding, generating, selling, and dealing activities related to it.

Moreover, the term cryptocurrency will be replaced with the ‘crypto assets’ and those possessing these assets would have to abide by the stringent rules and regulations mentioned under the bill.

What’s In New Crypto Bill By India?

Three regulators are authorized to do so which includes the Securities and Exchange Board of India, RBI, and the Tax department. This is in regard to monitoring investors operating multiple accounts on multiple platforms including NBFCs, and banks.

Violating Rules Can Lead To Non-Bailable Punishment

Founder of Ikigai Law, Anirudh Rastogi has commented on the new law saying it will cause hindrance to blockchain development and NFT. All this is yet to see until the new crypto bill is presented during the Winter Session of Parliament.

Also Read: Is It Really Worth Buying NFT Crypto Coins?