By Malashicage - 26.01.2020
Is bitcoin legal in india 2019
India has not had a positive stance towards Bitcoins and other Trending Desk; Last Updated: September 12, , IST; FOLLOW US. Explaining Bitcoin and Legal Position in India Legality of Bitcoins in India & Regulation of Official Digital Currency Bill,
Comment Synopsis New law will deal a blow to investors, exchanges and other entities dealing in virtual currencies.
The spur for the draft cabinet note was the March 4 decision of is bitcoin legal in india 2019 Supreme Court to quash the April circular from the RBI that prevented banks from providing services in support of cryptocurrencies, said the official continue reading above.
The note will be sent to the cabinet after consultations and, subsequently, to Parliament. If it is along similar lines as an earlier proposal the law will deal a blow to investors, exchanges and other entities dealing in virtual currencies such as bitcoinexperts said.
A high-level government panel, just click for source Julyprepared a draft law providing for a ban on all forms is bitcoin legal in india 2019 private cryptocurrencies.
It had suggested a fine of up to Rs 25 crore and imprisonment of up to 10 years for anyone dealing in them.
But there is none. Still, transactions have been taking place through is bitcoin legal in india 2019 channels, the experts said.
The draft rules in the July proposal were too harsh, said one of them. He hoped the government would conduct stakeholder consultations and not go ahead with the bill https://obzortovar.ru/2019/waltonchain-price-prediction-2019.html its present form.
The panel, headed by former finance secretary Subhash Garg, had, in its report, advocated a ban on all forms of private virtual currencies, is bitcoin legal in india 2019 it asked the RBI and the is bitcoin legal in india 2019 to look at introduction of an official virtual currency.
The draft law prepared by the committee said any direct or indirect use of cryptocurrency will be punishable with a fine or imprisonment, which shall not be less than one year, but may extend up to 10 years. As per the draft law, a repeat offence will be punishable by imprisonment of up to five years, which could extend to is bitcoin legal in india 2019 years with a fine.
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