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Proposed India bill banning crypto payments could mean jail for violations

While no official data is available, industry estimates suggest there are some 15-20 mn crypto investors in India, with total crypto holdings of roughly Rs 45,000 cr

Cryptocurrency
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Reuters
Proposed legislation that would ban the use of cryptocurrencies as a method of payment in India also seeks to make those who infringe the law subject to arrest without a warrant and being held without bail, according to a source and a summary of the bill seen by Reuters.

Prime Minister Narendra Modi's government has previously flagged that it plans to ban most cryptocurrencies - a move which follows measures by China this September that intensified its crackdown on cryptocurrencies.

According the summary of the bill, the Indian government is planning a "general prohibition on all activities by any individual

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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