India is about to push new law that criminalizes cryptocurrency

Everyone who owns, trades or mines cryptocurrency is treathened to suffer up to 10 year years of jailed according to a new law that the Indian government is considering.
According to The Econonic Times if the bill passes anyone that is arrested for crypto-related crime won't e able to be bailed out of prison.
The most likely reason for this is the fact that in India Crypto is often connected to the money laundering schemes and various other financial crimes.
The Government officials in India are working on this bill for quite some time. Multiple government organizations that are related to the tax collection have raised their voice for a crypto ban in the country.
It will be completelly unexpected if the final decision is made without consulting with the Reserve Bank of India, which according to CoinDesk is againt the bill.
But the government won’t make a final decision until consulting with the Reserve Bank of India, which CoinDesk reports has distanced itself from the bill.
This bill would be very harch approach to the crypto regulation in the Country, but this is not a big surprise considering the fact that India was considering launching own governament approved digital currency, which would suffer the competion of the bitcoin and other cryptos if the bill isn't passed.




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