Cryptocurrencies banned, dealing in Bitcoins will lead to 10 years jail

The law of Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019 has been recently proposed a 10-years jail for people who generate, hold, sell, transfer, dispose,mine, issue or deal in cryptocurrencies like Bitcoin and Ethereum. Since banking support was removed by the Reserve Bank of India (RBI) ,the crypto industry in the country has been struggling for more than a year and therefore several cryptocurrency exchanges have closed doors with all of them embedding rules and regulation and also due to the lack of banking support now it is totally banned.



The idea behind banning the other cryptocurrencies like Bitcoin may be to bring its own cryptocurrency in some months. According to Bloomberg Quint report's, the government is working on its own digital currency for India known as "DIGITAL RUPEE", it will be introduced only after consulting the central board of the Reserve Bank of India (RBI).


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