New crypto bill suggests 1.5 years of jail for violating rules: Report
By MYBRANDBOOK
According to a report, the government sets punishments on anyone who violates the rules. The government had tabled the bill during the winter session of Parliament and earlier planned to ban all cryptocurrencies. However, the report suggests that it is now considering appointing a markets regulator to oversee cryptocurrencies and classifying cryptocurrencies as financial assets.
All the crypto holders in India will be given a deadline to declare their assets and meet any new rules. The bill is likely to use the term ‘cryptoassets’ rather than ‘cryptocurrencies,’ and won’t refer to the central bank’s plan to create its own digital currency. There will also be a law to make those who infringe the law subject to arrest without a warrant and being held without bail.
The bill says that the Indian government is planning a "general prohibition on all activities by any individual on mining, generating, holding, selling, (or) dealing" in digital currencies as a "medium of exchange, store of value and a unit of account". It says that anyone who violates the rules can be fined as much as 200 million rupees ($2.7 million) or imprisoned for 1.5 years. The government may also consider prescribing a minimum threshold for investing in crypto assets to safeguard small investors.
The government seems undecided on the future path for cryptocurrencies. It had initially proposed a ban earlier this year ahead of the Union Budget but decided to relook the bill. The RBI also showed interest in bringing its own digital currency. Meanwhile, there was a surge in crypto investors in the country during this period. While no official data is available, industry estimates suggest there are some 15 million to 20 million crypto investors in India.
BREAKING NEWS
TECHNO TRENDS
Nazara and ONDC set to transform in-game monetization with ‘
Nazara Technologies has teamed up with the Open Network for Digital Comme...
Jio Platforms and NICSI to offer cloud services to government
In a collaborative initiative, the National Informatics Centre Services In...
BSNL awards ₹5,000 Cr Project to RVNL-Led Consortium
A syndicate led by Rail Vikas Nigam Limited (abbreviated as RVNL), along wi...
Pinterest tracks users without consent, alleges complaint
A recent complaint alleges that Pinterest, the popular image-sharing platf...
E-Magazine
TECHNOTAINMENT
Netflix adds 'Moments' feature for saving, sharing scenes from
Netflix has introduced a new “Moments” feature on its mobile app, whic
Jacqueline Fernandez come together with YouTuber Mr. Beast for
Jacqueline Fernandez has partnered with American YouTuber Mr. Beast to b
MOVERS & SHAKERS
Visa elevates Rishi Chhabra as new Country Manager for India
Rishi holds a Master’s in Industrial Engineering from The Ohio State Univ
Genesys welcomes Albert Nel as Senior VP and Regional Sales Le
Genesys continues to deepen its investment in the APAC region. Earlier this
OPEN YOUR EYES
INTERVIEWS
Acer addresses evolving customer needs by consistently pushing
Acer offers a comprehensive range of products under one roof, including des
Cisco building a trusted and resilient future for the nation
Security is foundational to everything Cisco does and customers insist on e
HOT PICK
SonicWall Launches TZ80: A Powerful Solution for Remote Office
SonicWall announced today the launch of the TZ80, a groundbreaking securit
Gigabyte X3D Turbo: A Gaming Revolution
GIGABYTE X3D Turbo Mode is a cutting-edge feature that unifies cores distr
MAKE IN INDIA BRANDS
TAC SECURITY SOLUTIONS
HIMACHAL FUTURISTIC COMMUNICATIONS LTD.
VERSA NETWORKS INDIA PVT. LTD.
DIGISOL SYSTEMS LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
ICONS OF INDIA : SANTHOSH VISWANATHAN
Santhosh Viswanathan is the the Vice President and Managing Director f...
Icons Of India : PRATIVA MOHAPATRA
Prativa is a transformational leader with an incredible breadth of exp...
ICONS OF INDIA : VIJAY SHEKHAR SHARMA
Vijay Shekhar Sharma is an Indian technology entrepreneur and multimil...
PARTNER SPEAKERS
PSU
NIC - National Informatics Centre
NIC serves as the primary IT solutions provider for the government of ...
C-DAC - Centre for Development of Advanced Computing
C-DAC is uniquely positioned in the field of advanced computing...
RailTel Corporation of India Limited
RailTel is a leading telecommunications infrastructure provider in Ind...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - Lal Karsanbhai, President & CEO, Emerson
Lal Karsanbhai, President and CEO of Emerson, assumed the leadership i...
Indian Tech Talent Excelling The Tech World - PADMASREE WARRIOR, Founder, President & CEO - Fable
Padmasree Warrior, the Founder, President, and CEO of Fable, is revolu...
Indian Tech Talent Excelling The Tech World - Soni Jiandani, Co-Founder- Pensando Systems
Soni Jiandani, Co-Founder of Pensando Systems, is a tech visionary ren...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
