Selling, buying or holding virtual currency in India may result in a maximum of 10 years imprisonment

After the virtual currency such as Bitcoin experienced a blow to the countries, the bear market ushered in a low point. However, the recent surge in virtual currency has brought the entire market back to life. India is one of the most active markets for virtual currency, and India is also one of the countries active in combating virtual currency.

India is currently discussing a bill to ban and regulate virtual currency. If the bill is passed, virtual currency may be wiped out in the Indian market. The bill requires Indian citizens not to sell, buy or hold virtual currency. Violation of the above policies is a criminal offense and can be punishable by up to 10 years in prison. At the same time, India also stated that the criminal acts of virtual currency are clear and identifiable. For Indian virtual currency investors, this bill is much stricter than the previous regulatory measures, so it will also destroy the virtual currency market in India.

The reason why India strongly attacks virtual currency is the anonymity of virtual currency. For example, many virtual currencies are often used to evade taxes or money laundering. As more and more criminals use the virtual currency to trade and store value, Indian regulators cannot trace and identify and can’t do a better job. To this end, India has introduced numerous policies to combat virtual currency in the past few years, but these policies have not allowed the virtual currency to completely die out in the Indian market. The new bill discussed this time may have a high impact due to the high level of strength, but the current bill has not been considered for implementation in the discussion.

Via: theblockcrypto