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Draft Cryptocurrency Bill In India: Prison Sentence, Fine Of Up To Rs 20 Crore For Violation
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ndtv.comCryptoassets will be regulated by the Securities and Exchange Board of India (SEBI).
Individuals and corporations violating government rules on crypto finance will face fines of up to Rs 20 crore and a jail term of 1.5 years, according to the proposed legislation to regulate cryptocurrency in India. All private cryptocurrency will be regulated and not banned, as was planned earlier. However, crypto will not be recognised as currency or legal tender. The legislation's name has replaced the word "cryptocurrency" with "cryptoasset". The bill seeks to minimise financial stability risk by suitably ring-fencing the formal financial sector from crypto assets.
The government plans a "general prohibition on all activities by any individual on mining,
Read more on ndtv.comAbout this in other media
"Cryptocurrency, Digital Tokens Should Be Considered As 'Capital Assets' For Income Tax Purposes": Industry Body CII ndtv.com /3 years ago
Proposed India bill banning crypto payments could mean jail for violations: Report moneycontrol.com /3 years ago
9 in 10 urban Indians worry about savings not lasting through retirement: Study financialexpress.com /3 years ago
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