As the Economic Times notes, the draft Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019 has proposed a 10-year prison sentence for anyone who "mines, generates, holds, sells, transfers, disposes of, issues or deals in cryptocurrencies.”
The severity of the proposed penalty and the extreme position reflected in the document — whether or not and in what form it eventually becomes national law — is already prompting local crypto businesses to take pre-emptive measures to protect themselves.
The executive said that the arbitrary decision to criminalize crypto-asset investment would destabilize existing businesses that have been operating legitimately and make the country an unfortunate pioneer in its role as “the first large democracy to ban an innovative technology such as crypto.”
While local opinions differ as to whether or how the bill will evolve into a definitive statutory shape, the Economic Times’ sources were unanimous in viewing the summer’s developments as a retrograde move for the country.
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