Holding, selling or trading with CryptoLooks like Bitcoin will soon put you in jail for 10 years.
“The CryptoLab ban and the Official Digital Currency Act for 2019” propose a 10-year prison sentence for individuals who “distribute, produce, hold, sell, transfer, sell, show or trade” CryptoLooks.
This bill not only completely violates the law, but also the ownership of crimes that cannot be saved.
Crypt is a digital or virtual currency that uses security cryptography and is usually based on Blocked technology, a book distributed by other computer networks. Bitcoin is the most popular CryptoLight in the world.
Given the high possibility of abuse of money laundering cryptology, various government agencies, such as the Income Tax Office and CBIC, have supported cryptographic prohibitions.
The bill that banned CryptoLight has temporarily worked with Subhash Chandra Garg, head of economic policy.
Although there will soon be strict laws to deal with people involved in crypto-loop trading, India may have its own digital currency.
“The decision to introduce digital rupees will be taken after consulting the RBI,” said an official.