10-year Jail For Crypto Holder in India Mystery Solved?


There is a rumour spreading like fire in the Bitcoin market that India will ban Bitcoin and cryptocurrency and enforce a 10-year jail for those who deals with virtual currencies.

The news is supported by a draft bill named “Banning Cryptocurrencies and Regulation of Official Digital Currency Bill 2019” as many blog websites reported today.

The reports added that if the bill gets passed by the lawmakers than crypto holder gives a 90 days period to disclose their crypto holding to dispose of the assets “in accordance with the prescription of central government”.

Lets talk about the draft bill:

The bill is not passed yet by the lawmakers means there may be some changes in that before forcing it on public citizens.

The whole article was based on the claim that Bloomberg (Spread the FUD Initially) has seen the draft, and published the way they understand it. Do you really believe on the big media houses when they post such clickbait?

The media house published as that anyone who will deal with cryptocurrencies (Mine, Buying, Selling or Hodling) will sentence to 1-10 year jail according to the new law. The draft has clearly shown that there are some regulations and rules for Cryptocurrencies and anyone who will break the rules will be examined by the laws and after that, a fair decision is made.

india ban bitcoin
A Copy of the draft Bill

The picture shows clear hints for regulation from the lawmakers where Sec8 (1) (e) (g) (h) tasks are considered as punishable.

The bill may be about the new regulation on Bitcoin and cryptocurrencies in India. Some media sources misguided people just for their own profit.

RBI has officially denied the involvement or knowledge of the draft bill, RBI claims that they have not received any copy of the bill from central government bodies.

Don’t panic in the situation, the ban and jail are just rumours yet and the final decision is yet to come from the supreme court. The hearing will be held in July.