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Indian gov’t panel seeks total ban on private cryptocurrencies, up to 10 years in jail for abusers

Indian gov’t panel seeks total ban on private cryptocurrencies, up to 10 years in jail for abusers

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A total ban on private cryptocurrencies has been approved by a government panel in India which also recommended a 10-year prison sentence for anyone dealing with unregulated digital assets. After nearly two years of work, the inter-ministerial committee (IMC), chaired by the economic affairs secretary, has submitted its final report to the government, together with draft legislation seeking to ban crypto trading in the country. It also recommended setting up a ‘Digital Rupee’ that would be issued by the Reserve Bank as legal tender. The Committee has recommended a law banning the cryptocurrencies in India and criminalizing carrying on of any activities connected with cryptocurrencies in India. Highlighting their “serious concern” over the growing popularity of alternative digital payment systems that completely lack government oversight, the IMC stressed that privately generated cryptocurrencies “lack all the attributes of a currency,” carry no “intrinsic value” and therefore can…
Source: Indian gov’t panel seeks total ban on private cryptocurrencies, up to 10 years in jail for abusers

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