Indian Government Proposes Arrests Without Warrants For Anything Crypto Related

2021-12-07 15:47:50
The Government Slams All Hopes

Not only does India plans to outright ban most crypto coins, but the government also suggests making arrests without requiring a warrant.

This news come after the Indian government submitted a crypto bill asking to prohibit the majority of cryptocurrencies in the country.

And it is safe to say that the resolution of the crypto bill is rather surprising. Considering that the crypto community in India expected almost an opposite outcome. And consequently far greater leniency and understanding.

However, the Indian government has different plans for regulating cryptocurrencies. According to information in the crypto bill, India wants all crypto activities in the country to immediately cease.

And consequently, treat any potential crypto activity as a criminal venture.

General prohibition on all activities by any individual on mining, generating, holding, selling, (or) dealing” in digital currencies as a “medium of exchange, store of value and a unit of account.Indian Crypto Bill

Even more worrying, the report by the Indian government states that there will be arrests without warrants throughout the country. And even worse, the government in India wants crypto arrests to be ‘non-bailable’.

Prison And Fines

Consequently, the government in India suggests the Securities and Exchange Board of India (SEBI) as the sole official crypto regulator in the country.

Moreover, India’s main capital-markets authority will have the task to monitor, and reprimand any potential violators.

Depending on the instance, all violators of the exchange provisions will have the risk of facing dire consequences.

For that matter, those who break the law could face both a prison sentence and a hefty fine. And this fine can go up to $2.65m.

The Indian crypto bill is yet to reach the parliament for discussion. However, the lack of understanding and support for crypto of government officials in India is definitely a defeat for the crypto community in the second-most populous country in the world.

Related Posts

Leave a Reply