In India, hold, sell or trade Bitcoin and other currencies may soon encryption will face 10 years in prison.
According to India's "Economic Times" reported on June 8, the Indian government in the draft "No encryption currency regulation and currency official figures 2019 Act" provides for "the exploitation, production, possession, sale, transfer, disposal, issue or transaction encryption money, "the man sentenced to up to 10 years in prison. In addition to the encryption of monetary completely illegal, the bill would also prohibit a person from currency-related crime encryption arrested released on bail. Moreover, the draft also proposes to encrypt the user money, fined caused losses to the state treasury or encryption currency transaction gains three times the amount to the higher of the two amounts shall prevail.
The Indian government believes that encryption is often misused for money laundering and other financial crimes, many government agencies, such as the Indian Income Tax Department, Central Committee of the Indian Customs and Indirect Taxes (CBIC) are in favor of banning encryption currency.
Quartz, according to news reports, as early as the end of 2017, the Government of India and Reserve Bank of India would feel uneasy about Bitcoin and other digital currencies. July 2018, Reserve Bank of India and Bank ban virtual currency to carry out any business relationship. Since then, the Indian community increasingly troubled currency encryption, encryption currency business has been seriously affected, including India's largest trader Zebpay encryption encryption, including many manufacturers have moved out of India.
It is reported that the draft led by the Indian Minister of Economic Affairs Suha Shi Chandra Gag, has been brewing for some time. June 2, responsible for drafting industry regulatory requirements of an inter-ministerial team confirmed, will soon submit a draft report to the Ministry of Finance is expected to be submitted to Parliament during the current budget session. Once India has become the first country to legislate against Bitcoin currency such as encryption, encrypted money is undoubtedly a heavy blow.