India plans to enact a law that will ban cryptocurrency and crypto trading more efficiently in 2018 than the RBI circular.
India, which has officially lifted the crypto ban introduced in the spring of 2018, is now considering another crypto ban, according to a report by The Economic Times. It is claimed to be more effective as the government wants to achieve this within a legal framework.
A New Law Against Bitcoin
The report says that India takes a different approach to ban cryptocurrencies. Recently, the Supreme Court officially lifted the ban. In this way, the crypto community in India took a deep breath. But the Indian Ministry of Finance has now begun work to reinstate the ban.
The news says that in mid-summer last year, a draft bill was created in a senior panel in the Indian government to ban Bitcoin and all other forms of digital assets.
10-Year Prison Term
According to this draft, anyone dealing with crypto will have to pay up to 25 rubles (Rupees 250 million or $ 3,291,055). The alternative is up to ten years in prison.
Speaking to the Economic Times, one of the experts stated that they proposed very strict rules in the draft law in 2019. Currently, many companies were planning to restart and revive their expansion plans in India, as the RBI ban on Bitcoin and other crypto investment tools was lifted.