cryptocurrency, including bitcoin, may face severe legal action.
●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●●Indications are that those who do any business using cryptocurrency, including bitcoin, may face severe legal action. Reports from reasonable sources says that the new legislation that India intends to bring in could provide for arrests without warrant or imprisonment without bail for any transaction using cryptocurrency. There are reports that the government has decided to ban all private cryptocurrencies. According to Reuters, India's fight against the cryptocurrency system, which began in September in neighboring China, will be similar.
The bill, which is expected to be tabled in parliament soon, seeks to ban the general public from mining, producing, possessing, selling or trading cryptocurrency. Violation of any of these laws will be considered a cognizable offense directly by the police. That said, arrests without a warrant are possible. Bail may not be granted. The informations from various sources not admit this news and not willing to speak anything to any media. The Finance Ministry of India did not respond to queries.
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