The Centre has informed the Supreme Court of India that it will introduce the Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019, in the next parliament session after an expert panel recommended the complete ban on private cryptocurrencies in the country, the Financial Express.
The inter-ministerial panel that was set up to look into the legality of cryptocurrencies, recommended a complete ban on private cryptocurrencies and asked the Centre to consider launching its own digital money, the report said.
However, it also asked the government to keep an open mind on the potential issuance of cryptocurrencies by the Reserve Bank of India (RBI), the report further added.
As per the draft bill, the law will criminalise the use of private cryptocurrencies and recommended fine and imprisonment up to 10 years for anyone dealing in the virtual currency, the report added.
"Last year, the Supreme Court had refused to put a stay on the RBI's April 6 circular that had virtually banned banks and financial institutions from providing services to any individual or business dealing in digital currencies within three months. The banks and bourses have closed down their operations since July 6 last year," the report added.
First Published: Aug 9, 2019 11:54 AM IST
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