Scandalous cryptocurrency regulations in India

https://i.imgur.com/oVOac82.jpg


Last week, some details of the Anti-crypto bill “On the prohibition of cryptocurrency and the regulation of official digital currencies”, which has been under development in India since last year, has become public. In particular, it is stipulated that Indian citizens convicted for carrying out operations with cryptocurrency face up to 10 years in prison.


It is proposed to apply punishment to persons "directly or indirectly associated with the extraction, generation, storage, sale, transfer, sale, issuance and conclusion of transactions with cryptocurrency." The possibility of release on bail under these charges is not provided.


The bill also spelled fines, three times the amount of benefits. The violation inflicted on the state will have to compensate for it in full. The owners of the cryptocurrency of India must, within 90 days, get rid of them and report it to the state.


Representatives of various departments, including the Department of Economic Affairs, the Central Council on Direct Taxes, the Central Council on Indirect Taxes and Customs and the Department of Education and Investor Protection Funds under the Government of India, took part in the preparation of the bill.


The Reserve Bank of India said that they have no relation to the bill development.
















KYCbench, your reliable KYC partner
www.kycbench.com
GDPR & ISO/IEC 27001:2013 compliant


Please contact KYCbench today, the most reliable ID verification processor at: contact@kycbench.com


Join our Telegram Groups:
KYCBench Announcement
KYCBench Community

There are so much that’s going in India regarding Cryptos and we MUST keep our self up for it. I always keep watch on Crypto News, because I know how much of a difference it could make.

If you are not aware of these major news and stories, it is always likely to cause trouble for you. So this is where we have to be so very wise with our way and approach, as it is something that will lead towards getting the rewards that we wish to get.