India toughens up on crypto: Bill includes 'Arrest Without Warrant'
India, the country with the highest number of crypto investors, is toughening its stance on crypto. As per a report, the government's crypto bill includes a provision for 'arrest without warrant' with no bail. Furthermore, the jail terms for violators of any provision of the law will be strict.
Documentation India's crypto bill
A Dec 7 report from Reuters says that the proposed legislation has banned the use of crypto as a medium of payment, and those who break laws will be arrested without a warrant and detained without bail. Reuters have had a look at the summary of the crypto bill.As per the summary of the bill, the Government of India is planning a "general prohibition on all activities by any individual on mining, generating, holding, selling, (or) dealing" in digital currencies as a "medium of exchange, store of value and a unit of account."
The crypto bill promotes uncertainty
A previous report revealed that India plans on banning all 'private' cryptocurrencies as well as advertisements surrounding these blockchain-based assets. On the other hand, the creator of the original crypto bill from 2019 said that the bill is misleading and misinterpreted."If no payments are allowed at all, and an exception is not made for transaction fee, then it will also effectively stop blockchain development and NFT," said Anirudh Rastogi, founder of law firm Ikigai Law.Furthermore, there are chances that the Government of India might also ban self-custodial wallets or hardware wallets that allow people to store their crypto outside of exchanges. Also, the Securities and Exchange Board of India (SEBI) will be responsible for regulating the cryptocurrency market.
Also, the violators might need to pay as much as 200 million INR or $2.65 million as per previous reports. Such harsh terms of India's crypto bill rang a death knell to the expectations of investors.
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