Cryptocurrency to be made illegal

2019-06-11T11:18:20.000Z Honest Cash

This will also prevent whoever arrested prior to be bailed out of a jail. The most often charge to crypto is connected to money laundering while the government itself is vastly well known for corruption and bribery, so it makes little sense to it.

The Indian government will push the new bill that outlaws all crypto and guarantees a jail sentence of 10 years in for trading, mining or holding.

This bill to regulate crypto was in making from 2017 and supported by tax makers bodies with the reserve officials denying being even a part of it. At this point it is unsure that this bill is going to pass and on the other end, India has considered launching its own state-approved digital currency which is speculated to be only a new legal way to hide illegal activities for the elite members of community.

Crypto is a bit controversial, but not only because of the anonymous assets transactions, but because of the huge carbon footprint. Bitcoin annually wastes as much energy as Ireland and similar countries. This is open to a debate.

Besides the India, ban on crypto is in less or more force in the countries like China, Russia, Vietnam, Bolivia, Columbia, and Ecuador, so this is not an isolated incident.

While the magic of Bitcoin might plummet over time because of the new emerging technologies, crypto clergy expects to see a rise in the value of crypto as big brands started to endorse it as a payment method.

Image attribution link