Holding Cryptos Banned With Fine Of Rs. 25 Crore And Jail Term

Currently cryptocurrencies that are primarily not under government control including bitcoin and ripple, have been proposed to be completely banned by a high-level government panel. The panel has submitted its report along with a draft bill proposed, Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019.

Holding Cryptos Banned With Fine Of Rs. 25 Crore And Jail Term

The committee on the sidelines has given its approval for launching a national digital currency. "As virtual currency and its underlying technology is still evolving, the group has proposed that the government may establish a standing committee to revisit the issues addressed in the report as and when required," it said.

This comes with a penalty of Rs. 25 crore and imprisonment for 10 years term for any activity relating to digital currency carried out either by an individual or company.

So, if you still hold these crypto tokens by an chance, here is the recourse for you:
1. The dealing in cryptos to be deemed as non-bailable and cognizable offence

2. Rs. 25 crore fine or 3 times the loss caused or gains realized

As the above can be fostered as a punishment on you for direct or indirect dealing in cryptos, these are the follow up actions you can resort to:

It is to be noted that it is just a draft bill and for the final declaration and disposal, you will be provided a window and so don't press panic button. So, while selling the held cryptos will be your decision, do not get into fresh buying because of the uncertain legal cloud around it and obviously risks.

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