If you have invested in Bitcoin or any other cryptocurrency, it’s time to sell those digital coins because they can give you a 10 years time in jail.
Cryptocurrencies will now become illegal in India. Government is planning to draft law with up to 10 years of jail time as punishment for those who found involved with cryptocurrencies in any way.
- India to draft a law, making holding, mining, buying or selling cryptocurrency illegal.
- In addition to making it illegal, it’ll be a non-bailable offence.
- 10 years punishment for those who found guilty.
- However, the Government is also planning to launch Digital Rupee after consideration with RBI.
Is this the end of the road for Bitcoin and Globalcoin?
Facebook is speculated to launch its own cryptocurrency, Globalcoin. Everyone was expecting that the hold will be lifted from cryptocurrencies in India. After this move, the Modi government has shown they don’t have any intention of picturing these digital coins in the future Indian market. We can see “digital rupee” in the near future, but it’ll never be a true cryptocurrency because of government regulations and centralised system.