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Bitcoin ‘FUD’: India’s Reserve Bank Denies Involvement in Crypto Ban

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Bloomberg: India Looking to Jail Bitcoin, Crypto Users

On Friday, Bitcoin and crypto enthusiasts woke up to a harrowing piece of news. Reported first by Bloomberg Quint, India purportedly has plans to jail those who use digital assets in the nation. Citing a “draft bill”, the outlet explained that those who mine, hold, generate, transfer, dispose of, issue, or sell cryptocurrency will be subject to anywhere from one to ten years in the slammer. This exacerbates the current ban already in place, which shut down all cryptocurrency exchanges operating in the nation. The bill reads:

“[Offenses will be] cognizable and non-bailable… If any conduct is punishable under any other law, this Act will be in addition to, and not in derogation of such law.”

Harsh, ouch. Per Bloomberg, the Reserve Bank of India and its partners will also propose the creation of a “Digital Rupee” to fill in the void left by an all-out ban on Bitcoin.

This strategy has purportedly been “recommended by a panel headed by Economic Affairs Secretary Subhash Chandra Garg”, and has been backed by other governmental agencies.