Thursday, November 30, 2023

Decoding 2019 Crypto Draft Bill: Can India lead global solution?

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All eyes are now on the cryptocurrency bill that the government of India is going to table in the upcoming winter session of the parliament. Amid the speculations on what could be the bill all about, NewsX decodes the bill the government introduced on digital currency in 2019. Latest inputs suggest that the 2021 bill could be toned down and more comprehensive.

The 2019 Crypto Draft Bill prohibited mining, holding, selling and trading cryptos and made it punishable up to 10 years. Cryptocurrency was defined as token having digital representation value and the time period mentioned to declare or dispose cryptos is possession was mentioned as 90 days. It further said that the Centre and RBI would issue digital rupee as a legal tender and digital currency would be recognised as the legal tender is notified. Meanwhile, tech underlying cryptocurrency for research and teaching was allowed.

The bill states that whoever directly or indirectly mines, generates, holds, sells, deals in, transfers, disposes off or issues cryptocurrency shall be punishable with fine or imprisonment, which shall not be less than one year but which may extend up to 10 years.

Meanwhile, whoever directly or indirectly promotes, issues any advertisement, solicits, abets or induces any participation in any activity involving the use of cryptocurrency shall be punishable with fine or imprisonment, which may extend up to 7 years or both.

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