According to local news agency Bloomberg Quint, a new bill on cryptocurrency dealings would make crypto trading in the country illegal and heavily penalized.
If signed into law, the bill titled ‘Banning Cryptocurrencies and Regulation of Official Digital Currency Bill 2019’ would put those in any way involved in cryptocurrency dealings at risk of jail terms or up to 10 years and hefty fines.
“The penalty imposed on the accused, according to the bill, shall be either thrice the loss caused to the system, or three-fold the gains made by him/her, whichever is higher,” writes Bloomberg Quint.
According to the publication, cryptocurrency holders would be given 90 days to declare and dispose of their cryptoassets if the bill was signed into law.
Representatives of India’s central bank, members of Securities and Exchange Board of India, the Central Board of Direct Taxes, and unnamed investigative agencies are rumored to have been involved in darting of the bill under the leadership of Economic Affairs Secretary Subhash Chandra Garg. However, the Reserve Bank of India (RBI) has denied any involvement or knowledge of the bill.