India’s anti-bitcoin lawmakers have proposed a law that prohibits citizens from possessing, trading or profiting from bitcoin-related ventures which include mining. The “Banning Cryptocurrencies and Regulation of Official Digital Currency Bill 2019” proposes that persons found to be dealing in cryptocurrencies face an unbailable 10 years behind bars.
A couple of government anti-money laundering agencies such as the Central Board of Indirect Taxes and Customs (CBIC) and Income Tax Departments reportedly support the yet to be legislated policy which is set to boost the fight against the scourge.
Economic Affairs Secretary Subhash Chandra Garg, a long-time anti-crypto crusader heads the panel tasked with drafting the bill. Back in December 2017 when bitcoin’s value was at its apex, he declared that the coin would not qualify as legal tender in India.
If the proposed bill is passed into law, crypto holders will be required to declare their asset holdings within 90 days and dispose of them through means prescribed by the…