Government can bring strict laws regarding cryptocurrencies:One and a half year jail

Cryptocurrency news : 20 crores fine or one and a half year imprisonment! Government can bring strict laws regarding cryptocurrencies

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The government may enact strict laws regarding cryptocurrencies in the ongoing winter session in Parliament. Under this, transactions in cryptocurrencies can be sent to jail without warrant arrest under non-bailable sections.

Apart from this, there will also be a provision of fine up to Rs 20 crores. An official privy to the matter said that according to the bill to be introduced in Parliament, the buying, selling, depositing or holding of cryptocurrencies will be done only through exchanges. Violation of these rules can lead to arrest without warrant, which will be non-bailable.

The government can also make a rule for fine up to Rs 20 crores and imprisonment for one and a half years. Apart from this, it is also preparing to ban indiscriminate advertising of cryptocurrencies, as it has received complaints of inciting investors by giving false information. The bill could also impose restrictions on wallets holding cryptocurrencies and would be allowed to do so only through exchanges. According to an estimate, about 20 million Indians have invested 45 thousand crore rupees in cryptocurrencies.

Government will give time to investors

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Under the law regarding cryptocurrencies, the government can give investors enough time to declare assets and comply with the new rules. It is clear from this that the intention of the government is to regulate rather than ban it completely. The bill will use the word cryptoasset instead of cryptocurrency. Along with this, the minimum investment limit will also be fixed to protect the interests of small investors.

SBI will monitor crypto exchanges

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Sources say that the market regulator SBI will be entrusted with the task of monitoring the cryptocurrency exchange. Once it is classified as an asset, only investment will be allowed and SBI will regulate it like capital market. The cryptocurrency base in the country continues to grow, and the government is gearing up to protect investors from its risks. According to Analysis's report released in October, the crypto market in India has grown 641 percent as of June 2021.