Operations with cryptocurrency in India can be punished with a prison term for 10 years

India made a proposal to toughen penalties for anyone who is in any way connected with cryptocurrency. During the discussion of the draft law banning virtual assets, officials expressed the opinion that violators should be punished with a prison term of up to 10 years.

The Indian Parliament is discussing a law prohibiting any operations with cryptocurrencies. That is, if within three months from the day the new rules come into force, the owner of tokens or other digital assets does not report on the virtual means at his disposal, he will face punishment. Those who declare assets will dispose of them only in accordance with the regulations established by the authorities.

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The new rules will affect not only miners, but even having an indirect relationship to cryptocurrency. The draft of the draft law, which has not yet been adopted, provides for penalties for violators in the form of a system of fines. Some Indian politicians believe that this measure is not tough enough, so they suggest imprisonment for criminals for up to 10 years.

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