Monday, October 26, 2020

India: We have not imposed ban on circulation of encoded currencies

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Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]

Indian government has revealed that despite the restrictions by the Reserve Bank of India, the country has not imposed  ban on circulation of encrypted currencies so far.

“At present, there is no separate law to deal with coded currencies issue, so all departments and law enforcement agencies such as the Reserve Bank of India, the Implementation Directorate and the Income Tax authorities to take action in accordance with current laws”, said Anurag Thakur, State Minister for Finance and Corporate Affairs.

According to the draft “Encrypted Currency Prohibition and Regulation of the Official Digital Currency Act 2019”, the retention, sale or handling of encrypted currencies such as “Bitcoin”, the world’s most popular currency, can put you in prison for 10 years for persons who “establish, detain, sell, transfer, act or deal in coded currencies”.

Read also: Libra: Global banking market will receive Facebook currency, despite federal investigation

Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]

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