The government has submitted a draft crypto bill in India to the supreme court. Apparently, the introduction of the bill will take place in the next parliament session.
The Supreme Court of India has set a new date to hear the case relating to crypto regulation. The draft law contains a criminalized clause for the use of private cryptocurrencies. It also recommends fine and imprisonment up to 10 years for anyone dealing in the virtual currency. The committee already met three times before submitting its crypto report and draft bill to the Ministry of Finance. Meanwhile, the Indian crypto community has been trying to influence the government’s final decision on the country’s crypto policy. The crypto community claims the bill has multiple flaws pointing out many areas that indicate the lack of understanding of cryptocurrency and its underlying technology.
India’s inter-ministerial committee wanted a ban on cryptocurrency trading, and it wasn’t apparently shooting in the dark. With Facebook’s Libra unveiling, there is already a rising mistrust among US lawmakers for cryptocurrencies. Moreover, Facebook crypto Libra has no plans to arrive in India. As per the source, the apex court had virtually banned banks and financial institutions from providing services to any individual or business dealing in cryptocurrencies, last year.