Proposed legislation that would ban the use of cryptocurrencies as a method of payment in India may be severe.
Arrest warrant
Those who infringe the law are subject to arrest without a warrant and being held without bail, a media report said.
The government has previously flagged that it plans to ban most cryptocurrencies
“The government is planning a “general prohibition on all activities by any individual on mining, generating, selling, dealing” in digital currencies as a “medium of exchange, store of value and a unit of account”, the report said.
Strict regulations
Flouting any of these rules would also be “cognizable” which means an arrest without a warrant is possible”.
Industry estimates suggest there are some 15 million to 20 million crypto investors in India. The government has also plans to come down heavily on advertisements that seek to woo new crypto investors.
