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Leaked Details of India?s Cryptocurrency Bill Analyzed

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Leaked Details of India?s Cryptocurrency Bill Analyzed Leaked Details of India?s Cryptocurrency Bill Analyzed

Leaked Details of India?s Cryptocurrency Bill Analyzed

Excerpts from what could be India’s new cryptocurrency bill have been leaked. While local media have made outrageous claims about the details of the bill, industry experts have pointed out numerous flaws and inaccuracies. Meanwhile, the country’s finance secretary has confirmed that the crypto regulation is ready to be submitted to the finance minister for approval.
Also read: Indian Cryptocurrency Regulation Is Ready, Official Confirms
Indian Cryptocurrency Bill
The Indian government has been working on a regulatory framework for cryptocurrency for over a year. Last week, Finance Secretary Subhash Chandra Garg revealed that the report containing the recommended crypto regulation is ready to be submitted to the finance minister. He heads an interministerial panel tasked with drafting the regulation. The government has not made the details of the report or any draft bill public.
Some Indian news outlets, however, claim to have some knowledge of this cryptocurrency bill. While it is unconfirmed whether the bill they cited is the same one the Garg panel will submit to the finance minister, industry experts have analyzed the excerpts and details of the bill and have shared their analyses.
Subhash Chandra Garg
Unconfirmed Reports
Two major Indian news outlets have reported that the bill entitled “Banning of Cryptocurrency & Regulation of Official Digital Currency Bill 2019” is the one the Garg panel has proposed. The Economic Times wrote about it on April 26 and Bloombergquint on June 6. However, both publications have been vague about their sources, providing no evidence of the bill’s legitimacy. The former wrote, “The government has kicked off interministerial consultations on a draft bill to ban cryptocurrencies and regulate official digital currencies.” It cited only “a government official who did not wish to be named” and certain minutes of the interministerial meeting it had reviewed.
The latter publication claims to have accessed the bill and boldly wrote, “India Proposes 10-Year Jail For Cryptocurrency Use…” However, an excerpt of the bill shared by the author of the article suggests that only certain activities are penalized and there is no blanket ban on general cryptocurrency use.

Prohibited Activities
Following his article on Bloombergquint, journalist Nikunj Ohri tweeted excerpts of the bill he claims to be the one proposed by the Garg panel.
One excerpt reads: “Whoever directly or indirectly mines, generates, holds, sells, deals in, transfers, disposes of or issues cryptocurrency or any combination thereof with an intent to use it for any of the purposes mentioned in, or directly or indirectly uses cryptocurrency for any of the activities mentioned in clauses (e), (g) and/or (h) of sub-section (1) of Section 8 shall be punishable with fine as may be prescribed by the central government in the first schedule or with imprisonment which shall not be less than ...
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Leaked Details of India?s Cryptocurrency Bill Analyzed Leaked Details of India?s Cryptocurrency Bill Analyzed

Fuente de la noticia: news-bitcoin
Fecha de publicación: 11-06-2019 21:17
visto: 3

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