India proposes 10 year prison sentence for BTC users, plans state-backed crypto launch

posted 4 months ago
Lawmakers in India have proposed a bill which would see Bitcoin and crypto ownership made completely illegal, with as much as a 10-year prison sentence for anyone caught holding. Notably, India plans to launch its own state-backed cryptocurrency – the Digital Rupee.

The bill proposes a 10-year prison sentence for persons who “mine, generate, hold, sell, transfer, dispose, issue or deal in cryptocurrencies, directly or indirectly.” Anyone caught committing such crimes would be subject to “non-bailable” sentences The government’s own proposed currency – the Digital Rupee – would not fall under the same stringent laws as Bitcoin and other cryptocurrencies.
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