Crypto Law In India
Cryptocurrency payments and all crypto related transactions are banned in India according to Crypto Law. As I stated earlier crypto law in India has much misinformation.
Some people say that crypto law is in favor of crypto regulation but others say that Cryptocurrency is completely banned in India.
All government authorities say that cryptocurrency should be completely banned in India. But this is not officially confirmed. I have stated all the major points regarding crypto law in India in my previous article.
The final decision is on hold from the officials as there were elections in India. Now elections are over but people are thinking that there is some crypto law that pushes people towards the prison.
Actually according to the current news being viral in social media that in India it is a criminal offense to have a cryptocurrency and mine crypto in any way. This is as per recent crypto law but be secure that this is not the final decision.
Actually, it is an appeal from all government authorities. Supreme court will announce its final decision in this matter.
Crypto Law and Criminal Technology
According to the viral news in social media, India is going to become a crypto law under which cryptocurrency trading and cryptocurrencies mining can be punishable for 7 years.
I am going to tell you about a proposal which is going to be passed in the Supreme Court right now.
- Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019
According to the above rules, in India, we can not make payment transactions in this type of cryptocurrency. Under the crypto law, trading in any type of cryptocurrency in India and mining any coin is a punishable offense.
Although such a rule has not yet been passed, it is only negotiating on this issue. It will be worthless to waste time thinking about it before thinking about it when it comes to it.
Crypto Law Current Status
The case has been going on for a long time about making laws about cryptocurrency. But we have not yet reached any final result.
This type of talk was placed in front of the government in April 2019 by some government authority. But at that time no decision was made because of the election and everything was decided after the election.
And now the elections have ended and we are getting news from the Economic Times that there will be a penalty for mitigating the cryptocurrency in India.
What Will Be Final Out Come?
Before the election result came, people were thinking that we can change in the coming government as per our own estimations.
But in the Modi government, any kind of illegal activity cannot be allowed to flourish. And whatever decisions will be made in the country, they will be fully accepted.
And anyway, our Modi Ji is dreaming of digital India. And to fulfill this completely, we must accept the cryptocurrency.
So you are requesting all the citizens to destroy the misconceptions that have flourished in your mind about crypto law.
Two that our country has become the most progressive country in the world and now we can not comprehend modern India with old India.
Modern India is a digital India and in this India, all types of technology will be excavated. And this country has the largest religion in the country and whatever steps it takes to advance the country, it will be raised.