Yes, you read it right.. according to govt of India sources, The Finance Ministry is planning on issuing a law to ban all 'private cryptocurrency' and make it a punishable offence 🙄
So anyone found in possession of any cryptocurrency or is involved mining activities is likely to spend upto 10 years in imprisonment or will face a fine upto 25 Crores INR or 250 Million USD‼️
In 2018, the Reserve Ban of India issued a ban on all bank accounts dealing in Cryptocurrency and even i have personally received a warning notice from my Bank.
Anyways, so the Supreme Court steps in on 4th March 2020, squashing the illegal ban and saying the Reserve Bank of India has no right to ban bank accounts dealing in Cryptocurrency..
So it's hardly 3 months now, and the Govt is not planning to planning to ban Cryptocurrency all together..
I'm very concerned as to how this will shape the Blockchain platform in India and how a lot of investment opportunities and income sources are going to be lost, if the Law is ever passed!
I really hope that the Cryptocurrency community in India rises to the occasion and demands freedom to choose where they want to invest in and what they want to believe in..
Yes, scams are a lot & Bitcoin is being traded on the darknet for illegal stuff, but so is the case with Fiat Money - it's the same story everywhere!
If you are from India & are reading this.. please comment your thoughts.. we can discuss more about this... Fingers Crossed 🤞🏼