Well, India obviously feels it has something to prove. Purportedly, its latest draft bill on bitcoin and cryptocurrency is the most draconian yet.
[Editor’s note: This Bloomberg article source is currently unverified and should be considered to be a rumor.]
The ‘Banning of Cryptocurrency and Regulation of Official Digital Currency’ Bill, has more than just a snappy title. According to BloombergQuint, it also wants to criminalize anyone in the Bitcoin or cryptocurrency ecosystem.
More Jail Time For Holding Bitcoin Than Heroin
The bill proposes a prison sentence of one to ten years for persons who “mine, generate, hold, sell, transfer, dispose of, issue or deal in cryptocurrencies, directly or indirectly.”
On top of this, offenders will be fined an amount equal to the greater of three times the gain from the cryptocurrency or three times the loss to the system.
This would make it worse to carry bitcoin than class-A drugs, which in India warrants a measly 6-month imprisonment and/or a 10,000 Rupee fine. 10 years pits bitcoin usage as a crime with a roughly equivalent level of seriousness to human trafficking.
Actual sentences will be determined according to four criteria: culpability, actual and intended gain/loss, repetitive nature, and harm to the system.
It’s Not All Bad News For Indian Cryptocurrency Fans
You see the “Regulation of Official Digital Currency” bit of the title? Well, that refers to the potential plans to launch a ‘Digital Rupee’. This would of course, not fall within the ‘Banned Cryptocurrencies’ banner.
Yeah, we know… meh.
Bill Likely To Have The Opposite Of Its Desired Effect
Hmmm… we don’t want the populace to use this new-fangled Bitcoin or cryptocurrency thing.