A cryptocurrency could be a Digital- Currency that value cryptography for security and is mostly supported Blockchain Technology
Back in December Last year, a government panel voted on a whole ban of Cryptocurrencies News in India, within the wake of the likes of Bitcoin and Ethereum sparking a gold rush in the Republic of India.
According to Economic Times, a bill has been within the works to ban cryptocurrency, light-emitting diode by Economic Affairs Secretary Subhash Chandra Garg. A draft of the bill is currently out, referred to as the 'Banning of Cryptocurrency Digital Currency Bill 2019'.
According to the draft, if the bill is passed, it might penalize anyone United Nations agency mines, holds, or trades cryptocurrency with 10 years in jail. On high of that, it might conjointly forestall somebody in remission on crypto-related charges from being discharged on bail.
It's associate degree unbelievably harsh penalty, even perhaps too harsh. A 10-year jail sentence that is non-bailable is typically handed down for the likes of counterfeiting cash and even murder
The government's reasoning for this probably that cryptocurrency is often employed in concealment ad shopping for unlawful things online. although that is attainable with currency, after all, the anonymized virtual currency will, after all, create it easier.
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