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6/7/2019, 5:28 PM (Source: TeleTrader)
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India proposes prison sentence for crypto trading

India proposed legislation banning all cryptocurrency trading, with a maximum ten-year prison sentence for violations.

If the Banning Cryptocurrencies and Regulation of Official Digital Currency Bill 2019 passes, it would make all mining, generating, holding, buying, selling or dealing in cryptocurrencies, "directly or indirectly," illegal. The holders of digital currencies would have 90 days to declare and dispose of cryptocurrencies "in accordance with the prescription of the central government."

The ban coincides directly with New Delhi's plans to launch its own state-backed cryptocurrency called the Digital Rupee.

Following the news, Bitcoin still traded with gains against the dollar at 5:26 pm CET, rising 1.48% to $7,940.8, while the second biggest cryptocurrency by market cap, Ethereum, fell 0.39% to $249.02 a minute later.

Breaking the News / MD