The bill also makes the holding of cryptocurrencies a non-bailable offence.

By Indo-Asian News Service | Updated: 8 June 2019 11:07 IST

HIGHLIGHTS

Money laundering risk cited as key reason behind the proposal

The ban could pave the way for India's own digital currency

RBI to give final nod over the launch of 'Digital Rupee'

Cryptocurrency Ban: Draft Law Proposes 10-Year Jail for Dealing in Bitcoin, Other Cryptocurrencies

India's Income Tax Department and CBIC have also endorsed a ban on cryptocurrencies

Holding, selling or dealing in cryptocurrencies could soon land you in jail for 10 years.

The "Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019" draft has proposed 10-year prison "mine, generate, hold, sell, transfer, dispose of, issue or deal in cryptocurrencies".

Besides making it completely illegal, the bill makes the holding of cryptos a non-bailable offence.

CREDITED ; gadgets.ndtv.com