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10-year-jail to Bitcoin users


NEW DELHI, 10 JUNE.Holding, selling or dealing in Bitcoin and other cryptocurrencies could soon send you behind bars for at least 10 years. The bill is aimed at making cryptocurrencies completely illegal and holding of cryptos a nonbailable offence.

Based on blockchain technology, a cryptocurrency is a digital or virtual currency which makes use of  cryptography for security. The blockchain technology is actually a distributed ledger enforced by a disparate network of computers, IANS reported. Bitcoin is world's most popular cryptocurrency. It is learnt that several government bodies, including the Income Tax Department and the Central Board of Indirect Taxes and Customs (CBIC) had called for a ban on cryptocurrencies because there are high chances of them being misused for money laundering and other criminal activities. While the government is set to implement strict laws to deal with those involved in dealing with cryptocurrency, it is likely that India would soon get a digital currency of its own. "A decision on the launch of Digital Rupee would be taken after consulting the Reserve Bank of India (RBI)," a government official told IANS. Last year, it was reported that the government was planning to introduce its own virtual currency called "Laxmi", however no official announcement was made in this regard.


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