India’s crypto bill proposes maximum penalty for violating crypto norms at fine of Rs.20 crore or jail term

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  • On Tuesday, BloombergQuint reported that the penalty for non-compliance with the Indian government’s crypto policies could range from a maximum fine of 20 crore rupees or 1.5 years in jail.
  • India is taking a hard-line stance against crypto due, in part, to the perceived rise in fraud, money laundering and terrorist financing in recent years.
  • Another element is that the competition from privately-owned or privately-issued cryptocurrencies would, in theory, threaten the Reserve Bank of India’s plans to launch a digital rupee.

[Via]