Companies and individuals will be fined for using the cryptocurrency – DRAFT LAW

cryptocurrency bitcoin

Bill to set the ground for Reserve Bank of India (RBI) to come out with it’s own digital currency.

Corporates and individuals are unlikely to be allowed to buy Tesla and part with unaccounted cash in cryptocurrencies.  If the proposed new bill by the government is cleared by parliament. The draft bill will propose a complete ban on all private cryptocurrencies that is valued for being untraceable. The bill also will make way for the official digital currency which will be regulated by Reserve Bank of India.

Nearly 7 million Indian hold cryptocurrencies worth over $1 billion and there has been over 700 per cent increase in the last year, according to official estimates.