There is a huge debate in the country about what will be the future of cryptocurrencies in India. The reason for this is that in the current winter session, the government may bring a law on cryptocurrencies. According to the report, if a person hides crypto information, he can be jailed or fined.Â
According to the report, the government may be given a certain time limit for those holding cryptocurrencies to declare their assets. Also, it is quite possible that in this bill, the government may use the word ‘cryptoassets’ instead of ‘cryptocurrency’. However, so far no official statement has come from the Finance Ministry on this whole issue.
What will be the punishment for hidden assets?Â
According to the report, if a person hides the assets of cryptocurrency, then there will be a maximum fine of 20 crores or 1.5 years imprisonment. Along with this, the government can also make some rules to protect small investors. Let us tell you, Reserve Bank of India (RBI) is also planning to bring its own digital currency.
Rapidly growing crypto market in 2021Â
According to Chainalysis, an organization monitoring the crypto market, this year till June 2021, this market has seen an increase of 641% percent. Addressing the ‘HT Leadership Summit’, Finance Minister Nirmala Sitharaman had said that the bill, which has been prepared after a thorough deliberation, is definitely going to come to the Parliament after the approval of the Cabinet.
It also has a provision to ban all private cryptocurrencies in the country. However, it allows some exceptions to the promotion and use of the underlying technology in cryptocurrencies.
