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Bitcoin-buying in India despite the threat of crypto-prohibition

Bitcoin & co. in India in a difficult position. The restrictions of the Reserve Bank of India make it practically impossible to buy Bitcoin or trade. Furthermor

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Bitcoin-buying in India despite the threat of crypto-prohibition

Bitcoin & co. in India in a difficult position. The restrictions of the Reserve Bank of India make it practically impossible to buy Bitcoin or trade. Furthermore, a draft law in April 2019, for a sensation and worry lines in the case of crypto-investors. This will make possession and any activities related to Bitcoin under penalty. The Blockchain-companies Cashaa based in London wants to offer Indian Bitcoin users now have a legal loophole.

Brigitte Bernhardt
30. October 2019BTC$9.198,58 -2.46%part Facebook Twitter LinkedIn xing mail

Since the summer of 2019 may not offer Indian banks and other financial institutions, no services in connection with crypto currencies. The British financial services provider Cashaa now wants to create an opportunity to enable people living in India with access to crypto-currencies. The company offers on its P2P platform for buying and selling Bitcoin for over 200 currencies including the Indian rupee. However, prior to this, the platform needs to be its own Token, CAS acquired.

The current Situation on the Indian subcontinent looks for Bitcoin Enthusiasts anything other than rosy. For months, rumors about a law-circulate template for the prohibition of Bitcoin in India. So the Indian Economic Times has reported already at the end of April about the plans of the government.

Tough action against Bitcoin users in India

The draft law "Banning of Cryptocurrency & Regulation of Official Digital Currency Bill 2019" provides, among other things, harsh punishments for the possession of crypto-currencies. The individual contents of the bill can be found on the Website of PRS Legislative Research. The Indian Non-Profit organization sees itself as an independent research Institute. How rigorously the authors want to tackle the issue of Bitcoin, is clear as well. It is said in the draft:

generated, Who generates crypto-currencies, directly or indirectly, uses, holds, sells, trades, transfers, sells or issues (...) with the intent to use them for any of the purposes referred to, or, directly or indirectly, crypto-currencies (...) shall be punished with a fine or with imprisonment, which shall not be less than a year, however, up to ten years could extend.

If and when the members of the Indian Parliament will adopt the law, remains unclear. The paper should be applied, it would affect any private person or any business with Bitcoin-related.

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