Govt panel recommends cryptocurrency ban, jail terms and fines for use

Panel headed by finance secretary Subhash Chandra Garg recommends imprisonment for up to 10 years for anyone who mines, generates, holds, sells, transfers or issues cryptocurrency.

A government panel has recommended banning all private cryptocurrencies and a jail term of up to 10 years and heavy fines for anyone dealing in digital currencies, which could signal the end of them in India.

The panel drew up a report and draft legislation, which will be examined by the government and regulators before they make a final decision, the government said in a statement on Monday.

The panel has, however, asked the government to consider the launch of an official government-backed digital currency in India, to function like bank notes, through the Reserve Bank of India.

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