Horrible! Indian Citizens Who Use Crypto As Payment Instruments Will Be Thrown In Prison

Indian government takes a tough stance on cryptocurrencies (Bitcoineexchangeguide)

JAKARTA – The Indian government is reportedly working on regulations related to cryptocurrencies. The regulation includes harsh penalties for citizens who do not comply with the new law. The authorities will arrest citizens who use crypto as a means of payment.

Previously, India insisted on banning crypto activities which include trading, mining, storing, and creating cryptocurrencies. The government also strictly prohibits the use of cryptocurrency if it is used for transactions.

Citizens who violate these regulations have the potential to be sent to prison. Moreover, those caught will not have the right to be released from behind bars.

India's decision contradicts previous statements regarding plans for the promotion and further development of the blockchain industry and technology. In addition to a total ban on the use of cryptocurrencies, the NFT market will also take a hit and will most likely stop functioning in the country, as reported by U.today.

After the release of the government plan, the majority of India's major traders and investors had to exit all crypto-related markets at a significant loss due to the risk of being caught.

Nonetheless, Reuters reports that India remains one of the largest digital asset markets across the industry. Reports show there are currently 20 million crypto traders in India, who have around 6 billion US dollars worth of assets in their balance.