Holding, selling or dealing in cryptocurrencies such as Bitcoin could soon land you in jail for 10 years.
The “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019” draft has proposed 10-year prison sentence for persons who “mine, generate, hold, sell, transfer, dispose of, issue or deal in cryptocurrencies”.
Besides making it completely illegal, the bill makes the holding of cryptos a non-bailable offence.
A cryptocurrency is a digital or virtual currency that uses cryptography for security and is generally based on blockchain technology, a distributed ledger enforced by a disparate network of computers. Bitcoin is the most popular cryptocurrency in the world.
Given the high chances of cryptocurrencies being misused for money laundering, various government bodies such as the Income Tax Department and the Central Board of Indirect Taxes and Customs (CBIC) had endorsed banning of cryptocurrencies.
The draft bill for banning cryptocurrency has been in the works for some time with Economic Affairs Secretary Subhash Chandra Garg leading the exercise.
While strict law would soon be in place to deal with people indulging in the trade of cryptocurrency, India is likely to have its own digital currency.
“A decision on the launch of Digital Rupee would be taken after consulting the Reserve Bank of India (RBI),” said an official.
iDOS 2 emulator for iPad is on borrowed time, so download while you can
The creator and developer of the iDOS 2 emulator for iPad has indicated to users that it probably won’t be long before it vanishes from the App Store. Chaoji Li announced today that Apple has found iDOS 2 to violate the App Store’s rules, giving him 14 days to correct the issues or face its removal. However, according to Li, … Continue reading
MagSafe Battery Pack teardown helps explain why Apple charges so much
Apple’s MagSafe Battery Pack may be one of the more controversial accessories the company has launched in recent memory, but that doesn’t mean there’s not a lot going on inside the magnetically attached power pack as a new teardown makes clear. Quietly added to the Apple Store shelves earlier this month, the battery clings to the rear of your iPhone … Continue reading
Alphabet’s Intrinsic breaks cover to teach old robots new tricks
Alphabet has started up a new robotics company, Intrinsic, with Google’s parent firm looking to make smarter industrial ‘bots. The announcement comes shortly after Alphabet sold Boston Dynamics – known for its attention-grabbing human and animal inspired robots – to Hyundai, but it seems Intrinsic will focus on a very different area of the field. While Boston Dynamics tackled both … Continue reading
Dread Pirate Roberts escaped development hell: Making Silk Road work as a film
Trailer for Silk Road. In the last decade or so of Ars, two pre-COVID news stories stand out to me...
Venmo gets more private—but it’s still not fully safe
Getty Images Venmo, the popular mobile payment service, has redesigned its app. That’s normally news you could safely ignore, but...
The best portable projectors for 2021
We love the idea of casting a large screen whether it’s to binge-watch a series over the weekend, deliver business...
Review: Old is a mostly solid film undermined by jarring twist ending
A family on a tropical holiday discover that the secluded beach where they are relaxing for a few hours is somehow...
Alpha Motors Superwolf is a completely decked out electric pickup
Alpha Motors unveiled a new version of its all-electric pickup called the Superwolf. The difference between this particular version of...
Social1 year ago
CrashPlan for Small Business Review
Gadgets3 years ago
A fictional Facebook Portal videochat with Mark Zuckerberg – TechCrunch
Cars3 years ago
What’s the best cloud storage for you?
Mobile3 years ago
Memory raises $5M to bring AI to time tracking – TechCrunch
Social3 years ago
iPhone XS priciest yet in South Korea
Security3 years ago
Google latest cloud to be Australian government certified
Cars3 years ago
SK Telecom and Samsung to collaborate on 5G for enterprise
Social3 years ago
Apple’s new iPad Pro aims to keep enterprise momentum