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Cryptocurrency Ban: Draft Law Proposes 10-Year Jail for Dealing in Bitcoin, Other Cryptocurrencies

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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.

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Apple allows Parler back into App Store after new moderation promises

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Apple plans to allow Parler back into the App Store, having expunged the Twitter-rivaling social network in January over accusations it was used by January 6 US Capitol insurrectionists to plan violent acts. Apple and Google opted to remove the app from their respective download stores, while Amazon Web Services ousted Parler from its servers. It prompted accusations of tech … Continue reading

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Android Nearby Share with everyone incoming

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It would appear that Google has a new way to share files in the mix with Android. Per the latest version of Google Play Services and some creative work looking at the code for the system, Nearby Share with “everyone mode” is nearly ready for the pubic. This update would add “Everyone” to device visibility right next to “Contacts” and … Continue reading

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Bluetti EP500 Pro 5.1kWh Power Station – home power backup on wheels

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We have covered our fair share of portable power stations that try to strike a balance between portability and power one way or another. Bluetti’s latest gamble, however, is unabashed standing firm on the power side but not without good reason. The Bluetti EP500 and its more power-packed EP500 Pro sibling definitely boast the largest capacity and biggest set of … Continue reading

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