New Delhi: A recent draft bill that proposes jail term for anyone who deals in cryptocurrencies continues to cause a stir in India and the cryptocurrency market around the world. RBI, however, has not encouraged the use of bitcoins, and the sale of bitcoins currently is taxed in India. Regardless, cryptocurrency experts believe that fretting over the draft at this stage may not help. Vishwanath also believes it would be a bad option for the government to ban cryptocurrency in India, because it might lead more people towards underground transactions. Ashish Singh, CEO of bZird, a digital marketing firm, said many cryptocurrency users in India keep their money abroad.

Source: Mint June 10, 2019 08:05 UTC