India’s Crypto Crackdown Might Allow Arrests Without Warrants

Key Points:

• The Indian government proposed legislation that would ban most cryptocurrencies

  • India had the Cryptocurrency and Regulation of Official Digital Currency Bill in the works over the year and there were hopes of the government loosening the crypto regulations, but instead may pose harsher penalties according to a summary of a draft bill reported by Reuters

  • According to the draft, all private cryptocurrency payments would be banned, with violators facing arrest without warrant or bail.

  • The actual bill should be proposed soon, later this winter

• This seems to be following China’s strategy of building a central bank digital currency (CBDC) and starting to ban cryptocurrencies