The senior official told Reuters, however, that the plan is to ban private crypto-assets while promoting blockchain - a secure database technology that is the backbone for virtual currencies but also a system that experts say could revolutionise international transactions.
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A government panel in recommended jail of up to 10 years on people who mine, generate, hold, sell, transfer, dispose of, issue or deal in cryptocurrencies. The official declined to say whether the new bill includes jail terms as well as fines, or offer further details but said the discussions were in their final stages.
The court ordered the government to take a position and draft a law on the matter. The Reserve Bank of India voiced its concern again last month, citing what it said were risks to financial stability from cryptocurrencies. Despite the market euphoria, investors are aware that the boom could be in danger.
Financial Regulatory Forum Updated. This process does not violate Chinese laws.
Bitcoin plummets to a six-month low on China crackdown | Reuters
But Chinese individuals appear to be moving capital overseas under official quotas to obtain their USDT, under the guise of making medical or other legitimate purchases, a regulatory source told Reuters. Changhao Jiang, co-founder and CTO of Cobo, a Chinese cryptocurrency custodian and digital wallet provider, saw a jump in business this year.
Technology News Updated. Editing by Vidya Ranganathan and Jacqueline Wong.
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