India set to introduce increased regulation on cryptocurrency


Narendra Modi’s tightening of restrictions on digital currency have continued, with the Indian Prime Minister’s latest proposals potentially placing those who violate the law under arrest without a warrant, according to a report by Reuters. 

The latest legislation will place a heightened focus on outlawing individuals that engage with ‘mining, generating, holding, selling, or dealing’ of cryptocurrency. 

Furthermore, according to the legislation seen by Reuters, it was also detailed that those arrested under the new rules wouldn’t be eligible for bail. 

It comes amid a surge in cryptocurrency and NFT growth in the region, which would inevitably be halted should the impending legislation take hold in the region. 

Governance in India is also taking a specific focus on rogue digital currency marketing, safeguarding consumers from being lured into a relatively unregulated market. 

It’s a clampdown that has been seen globally, with London transport also halting digital currency advertisements on the underground.

The steps in the UK capital came after a campaign was launched and plastered across the region’s Underground promoting the token, inspired by Elon Musk’s dog, floki inu.

In what could be regarded as a ‘call to action’, the advert stated “Missed Doge? Get Floki”, and prompted criticism for the promotion of an unregulated coin, that’s in spite of there being no evidence that the token is anything other than legitimate.