Anti-Crypto Law hinders Indian Police in the Cashing Out Cryptocurrency

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Arushi Dubey
Arushi Dubey is a student of Bachelor in Arts( Psychology). She is pursuing Psychology in arts with English literature and French Language. She is well versed in the English language. She is good at expressing her thoughts into words. She is still getting more and more trained in gathering knowledge related to Crypto Currencies and expressing them.

The Anti-crypto law is creating problems for the authorities in India because Pune Police is unable to move the money they have captured from a bitcoin scammer. The money is now stuck in the State Bank of India account which got froze. The Pune Police is directed by the court to transact the 85 million rupees captured from the scam named as ‘Bitcoin (BTC) Ponzi Scheme’ the previous year.

At first, the authorities contact a local trading point to exchange the amount of $1.1 million in Bitcoin to the Indian Nation currency that is Rupee. Unfortunately due to India’s Anti-Crypto law, the exchange account which was used in the exchanging of money got frozen and that is the transaction becomes impossible.

The news was first reported by Times of India on 3rd October. The Cyber police of the Pune, Maharashtra described that the around 244 virtual currency unit amount worth almost $1.2 million is now stuck in the bank account of the company named Discidium Internet. This the local trading company that was contacted by the police to transfer the company and exchange it in from Bitcoin to Rupee.

The Senior inspector of the Cyber Police Pune, Jairam Paygude stated the Discidium Internet account was blocked by the Reserve Bank of India (RBI) and that’s why Central Bank of India was not able to transact the money to the treasury branch of State Bank in the Pune, Maharashtra.

The problem is that the RBI has restricted the dealings and transfers of the digital currency in India and by transferring the validity of the order of RBI the Discidium Internet’s account got frozen. Now the authorities have requested the RBI to pass the order to the Central Bank of India to remove the block from the account. The request of the Pune Police for the transaction of the money is pending in the session court explained by the leader of the district government, Ujjwala Pawar.

On the other hand, a former employee of Bitbnbs, Rahul Jain stated,

“As a startup from India, we always wanted to serve from India, but this recent complication has made it difficult for domestic crypto exchanges to operate their businesses in India. So, we are now an Estonia-based company, and any Indian law to criminalize crypto will not impact us.”

The Indian government has drafted a bill

“Banning of Cryptocurrency and Regulations of Official Digital Currency Bill 2019” This bill is just draft now but the authorities are so eager to implement the bill as a law and it suggests that whoever

“mines, generates, holds, sells, transfers, disposes of, issues or deals in cryptocurrencies” will serve the 10-years imprisonment.

 

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