Indian government ban on ‘non-sovereign’ cryptocurrency would see holders jailed for up to 10 years

An Indian governmental panel has recommended a ban on 'non-sovereign' cryptocurrencies, according to The Next Web. The panel also recommended up to ten years imprisonment and a fine for violation. The report argues cryptocurrencies have no intrinsic value and are too volatile for public use:

There is no underlying intrinsic value of these private cryptocurrencies. These private cryptocurrencies lack all the attributes of a currency. There is no fixed nominal value of these private cryptocurrencies i.e. neither act as any store of value nor they are a medium of exchange.