[2019-06-07] India Proposes 10-Yr Jail For Crypto Use, May Introduce own crypto - page 3.

suzanne5223

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Quote from: gentlemand on June 07, 2019, 04:14:15 AM

https://www.bloombergquint.com/bq-blue-exclusive/exclusive-india-proposes-10-year-jail-for-cryptocurrency-use-may-introduce-its-own-digital-currency

non paywalled here

https://pastebin.com/GVJUHFbb

Normally you'd dismiss this proposal out of hand a la Russia, but this is India, a country that was willing to buttfuck its very own poor until their entire digestive system collapsed in the name of driving them out of cash.

What do you reckon the odds are?

Was unable to finish reading the article but I knew India is a country which has different ethic and belief (religious) long ago and the rules/regulations used a some certain states are not accept or allow in some other States which was also the reason why it hard for crypto currency to be legalized there. However, what I read acoupke of days back is that crypto trading, holding and selling is allow in India and there even a couple of months old exchange site (wazrix) which I think it from there.

Is there something I'm missing?

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Quote from: Kakmakr on June 07, 2019, 12:19:25 PM

The people from India should not just sit back and accept things like this from a corrupt government like that, they should use their vote in the next elections and get rid of these bad decision makers.

I thought the same thing, but unfortunately I doubt that the people of India will change the current Indian political scene. One of the biggest problems of the poor countries is it seems that the people do not understand that the wrong political decisions can harm the life of a people. In the case of India with the caste system and with religion they have become a great advantage for politicians to do as they please because they have a divided and somewhat submissive people to the government.

in some time we will hear that this has been approved. as expected from india

Vishnu.Reang

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Quote from: Kakmakr on June 07, 2019, 12:19:25 PM

The people from India should not just sit back and accept things like this from a corrupt government like that, they should use their vote in the next elections and get rid of these bad decision makers.

The next elections are scheduled for 2024.

But voting for another party is hardly going to bring any change. As far as I know, none of the political parties have supported the idea of legalizing Bitcoin in India. Also, Bitcoin users are not an important voting bloc in India. The most important bloc is composed of the rural farmers, and they voted en bloc for the ruling party during the last elections.

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The people from India should not just sit back and accept things like this from a corrupt government like that, they should use their vote in the next elections and get rid of these bad decision makers.

In any way, Bitcoin is unstoppable and you can still hide ownership of your bitcoins and then spend them online or in another country where they are Bitcoin friendly. I would hoard the coins and then take a Bitcoin holiday in another country and spend money like crazy... Fck them out of taxes, because they do not deserve the taxes on Bitcoin if they ban it. Cool

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Being an Indian citizen, this news is of real concern to me. In a developed country such as Australia or England, you can expect the Bitcoin user to be given a chance to prove his innocence. But that does not work here. Here the cops are the biggest criminals and just last month there was the news of a Bitcoin trader forced to commit suicide after blackmailing by one police officer. If this legislation is passed, then it is going to be a windfall for the cops.

susila_bai

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It is really bad news for the Indian crypto users as even now Localbitcoins site have stopped the cash transaction and imposed the KYC policy which is why now all users have to give their documents to verify and now even they have taken consent confirmation of giving the users details to the government authority when ever asked. So now Indian users have to delete their account so that when the proposal of Jail for crypto users should not affect it.

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Quote from: hatshepsut93 on June 07, 2019, 07:09:10 AM

What's also bad is that a lot of other countries will take it as a signal and will do the same, this is generally how it often works.

I don't think any other country looks to India on how to run an economy.

I don't know what goes on in the mind of the Indian authorities, but the mass wiping out of bank notes was an assault on millions of innocent people on the breadline. How any responsible and compassionate government could do that is beyond me.

I presume places like Facebook will simply bypass India and by extension the Indian government will impoverish its population even further. Just think about the potential remittances in future that may not reach them because of stuff like this.

hatshepsut93

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This sucks, I too think there's a high chance that they will do it, judging by their history with gold, fiat and crypto. What's also bad is that a lot of other countries will take it as a signal and will do the same, this is generally how it often works. And I wonder what will Facebook and other companies who want to roll out their crypto will do - how will they ensure that it can't be used by people in India?
Also, how it will work for visitors? If I owe crypto, but don't take it with me, is it ok to them? Except crypto is just information, it can be in the cloud or in memory, so there might be some loopholes in their new law.

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Quote from: Lucius on June 07, 2019, 05:50:33 AM

For now, it's just a proposal, but according to what the article says some very important state bodies stand behind this.

Indeed. Normally I'd dismiss it as typical crypto press horse shit but the types of people on that committee are those who make things happen.

India is also all too happy to come down as hard as possible on gold so there's a good chance crypto is already dead but doesn't know it yet in India. Ah well. Their loss.

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For now, it's just a proposal, but according to what the article says some very important state bodies stand behind this. I think the chances that this proposal passes is more then 50%, just because this is about India which is mostly negatively looking towards cryptocurrency. The fact that they want to make their own crypto just shows that problem is not in crypto, but in finding no way to control it.

Obviously they want to stop progress of cryptocurrency in all possible ways, and even with rather large prison sentences up to 10 years. I do not know if there is a political alternative which has a softer approach toward bitcoin, but if there is, then the only option for a change is in the next elections.

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https://www.bloombergquint.com/bq-blue-exclusive/exclusive-india-proposes-10-year-jail-for-cryptocurrency-use-may-introduce-its-own-digital-currency

non paywalled here

https://pastebin.com/GVJUHFbb

Normally you'd dismiss this proposal out of hand a la Russia, but this is India, a country that was willing to buttfuck its very own poor until their entire digestive system collapsed in the name of driving them out of cash.

What do you reckon the odds are?

Topic: [2019-06-07] India Proposes 10-Yr Jail For Crypto Use, May Introduce own crypto - page 3. (Read 8068 times)