Topic: Breaking News! Third world nation bans BTC. 10 years in jail for holding crypto - page 2. (Read 10928 times)
June 09, 2019, 05:37:45 AM
yh there are lot of crypto traders in india and investors too , i saw the article there is no official conformation from ministries or rbi but big stop for crypto traders in india 10years jail thats big too
June 09, 2019, 05:03:32 AM
Don't worry, in the long run, this will stop. Banning BTC is not the solution.
yeah, BTC banning every country when they sold out at top price, and they give us bad news to dump btc price and buyback at down price. It's classic news 
June 09, 2019, 02:04:35 AM
It is not good for indian citizens because they will be affected on that. I do not know the reason why they do that because crypto is good opportunity and people in India will forcing to sell their coins they have right now to not punish by the government I hope this law will be abolish it is not fair for everyone. Crypto is legit and they did not do this.
June 09, 2019, 12:08:49 AM
The political system in India is different. The effective head of the state is the Prime Minister, who is a part of the ruling party. The president has only nominal powers and he is also a member of the NDA (ruling alliance whose members proposed the measure to ban Bitcoin). The proposed bill in all probability will be passed in both the houses of the parliament, and then signed by the president. It may face legal challenges in the top most court, but I am not very optimistic about this scenario. The mindset of the supreme court judges in India is not very different from that of the lawmakers.
Thank you for bringing this up here, it shows the failure of democracy to the whole world and India is the largest democracy and it is showing its flaws here, the president is a set up of the ruling party and he is a mere dummy to play according to their plans which sucks, i am from a state where the ruling party is not even having one seat in their entire history and they will never win a single seat because of their ideology, literacy is a major factor why these sort of parties are still ruling India in 2019, people will be happy to get money and free goods in order to cast their votes.I think you are from Southern states such as Andhra and Kerala, where the NDA failed to win any seats. This is one of the flaws of democracy. In a democratic system, if a particular group increases its population, it gets more votes and thereby more power. The Southern states have very low population growth and are therefore becoming insignificant in the Indian politics. On the other hand, the states of UP and Bihar are home to almost 30% of the Indian population (the proportion is increasing every year due to huge population growth), and they are having a stranglehold over the Indian politics now. NDA won 103 out of 120 seats from UP/Bihar this time.
June 08, 2019, 03:58:13 PM
I think this is a very strict law. 10 years in jail for trading crypto is a lot. I would like to have a good future with cryptocurrency, so that all countries have a positive attitude to it. I hope I will can see that.
June 08, 2019, 01:35:35 PM
The political system in India is different. The effective head of the state is the Prime Minister, who is a part of the ruling party. The president has only nominal powers and he is also a member of the NDA (ruling alliance whose members proposed the measure to ban Bitcoin). The proposed bill in all probability will be passed in both the houses of the parliament, and then signed by the president. It may face legal challenges in the top most court, but I am not very optimistic about this scenario. The mindset of the supreme court judges in India is not very different from that of the lawmakers.
Thank you for bringing this up here, it shows the failure of democracy to the whole world and India is the largest democracy and it is showing its flaws here, the president is a set up of the ruling party and he is a mere dummy to play according to their plans which sucks, i am from a state where the ruling party is not even having one seat in their entire history and they will never win a single seat because of their ideology, literacy is a major factor why these sort of parties are still ruling India in 2019, people will be happy to get money and free goods in order to cast their votes. 
June 08, 2019, 01:24:47 PM
Why are they doing this? People want to improve their lives with bitcoin, why the government won't let them do it. They do not want to see the positive side of bitcoin and it is very sad.
Why did they restrict gold imports? Why did they trip up their population by deleting their banknotes?
It's about driving money into bank accounts so they can tax, surveil and control it plus preventing capital flight. Widely adopted crypto would be a nightmare in that scenario so if they don't do it this time around they'll certainly try again in future.
June 08, 2019, 01:15:07 PM
Why are they doing this? People want to improve their lives with bitcoin, why the government won't let them do it. They do not want to see the positive side of bitcoin and it is very sad.
June 08, 2019, 12:22:48 PM
Yes, India has many crypto users. With such a proposal, I think the best way for Indians is to take a safe path. That is by selling their coins while waiting for the final decision from the government. This kind of news is certainly very stifling and I am afraid if this action will be imitated by the lawmakers in my country.
Lol. This whole topic is hilarious. Firstly, as others have mentioned already, this is just a stupid proposal and nothing more which may or may not pass at the end of the day. Lets just assume that it passed. What happens next?The RBI banned crypto completely many months ago and people still actively trade crypto. This is a similar situation. People will find some way or another to continue trading crypto since you cannot actually ban crypto entirely.
The Indian government has banned porn completely at present, but people found workarounds. Torrents are banned, but people still use proxies and VPNs to view them.
June 08, 2019, 10:31:17 AM
The political system in India is different. The effective head of the state is the Prime Minister, who is a part of the ruling party. The president has only nominal powers and he is also a member of the NDA (ruling alliance whose members proposed the measure to ban Bitcoin). The proposed bill in all probability will be passed in both the houses of the parliament, and then signed by the president. It may face legal challenges in the top most court, but I am not very optimistic about this scenario. The mindset of the supreme court judges in India is not very different from that of the lawmakers.
Does this mean that even though this is just a proposal, it is most likely will be approved and become a law in India? Do we expect another dump because of this law? 
June 08, 2019, 07:29:00 AM
Each country has its own view on cryptocurrencies and their lawmakers' views may be different but the decision to sign the law is still in the of head of state. If the head of state did not like the proposed bill to be enacted, he will not sign it and if he/she signs it, the cryptocurrencies will find their way to the underground exchanges. Since the cryptocurrencies existed only in the web, people will always find ways to buy and sell virtual currencies even there is law that restrict them.
The political system in India is different. The effective head of the state is the Prime Minister, who is a part of the ruling party. The president has only nominal powers and he is also a member of the NDA (ruling alliance whose members proposed the measure to ban Bitcoin). The proposed bill in all probability will be passed in both the houses of the parliament, and then signed by the president. It may face legal challenges in the top most court, but I am not very optimistic about this scenario. The mindset of the supreme court judges in India is not very different from that of the lawmakers.
June 08, 2019, 06:50:31 AM
Black money scare has scared India. I think USA has allowed Bitcoin to function as a digital asset.
Bitcoin is the most transparent form of money and there is nothing you can hide from the blockchain and yet you think that the Indian government is scared of black money if there is every recorded transaction ever done in bitcoin and if that is the reason they are coming up with for passing the bill, the world will laugh at them for their lack of knowledge about the entire bitcoin infrastructure, if they ban the use entirely people will still trade away from government eyes because the no one can stop the market. June 08, 2019, 06:31:41 AM
Each country has its own view on cryptocurrencies and their lawmakers' views may be different but the decision to sign the law is still in the of head of state. If the head of state did not like the proposed bill to be enacted, he will not sign it and if he/she signs it, the cryptocurrencies will find their way to the underground exchanges. Since the cryptocurrencies existed only in the web, people will always find ways to buy and sell virtual currencies even there is law that restrict them.
June 08, 2019, 06:06:53 AM
The Indian government has banned porn completely at present, but people found workarounds. Torrents are banned, but people still use proxies and VPNs to view them.
ROFL. It was a retarded step to ban porn. And you are right. In today's world these sort of bans don't work as VPNs can be purchased for as little as $5 per month. This is what happens when we have uneducated and illiterate people as the lawmakers. So this does not come as a surprise. India is a country that has banned porn. And the lawmakers are retarded enough to propose a ban on crypto as well.
June 08, 2019, 06:06:12 AM
The owner of bitconnect.com was arrested in India for $14 billion ponzi scheme using Bitcoins. India has all the scammers and "billionaire frauds"
June 08, 2019, 06:01:51 AM
Yes, India has many crypto users. With such a proposal, I think the best way for Indians is to take a safe path. That is by selling their coins while waiting for the final decision from the government. This kind of news is certainly very stifling and I am afraid if this action will be imitated by the lawmakers in my country.
Lol. This whole topic is hilarious. Firstly, as others have mentioned already, this is just a stupid proposal and nothing more which may or may not pass at the end of the day. Lets just assume that it passed. What happens next?The RBI banned crypto completely many months ago and people still actively trade crypto. This is a similar situation. People will find some way or another to continue trading crypto since you cannot actually ban crypto entirely.
The Indian government has banned porn completely at present, but people found workarounds. Torrents are banned, but people still use proxies and VPNs to view them.
June 08, 2019, 05:55:46 AM
India has decided to completely ban the possession, sale and purchase of Bitcoin or any other form of crypto-currency.
Black money scare has scared India. I think USA has allowed Bitcoin to function as a digital asset.
June 08, 2019, 05:48:20 AM
Many countries prohibit bitcoin, but it only stops at the proposal, because they still worry that bitcoin will become a global trend, when their economy will be left behind.
June 08, 2019, 02:21:48 AM
Is this some kind of strategy? When I remember correctly it was China and India way back 2017, and other big populated countries are into something like this, banning crypto and other related to it. And yet the price plummet and after that the price reach to certain heights. Is it just their tactic to bring down the price of Bitcoin and the buy more? What do you think, anyways if the country India would totally ban it another country would take it's place anyway so there is no big deal.
June 08, 2019, 01:39:23 AM
Let's not get ahead of ourselves. This is a proposed bill - it has not been put into law just yet. If it becomes law, it will be a global embarrassment, because it will keep India behind economically.
look at the government of India, is a government that wants to have full control of its people and the caste problems that exist in India only prove that they are long overdue on basic issues as equal rights for all citizens. hardly a country like this can live very well with bitcoin as long as it has a government like what they have. governments that seek control over their people will hardly accept decentralized things
It is my understanding that the caste system has been weakening over time as India moves to modernity. I believe deep down the Indian government wants India to become a leading nation, but it fears that the rupee will be abandoned in favor of bitcoin. Possibly, the Indian government fears being rendered useless by decentralized systems as well.
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