Breaking News! Third world nation bans BTC. 10 years in jail for holding crypto - page 3.

emberbekas

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Quote from: Ailmand on June 07, 2019, 08:07:28 AM

It's not confirmed yet because it's still undergoing a certian process but it will affect the market somehow. India has a huge number of users and it will be a big lost if they will ban cryptocurrency completely. Users will surely do a panic selling which may affect the prices as well.

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. I wish there will be a win win solution for india citizens in regard with crypto currency.

kissme09

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PayAccept - Worldwide payments accepted in seconds

This is one of the worst information in 2019. India has begun to act against Bitcoin and Crypto, which will be the dumbest thing the government does. The ban starts to implement, but this will not eliminate investors in this country. Cryptocurrency is always an anonymous platform, so the government in this country cannot control all investors.

figmentofmyass

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Quote from: Artemis3 on June 07, 2019, 03:04:17 PM

And how exactly the Indian authorities are going to enforce this? Their stupidity is infinite.

Boot Tail OS live linux iso, make cold wallet with Electrum, write your seed words, share your wallet addresses online or whatever, shut off pc.

Where is the money? In the blockchain. People don't "possess" bitcoin, or wallets for that matter...

of course they can't effectively enforce it, but such a blanket ban would deter a lot of users. people are generally fearful of their governments and the police. if they selectively enforce it and publicly throw a few traders in prison, it will destroy the market. obviously black markets will still exist but they will pale in comparison to previously legal markets.

Wayan_Pedjeng

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A total of 51 posts in this thread and not a single user has proposed a solution in case the Indian parliament passes this draft bill.

I am not an Indian. But here is what I have to say: rather than fighting among ourselves, we need to act quickly against this measure. Legal avenues needs to be explored, and at the same time awareness campaigns must be taken out so that ordinary people are educated about the fallacy of this measure. Bitcoin users in India needs to make a plan, so that anyone facing legal issues from this new measure is provided adequate support.

I am not sure about the total number of Bitcoin users in India, but it may be in millions. It is time to stand united and if there is no unity, then things will get easier for the dictatorship. And don't wait for the government to implement this measure. Start taking precautions from today itself. Most likely, the government is likely to arrest a few random Bitcoin users and use their detention to create a fear psychosis in the mind of the remaining users. The Indian Bitcoiners need to think about the action plan, in case such a measure is taken from the part of the government.

marcbitcoins

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Many crypto users specially Indians will be disappointed by this move as this will not favor the market which is starting to recover from bearish trend. Expect many Indians crypto users will protest to this and will do counter measures just to make their government to not to support this proposed law like in South Korea that after the people protest on banning of Bitcoin their government decided to support Bitcoin.

XFlowZion

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Quote from: sushil7045 on June 07, 2019, 07:17:41 PM

I am India and this title is totally misleading. The news is that this is a draft bill. This can be rejected or can be changed . No one is going jail for holding crypto as of now. This is a just a new article that this is a draft bill and this might happen. And we all know how much FUD news come in crypto market. So personally i will wait for official government bill.

We all know that those news agencies work dirty and will put misleading title so just people will click them. But I agree with you man, you have 5M of your people involved in crypto and that is a lot. Your number will definitely change their mind and you guys better start doing a campaign in India and how blockchain could help your economy to make them on your side.

sushil7045

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I am India and this title is totally misleading. The news is that this is a draft bill. This can be rejected or can be changed . No one is going jail for holding crypto as of now. This is a just a new article that this is a draft bill and this might happen. And we all know how much FUD news come in crypto market. So personally i will wait for official government bill.

Mike Mayor

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You can propose any law. You can propose wearing red underwear on fridays. It doesn't mean it goes into law. Noone will listen to this bs. Lol being arrested for doing something that doesn't hurt anyone.
Great way to start a war with your own people. If someone threatened my way of life or my assests in anyway I will defend myself. I worked for it, it is mine to do as I wish to.

If any law like this ever passes then its own obligation to break those laws because...

When law becomes injustice then rebellion becomes duty.

Stedsm

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Give proofs or STFU because it's just a proposed draft and not a bill that has come into execution already. Wait for a decision to come out and we'll see. I'm from India too and I know what kind of media do we have here. They hear something, they add a lot of spice into the debate to make it the talk of the Town. So, let's not just come to a conclusion here and wait for final results.

samycoin

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Quote from: CryptoBry on June 07, 2019, 07:30:24 AM

In case this proposal can come into law, it would be a sad day for many Indians who believe in the use and advantages of cryptocurrency. Now, I am wondering how will the government determine if one has a bitcoin or any type of cryptocurrency? Will they be searching the computer files of someone suspected to "possess" such an asset? This is insane because this measure would virtually equate cryptocurrency with that of possessing an illegal drug or paraphernalia thereof. This is insanity at its best but once this can be the law there is nothing we can do to counter such a move from the government but to follow or maybe just hide.

It would be interesting how the cryptocurrency community in India will be reacting to this proposal. I am hoping that this can be the fire that can ignite them to fully unite and have their voices get heard. I am still hoping though that soon a better climate for cryptocurrency in India will ensue.

That's true how they can trace the people who using crypto, it's sad for India if they regulate that kind of law. That's why some people of don't want government enter to crypto because of this. Maybe they have reason to do this but some are want to currupted it.

Shenzou

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There are a lot of people that are users and holder of bitcoin in India, and if this proposition passes through it won't just be bad for the Indians but it will be catastrophic, if this goes through how will they exchange all the crypto they have, I think that this is not going to be happening simply because the government does not have the ability to track the people that posses cryptos, they can monitor ips that go popular crypto sites but people can just use VPN, and 10 years is a lot for possessing crypto it is hire than possessing and dealing drugs, all of this seems dumb.

Clement Kaliyar

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Quote from: RodeoX on June 07, 2019, 11:05:46 AM

I'll just add it to the list of laws I do not obey. Wink

Majority of the people who invested in bitcoin will not obey those rules, they will just take the bitcoin market underground and that is what they are doing if that proposed bill becomes a reality, they are not capable of sorting the general problems of the common citizen and yet they are coming up with a bill which will be impossible to track if we trade smartly and there will be new P2P based markets coming up just because of the situation.

Stargazer

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▰▰▰ Global Cryptocurrency Paymen

Just finished reading this news from the moneycontrol website! It is wired! When India finalized this rule? They banned cryptocurrency, it's ok! But they should not arrest people for dealing bitcoin in the p2p method! I hope that guys will release very soon. Buying bitcoin is not a sin, and 10 years in jail is enough to destroy a man's life. India should reconsider its step about cryptocurrency.

royalfestus

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I was so surprised to know they got over 5m people involved because the country had always been against cryptocurrency. This could deprive alot of indian as country with high number of technology human resource. I also wonder how they monitor country men's involvement to keep such stats, so it could be dangerous to dare this news.

d5000

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Decentralization Maximalist

I wonder why "Bloomberg Quint" is the only source that had access to the proposed law. All the other sources listed in the OP are citing it as a source, and in the case of Money Control it even says:

Quote from: https://www.moneycontrol.com/news/eye-on-india/videos/10-year-jail-for-buying-selling-cryptocurrency-in-india-report-4073451.html

Moneycontrol could not independently verify the story.

Also interesting:

https://www.coindesk.com/reserve-bank-of-india-denies-involvement-in-draft-bill-to-ban-cryptocurrencies

That would mean that while there are government agencies in favour of a ban, the draft seens to be still in an early stage.

Found also this older article from April 26:

https://economictimes.indiatimes.com/news/economy/policy/government-department-discuss-draft-bill-to-ban-cryptocurrencies/articleshow/69048480.cms

Artemis3

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Quote from: bryant.coleman on June 07, 2019, 07:19:41 AM

India has decided to completely ban the possession, sale and purchase of Bitcoin or any other form of crypto-currency.

According to the mainstream media, the measures will be implemented this month, with a 90-day waiting period. Anyone who don't "dispose off" their crypto holding within this time period will be charged with non-bailable criminal offenses, which can be punished by up to 10 years in jail.

What makes this measure different from others is that while countries such as Nepal and Bangladesh have arrested random individuals for trading in cryptocurrency (or for exchanging crypto for fiat), none of the authorities anywhere in the world have arrested users just for the possession of crypto-currency.

There are an estimated 100,000 crypto-traders in India, and there are another 5,000,000 individuals who have dealt with crypto at some point of time.

And how exactly the Indian authorities are going to enforce this? Their stupidity is infinite.

Boot Tail OS live linux iso, make cold wallet with Electrum, write your seed words, share your wallet addresses online or whatever, shut off pc.

Where is the money? In the blockchain. People don't "possess" bitcoin, or wallets for that matter...

Now they would have to "prove" an individual could control a group of coins, how are you going to do that? The seed words are perfect for stenography, just pick a random book and mark some words, etc.

India should take a look at its neighbor China to see how well they ended enforcing things like that, ie. quite the opposite result.

Indian people might take it underground, but stopping it is impossible, it is designed to prevent this,

If you are Indian make your cold wallet now and keep your coins safe until those old fools making this "law" leave this plane of existence. Banning Bitcoin is a perfect way to keep wealth away from your country, don't be surprised one of your neighbors adopt it and become rich while you continue the misery for your people.

Please OP, don't say "Third world country", spell it correctly: India wants to impoverish their people even more by banning Bitcoin.

seoincorporation

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These are bad news, i don't think it will affect the bitcoin price or the markets but always to have a gov vs technology is like make a back step on evolution. And is crazy when for a government put on the same place assassins, corrupts and traders, like if they were all the same bad guys.

BL46K 7193R

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This is really bad news for the Indian crypto user. In many countries of Asia, Bitcoin has not been legally validated by the government of Bitcoin. Yes, news has been heard in Bangladesh, now in India. I think the government of these countries should think about the crypto currency.

TimeBits

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They cannot force you to give up your password, Like they did with gold back in the day in America, They went into peoples houses and stole the gold, they cannot take your bitcoins, fuck your bills India and Mr Sherman.

mr.robot8

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i am sorry that India is against bitcoin and has introduced such strict laws but it is their choice and we must respect it

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