I don't really care about that. A huge part of minor crypto users is coming from different shitholes like Venezuela or India and this part of users deal absolutely nothing on the entire crypto ecosystem and at the same time they are holding or shilling a huge amount of crypto scams.
To make cryptocurrencies somehow established we need normal people to use it.
Topic: Breaking News! Third world nation bans BTC. 10 years in jail for holding crypto - page 5. (Read 10912 times)
June 07, 2019, 09:33:40 AM
June 07, 2019, 08:46:26 AM
It's a risk for most Indian users. We know how crypto works and how it makes every individual's financial status better.
It will be a disadvantage for most holders if India will ban it.
India is a developing country and cryptocurrency contributes a lot in their development. It's just sad news that their government is really against it.
It will be a disadvantage for most holders if India will ban it.
India is a developing country and cryptocurrency contributes a lot in their development. It's just sad news that their government is really against it.
Being a resident of Indonesia, I can understand the frustration and helplessness being faced by Indian nationals. Even here the government was quite hostile to crypto sometime back. Only recently did they changed their approach to the cryptocurrency. Hold strong guys, it is just a matter of time before the government realizes its mistake and reverses this policy.
June 07, 2019, 08:45:08 AM
No, nothing was banned. There is a proposal to ban crypto currency and arrest its users. That would be a very arbitrary measure worthy of the most tyrannical countries of the world. I don't think India wants to be seen this way by other countries.
Especially a country that is so famous for its technology interest and labour. Now indians need to raise their voices against this absurd, do you live in a democracy or not?
Especially a country that is so famous for its technology interest and labour. Now indians need to raise their voices against this absurd, do you live in a democracy or not?
June 07, 2019, 08:33:39 AM
It's a risk for most Indian users. We know how crypto works and how it makes every individual's financial status better.
It will be a disadvantage for most holders if India will ban it.
India is a developing country and cryptocurrency contributes a lot in their development. It's just sad news that their government is really against it.
It will be a disadvantage for most holders if India will ban it.
India is a developing country and cryptocurrency contributes a lot in their development. It's just sad news that their government is really against it.
June 07, 2019, 08:30:04 AM
This is not finalized according to the sources you yourself have mentioned. If this would actually be the case for India, it would be a complete miss on their economy knowing so well that the crypto industry has been moving forward lately. Also, if this would be the ultimate end of crypto development on the said country, imagine how much jobs would have crypto services created had it been opened and supported by the government. It's quite unfortunate really but if that's what they wanted, no one can ever change that.
June 07, 2019, 08:21:18 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.
Going on the calibre of people involved there's a high chance this is going to happen.
India does not have a huge number of users. Prices will not be affected.
The whole of India has 29 full Bitcoin nodes and Localbitcoins volume was less than $2 million last week. It's nowhere and it's staying nowhere.
June 07, 2019, 08:13:29 AM
~governments that seek control over their people will hardly accept decentralized things
another thing that reasonable for such kind of governments is to make a centralization within a decentralized system. forcing KYC/AML verification, and taxing it. Is such of option to make it possible, to take away the decentralization. although the pseudo-nym nature of Bitcoin in addition to privacy and anonymity tools are enough to prevent us from being tracked. It is necessary to use a decentralized exchange like Bisq to convert into FIAT in case of such governments condition. 
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.
June 07, 2019, 07:51:49 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
June 07, 2019, 07:48:30 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.
Sources:
https://www.bloombergquint.com/bq-blue-exclusive/exclusive-india-proposes-10-year-jail-for-cryptocurrency-use-may-introduce-its-own-digital-currency
https://www.moneycontrol.com/news/business/cryptocurrency/10-year-jail-for-buying-selling-cryptocurrency-in-india-report-4073451.html
https://entrackr.com/2019/06/crypto-users-india-may-face-10-year-jail-term/
https://www.ccn.com/bitcoin-india-anti-crypto-bill-imprisonment
https://www.fxstreet.com/cryptocurrencies/news/indias-crypto-ban-draft-bill-suggests-10-year-jail-term-for-those-dealing-in-cryptocurrencies-201906071050
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.
Sources:
https://www.bloombergquint.com/bq-blue-exclusive/exclusive-india-proposes-10-year-jail-for-cryptocurrency-use-may-introduce-its-own-digital-currency
https://www.moneycontrol.com/news/business/cryptocurrency/10-year-jail-for-buying-selling-cryptocurrency-in-india-report-4073451.html
https://entrackr.com/2019/06/crypto-users-india-may-face-10-year-jail-term/
https://www.ccn.com/bitcoin-india-anti-crypto-bill-imprisonment
https://www.fxstreet.com/cryptocurrencies/news/indias-crypto-ban-draft-bill-suggests-10-year-jail-term-for-those-dealing-in-cryptocurrencies-201906071050
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.
June 07, 2019, 07:42:48 AM
The Title is misleading. Just state India Lawmakers Proposes 10 year.....
It is likely that the government will support this proposal and is likely to be approved by the lawmakers. I do hope their local court invalidates this if it ever becomes a law.
It is likely that the government will support this proposal and is likely to be approved by the lawmakers. I do hope their local court invalidates this if it ever becomes a law.
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.
June 07, 2019, 07:24:48 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.
Sources:
https://www.bloombergquint.com/bq-blue-exclusive/exclusive-india-proposes-10-year-jail-for-cryptocurrency-use-may-introduce-its-own-digital-currency
https://www.moneycontrol.com/news/business/cryptocurrency/10-year-jail-for-buying-selling-cryptocurrency-in-india-report-4073451.html
https://entrackr.com/2019/06/crypto-users-india-may-face-10-year-jail-term/
https://www.ccn.com/bitcoin-india-anti-crypto-bill-imprisonment
https://www.fxstreet.com/cryptocurrencies/news/indias-crypto-ban-draft-bill-suggests-10-year-jail-term-for-those-dealing-in-cryptocurrencies-201906071050
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.
Sources:
https://www.bloombergquint.com/bq-blue-exclusive/exclusive-india-proposes-10-year-jail-for-cryptocurrency-use-may-introduce-its-own-digital-currency
https://www.moneycontrol.com/news/business/cryptocurrency/10-year-jail-for-buying-selling-cryptocurrency-in-india-report-4073451.html
https://entrackr.com/2019/06/crypto-users-india-may-face-10-year-jail-term/
https://www.ccn.com/bitcoin-india-anti-crypto-bill-imprisonment
https://www.fxstreet.com/cryptocurrencies/news/indias-crypto-ban-draft-bill-suggests-10-year-jail-term-for-those-dealing-in-cryptocurrencies-201906071050
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.
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.
Sources:
https://www.bloombergquint.com/bq-blue-exclusive/exclusive-india-proposes-10-year-jail-for-cryptocurrency-use-may-introduce-its-own-digital-currency
https://www.moneycontrol.com/news/business/cryptocurrency/10-year-jail-for-buying-selling-cryptocurrency-in-india-report-4073451.html
https://entrackr.com/2019/06/crypto-users-india-may-face-10-year-jail-term/
https://www.ccn.com/bitcoin-india-anti-crypto-bill-imprisonment
https://www.fxstreet.com/cryptocurrencies/news/indias-crypto-ban-draft-bill-suggests-10-year-jail-term-for-those-dealing-in-cryptocurrencies-201906071050
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.
Sources:
https://www.bloombergquint.com/bq-blue-exclusive/exclusive-india-proposes-10-year-jail-for-cryptocurrency-use-may-introduce-its-own-digital-currency
https://www.moneycontrol.com/news/business/cryptocurrency/10-year-jail-for-buying-selling-cryptocurrency-in-india-report-4073451.html
https://entrackr.com/2019/06/crypto-users-india-may-face-10-year-jail-term/
https://www.ccn.com/bitcoin-india-anti-crypto-bill-imprisonment
https://www.fxstreet.com/cryptocurrencies/news/indias-crypto-ban-draft-bill-suggests-10-year-jail-term-for-those-dealing-in-cryptocurrencies-201906071050
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