Holding unregulated crypto asset may attract punishment in India

goaldigger

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Quote from: Theb on October 20, 2018, 01:14:59 PM

1. Cryptocurrencies cannot be use as payment method and is only meant for trading
2. Banks are prohibited to entertain cryptocurrency related transactions with their local exchanges
3. Attempting to screen cryptocurrencies and block unregulated ones

It looks like my suspicions are right after all, they are clearing the way in their market as India also plans to have their own state-issued cryptocurrency. The RBI is actually shaping the cryptocurrency scene in their country hoping for their own cryptocurrency to thrive in the market with no competition. But the way I see it is they are making their market less appealing to investors so I do hope their plan will backfire towards them.

This makes sense. If you would remember, there are some articles back then which states that Satoshi Nakamoto are just a representation of the one who makes bitcoin but is actually a group of Indian people. It can also be true though since they have the capability to do it. If they can make a cryptocoin then im sure they will soon launch their own cryptocurrency.

aioc

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There's no final decision yet it's still a draft and would not likely pass into law there's strong opposition on this law, not only on India but on many crypto communities, we cannot let this law pass, this is a bad precedent and a real threat against human rights, but it's on our Indian brothers there to voice their concern and opposition.

eaLiTy

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Quote from: avikz on June 05, 2019, 10:22:25 PM

The main issue in India is their beaurocratic nature of governance! Where an age old beaurocrat who is almost at the verge of retirement, is given a task to understand crypto and provide recommendations to the ministry. That's where the problem belongs to!

India should really adopt to the mass voting model that is there in Australia or EU. This way the government can understand what people really want! But Indian government is not really in a mood to understand the need of the mass.

You said it precisely, the retired bureaucrats usually over look these drafts and conduct the study which they do not have any idea what they are doing and then they will compile a report on hear say basis, there is no transparency on who they consulted to learn and understand about the market, it is a democratic country but majority of the things are done like a dictatorship without any transparency. Mass voting system should be adopted in the worlds largest democracy but the political system will do everything on their power to stop that and that is the state of the country.

BitHodler

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Quote from: onrise on June 13, 2019, 06:29:07 AM

It is quite clear from the government stand in last couple of years which they have clearly stated that they are not in favor and do not encourage the people to use it. this is clear indication that they are not going to make it legal in the country.

They don't have to make it legal. I think in the long run their anti crypto stance will do Bitcoin extremely well because people will have more incentive to go local, and that's where they lose all the control.

You can't scare off people with harsh enough penalties in an attempt to have them stop using it. We have seen how effective anti drug penalties are.... Fighting against something so innocent as crypto will have even less of an effect.

People don't want to miss out on the gains and Bitcoin offers an exceptional store of value feature where wealth is stored outside the banking system. What more can people wish for?

onrise

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Quote from: jrrsparkles on June 11, 2019, 11:22:59 AM

Still the decision of government is same,undecided.But there are lot of rumors were circulated all around that forum that holding cryptos is a no bailable crime in India.

But it is like fake rumor created for the purpose of brind down the crypto prices.

It is quite clear from the government stand in last couple of years which they have clearly stated that they are not in favor and do not encourage the people to use it. this is clear indication that they are not going to make it legal in the country.

jrrsparkles

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Still the decision of government is same,undecided.But there are lot of rumors were circulated all around that forum that holding cryptos is a no bailable crime in India.

But it is like fake rumor created for the purpose of brind down the crypto prices.

Vishnu.Reang

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^^^ There are more than a million active Bitcoin users in India (including approx. 150,000 regular crypto-traders). I don't think that it will be practical for the government to arrest all of them (the total prison population in India right now is 450,000). At the most, they may arrest a few high profile traders and use this incident to frighten the others.

Kemarit

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There's a lot of news circulating around the community like this one:

(https://www.ccn.com/bitcoin-india-anti-crypto-bill-imprisonment)

Quote

10 Year Jail Sentence for Bag Holders?

As per the Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, anyone involved in the Bitcoin or crypto ecosystem would face criminal punishment. The bill proposes a 10-year prison sentence for persons who “mine, generate, hold, sell, transfer, dispose, issue or deal in cryptocurrencies, directly or indirectly.”

So I really don't know if this is fake news or not, but it worries me that the bill proposal carry a penalty of a 10-year prison sentence, WTF is that? I think that is too harsh for even owning Bitcoin. The article also says that it coincidence with the "launch its own state-backed cryptocurrency – the Digital Rupee". They the Indian government heed the call of their people here, or just decided they wanted a full ban and strict penalties for those who will be caught.

imstillthebest

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Quote from: Capt00 on December 29, 2018, 02:31:35 AM

Quote from: Marcsymon on December 28, 2018, 07:39:45 PM

Holding unregulated crypto is just like engaging in scam ICO or any Crypto in which the integrity is in question. I see this is a normal standard operating procedure for any government to look upon the welfare of their people specially if their hard earned money is at stake. So this is better than banning the whole crypto market specially Bitcoin.

So what crypto are you holding now? And why are you here if you wish to ban the entire crypto market especially Bitcoin that leads some crypto prices movement. There's only one regulated crypto I had ever known XRP if I don't have mistaken, the rest are unregulated cryptocurrency. If that really happens in India, there are thousands or millions of holders inf crypto should outcry to their government. But still, they can hide since crypto holder can able to be anonymous.

This isnt only happening in india but it do also happen on other countries that restricts or ban cryptocurrency and its only xrp or centralized coins that is affected but even bitcoins and other cryptos they are also all affected .

Quote

Holding unregulated crypto is just like engaging in scam ICO

An ico is regulated but not all cryptos are regulated . However if the country restricts ico or crypto , regulation shouldnt be question anymore

avikz

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Quote from: rmilly on June 05, 2019, 03:25:55 PM

Would the country ever consider working with compliance companies like ciphertrace to help with with this? It would be a shame to rule out an entire country that could really benefit from the use of cryptocurrencies worldwide

The main issue in India is their beaurocratic nature of governance! Where an age old beaurocrat who is almost at the verge of retirement, is given a task to understand crypto and provide recommendations to the ministry. That's where the problem belongs to!

India should really adopt to the mass voting model that is there in Australia or EU. This way the government can understand what people really want! But Indian government is not really in a mood to understand the need of the mass.

CryptoBry

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Quote from: rmilly on June 05, 2019, 03:25:55 PM

Would the country ever consider working with compliance companies like ciphertrace to help with with this? It would be a shame to rule out an entire country that could really benefit from the use of cryptocurrencies worldwide

I think the problem is that the government is not yet convinced of the use, benefits and advantages that cryptocurrency can do for the country so they are delaying any request or move to have it recognized and legalized. Until then, it can be hard for anyone owning a digital asset because of the possible threat from authorities, of course except if you are really moneyed because you can work agencies outside of the country to buy cryptocurrencies for you. In essence, the government is holding their people to participate in this new revolution and a new tool in wealth creation though we also have to understand that many of the concerns of the government have basis.

rmilly

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Would the country ever consider working with compliance companies like ciphertrace to help with with this? It would be a shame to rule out an entire country that could really benefit from the use of cryptocurrencies worldwide

mornabo

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Quote from: Marcsymon on December 28, 2018, 07:39:45 PM

Holding unregulated crypto is just like engaging in scam ICO or any Crypto in which the integrity is in question. I see this is a normal standard operating procedure for any government to look upon the welfare of their people specially if their hard earned money is at stake. So this is better than banning the whole crypto market specially Bitcoin.

But I see there aren't many coins that are given rules? What if it's a good coin but isn't regulated? yeah it can have a positive effect because you can avoid shit coins, but the negative is you will leave a lot of potential other small coins that are unregulated

jrrsparkles

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Quote from: timerland on December 28, 2018, 02:13:52 AM

With the attitude with which the Indian government currently has towards crypto, I think that there is virtually no "regulated" crypto asset that is available for investors.

Unless a country is actually actively trying to regulate the crypto scene, they shouldn't restrict people from investing in what they want, even if it may not be regulated. India is definitely not on the track of positive regulation yet, but instead, they are trying to eradicate decentralized crypto altogether (hopefully this changes after the report was handed to the government.

But honestly, who's going to follow this? Most crypto investors probably won't even be aware of this. The enforceability of this, as well as the current ongoing bitcoin ban, is and will be extremely questionable if they were actually serious with going ahead these policies, imho.

Not even government of India taking care into this,so the crypto market is not much serious in India yet even though there were lot of Indians are crypto investors and traders.Poor country management making each and every things complicated so we need to wait and see how many year they are going to regulate the crypto currencies.

Capt00

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Quote from: Marcsymon on December 28, 2018, 07:39:45 PM

Holding unregulated crypto is just like engaging in scam ICO or any Crypto in which the integrity is in question. I see this is a normal standard operating procedure for any government to look upon the welfare of their people specially if their hard earned money is at stake. So this is better than banning the whole crypto market specially Bitcoin.

So what crypto are you holding now? And why are you here if you wish to ban the entire crypto market especially Bitcoin that leads some crypto prices movement. There's only one regulated crypto I had ever known XRP if I don't have mistaken, the rest are unregulated cryptocurrency. If that really happens in India, there are thousands or millions of holders inf crypto should outcry to their government. But still, they can hide since crypto holder can able to be anonymous.

Marcsymon

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Holding unregulated crypto is just like engaging in scam ICO or any Crypto in which the integrity is in question. I see this is a normal standard operating procedure for any government to look upon the welfare of their people specially if their hard earned money is at stake. So this is better than banning the whole crypto market specially Bitcoin.

timerland

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With the attitude with which the Indian government currently has towards crypto, I think that there is virtually no "regulated" crypto asset that is available for investors.

Unless a country is actually actively trying to regulate the crypto scene, they shouldn't restrict people from investing in what they want, even if it may not be regulated. India is definitely not on the track of positive regulation yet, but instead, they are trying to eradicate decentralized crypto altogether (hopefully this changes after the report was handed to the government.

But honestly, who's going to follow this? Most crypto investors probably won't even be aware of this. The enforceability of this, as well as the current ongoing bitcoin ban, is and will be extremely questionable if they were actually serious with going ahead these policies, imho.

Harlot

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Quote from: Alex_Zi on December 20, 2018, 04:05:09 PM

How and why? Just don't talk about it anywhere and use vpn. You are just holding in long term and not trading.

So how do you supposed to cash that out? If you are looking to cash out big then you will be living a lot of footprints behind you and almost certainly you will be caught doing that. Cashing it out outside of your country is not an option as well, what will you answer when you returned richer in your country without providing any kind of proof to them? Of course you have no choice but to tell them the truth that it came from cryptocurrencies.

I'm more furious about their regulations in India as they are evidently making it hard for their citizens to make cryptocurrencies useful in their country. Its like they are just making it look like cryptos are allowed in their country yet the truth is it is really impossible to earn and live freely with it.

jademaxxiss012

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This will be good so that people or the community will not be able to get into scam crypto that are now in the phase of collecting funds. Just take and example about the team working on ETHL that scam everyone who invested in the project. They were not lucky because team had dissappeared together with their money.

Alex_Zi

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How and why? Just don't talk about it anywhere and use vpn. You are just holding in long term and not trading.

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