Topic: If india bans Cryptocurrency as per the draft law, What happens to the community (Read 646 times)
July 10, 2019, 05:22:58 PM
India wont ban crypto the draft bill is just a bill with suggestions to governments it is Indian supreme court decision decide the crypto future
July 10, 2019, 02:37:39 PM
I don't know the state of this ban now but it deems it's been long and nothing is really happening. To me whether or not they will pass the law wouldn't have any significant impact on crypto. People can still do their investment in crypto but just been careful not to expose their identity in any way
July 14, 2019, 11:11:59 PM
Many times these are inside jobs and then crypto haters use the publicity of the loss to say how crypto is not safe or isn't ready or regulated enough and so on. They love it because it makes it look like it's just the Wild West out there and everyone who uses crypto is just out there getting screwed over. That's what they tried to do with Ebay and the e-commerce industry as a whole in the early 2000's.
July 10, 2019, 07:01:10 PM
Of course, it will have an effect on the community in any way possible. By the thing that is going on right now in India, people will produce doubt towards Bitcoin. Less and less adoption will take place. Remember, the early adopter start using Bitcoin because there was no regulation from any govt then. That is why they don't need to worry about anything. But then, came the era of Bitcoin criminals. People start using Bitcoin to scam people, to use as a ransom, etc. At that time, people start to worry about it and they started to create this paranoia assumption towards Bitcoin. But now, a few years later, we are finally in a good spot. If another country starts banning Bitcoin again and another country then another country. It will just keep going on and people will lose their trust in Bitcoin. This is totally a huge deal.
After all, we're not even sure what the draft bill's really going to say.
After all, we're not even sure what the draft bill's really going to say.
July 10, 2019, 02:11:13 PM
India has a fast-growing cryptocurrency community. The idea of crypto being 'banned' in my opinion is ludicrous. How can you ban something you can't regulate? To be able to ban cryptocurrency there has to be a way to regulate the purchasing and selling of cryptocurrency which is an almost impossible feat.
July 10, 2019, 10:48:26 AM
I think people will bypass this ban. Of course, some people will be law-abiding and refuse cryptocurrency. But many will simply become more secretive and continue to use cryptocurrency. I hope the authorities in India will not accept such a ban
July 09, 2019, 07:13:05 PM
I think if India tried to ban the cryptomania from its system, first they will be losing many benefits with technology and many will use it illegally. 
July 09, 2019, 03:54:08 PM
What would you do if your government bans things it can't fully control like gold or silver?
- Would it be morally right if you dig up gold in your backyard and exchange it with your neighbor for foods?
- Would it be OK to hide the remaining gold somewhere safe for future use?
If you have no problem with the above, you should have no problem holding and using your bitcoin during such ban.
Storing and Holding bitcoin is as simple as writing/storing a short piece of numbers on a piece of paper or on a small storage device.
- Would it be morally right if you dig up gold in your backyard and exchange it with your neighbor for foods?
- Would it be OK to hide the remaining gold somewhere safe for future use?
If you have no problem with the above, you should have no problem holding and using your bitcoin during such ban.
Storing and Holding bitcoin is as simple as writing/storing a short piece of numbers on a piece of paper or on a small storage device.
July 09, 2019, 06:30:43 AM
India is one of the world's fastest-growing hub in the industry of technology, cryptocurrency and blockchain certainly suit them, their government is just a bunch of id*ots restricting their people and IT for this tech adoption.
Well I am one amongst the Indian, who has been in crypto for a long time, entered in 2016, also there is a government organisation called NITI Ayog in india, which looks after the advance technology adaptations and crypto is also looked after them. There is a false myth in india that cryptos will be banned and users and community will be vanished.
What government primarily wants is to prevent scams, to prevent the citizens of India to not participate in any of the fake ICOs. Also if you see companies like matic network, CoinSwitch, unocoin, giottus, zebpay, they all are emerging from india only. Therefore I am bullish about the future of cryptos in India.
July 09, 2019, 06:02:19 AM
As far as I know the Community will keep growing with or without them but it's too late for this and I think Indians are already using cryptocurrencies and they will not pretend as it this never existed and abandon crypto as simple as that, No!
Regulators in India need to know people are making a living off crypto and this law they are trying to force on people won't work! At this moment Going digital is part of the global change and crypto is included in the package. ..No one needs to remain behind in this transition
Regulators in India need to know people are making a living off crypto and this law they are trying to force on people won't work! At this moment Going digital is part of the global change and crypto is included in the package. ..No one needs to remain behind in this transition
July 09, 2019, 05:52:56 AM
However I don't think there will be further ban on cryptocurrency usage within India. As per the recent G20 summit the standards for anti-money laundering and counter terrorism funding will be set by Financial Action Tasks Force (FATF). Being a member of G20 India will also be following the standards, this in some form assure that there will be no big issue with ban on India anymore.
That's true, we're talking about very serious actions which could be taken by the government of India, but I don't think they will let down such huge community. India is doing great with their cryptocurrency development and growth of their exchanges, it's becoming more and more important part of global economy, and this country must be part of it. India is not the only country, where cryptomarket is going through some troubles, but I think they will handle it properly.
July 09, 2019, 04:39:30 AM
The rumored 10 year jail in so-called leaked draft bill in not for every crypto holder. The report was published by bloomberg reporter in bits and pieces and has several missing pieces.
The report says, “Whoever directly or indirectly mines, generates, holds, sells, deals in, transfers, disposes of or issues cryptocurrency or any combination thereof with an intent to use it for any of the purposes mentioned in, or directly or indirectly uses cryptocurrency for any of the activities mentioned in clauses (e), (g) and/or (h) of sub-section (1) of Section 8 shall be punishable with fine as may be prescribed by the central government in the first schedule or with imprisonment which shall not be less than one year but which may extend up to ten years, or both…”
Now what are these clauses of section 8? Nobody knows except the reporter and bloomberg. Why didn't he publish them? The reporter published only few excerpts of report just to create panic. I guess those clauses are related to illegal activities like money laundering, terrorist funding etc. and have nothing to do with simple investors and holders like us.
Full analysis of report here: https://news.bitcoin.com/leaked-details-indias-cryptocurrency-bill/
The report says, “Whoever directly or indirectly mines, generates, holds, sells, deals in, transfers, disposes of or issues cryptocurrency or any combination thereof with an intent to use it for any of the purposes mentioned in, or directly or indirectly uses cryptocurrency for any of the activities mentioned in clauses (e), (g) and/or (h) of sub-section (1) of Section 8 shall be punishable with fine as may be prescribed by the central government in the first schedule or with imprisonment which shall not be less than one year but which may extend up to ten years, or both…”
Now what are these clauses of section 8? Nobody knows except the reporter and bloomberg. Why didn't he publish them? The reporter published only few excerpts of report just to create panic. I guess those clauses are related to illegal activities like money laundering, terrorist funding etc. and have nothing to do with simple investors and holders like us.
Full analysis of report here: https://news.bitcoin.com/leaked-details-indias-cryptocurrency-bill/
July 09, 2019, 04:26:11 AM
I think the Ban will not affect the community, it will be possible to trade and Hodl cryptos if they know how to do it?. As cryptocurrency does allow Anonymous Transaction. I am not sure about wallets, What do you think and What can you suggest?
Indians..they will find a way to do that. Totally this crypto ban is useless. Because the transactions are anonymous.You can't block that.But that will effect when selling and buying crypto because for that they using local money.They have to say something else.The forbidden words will be anything related to cryptocurrencies. They can't file a case against any fraud.Because of the government ban.They have to take that risk.If they like cryptos. July 09, 2019, 04:18:56 AM
However I don't think there will be further ban on cryptocurrency usage within India. As per the recent G20 summit the standards for anti-money laundering and counter terrorism funding will be set by Financial Action Tasks Force (FATF). Being a member of G20 India will also be following the standards, this in some form assure that there will be no big issue with ban on India anymore.
That's true, we're talking about very serious actions which could be taken by the government of India, but I don't think they will let down such huge community. India is doing great with their cryptocurrency development and growth of their exchanges, it's becoming more and more important part of global economy, and this country must be part of it. India is not the only country, where cryptomarket is going through some troubles, but I think they will handle it properly.
July 09, 2019, 04:05:38 AM
However I don't think there will be further ban on cryptocurrency usage within India. As per the recent G20 summit the standards for anti-money laundering and counter terrorism funding will be set by Financial Action Tasks Force (FATF). Being a member of G20 India will also be following the standards, this in some form assure that there will be no big issue with ban on India anymore.
July 07, 2019, 06:45:16 AM
If their country bans it then they need to stop or find away to keep their transaction hidden from anything that could lead back to them.
Surely there are plenty of ways but I don't think that everyone would take the risk and break the law .
So the market would surely be moved a little because of it.
Very few people would actually get scared of such a law which most likely will never be implemented in my opinion. Unless you submit your KYC to websites like LocalBitcoins and other exchanges, they will never be able to trace you.Surely there are plenty of ways but I don't think that everyone would take the risk and break the law .
So the market would surely be moved a little because of it.
This is the beauty of the crypto world. You can anonymously conduct your financial transactions without following any complicated protocols.
July 07, 2019, 06:09:59 AM
Well to be honest ,
Nothing.
They can still trade using other methods , just move your coins in some global wallet and in this way you can really keep them or trade them , just make a international account , it might take a while but at the end of the day , as long as nothing happens you are safe to go and so are your Bitcoins.
Also you could just move them in local Bitcoins and still get the money .
I don't think they could control the market.
Nothing.
They can still trade using other methods , just move your coins in some global wallet and in this way you can really keep them or trade them , just make a international account , it might take a while but at the end of the day , as long as nothing happens you are safe to go and so are your Bitcoins.
Also you could just move them in local Bitcoins and still get the money .
I don't think they could control the market.
July 07, 2019, 05:59:22 AM
This question was deeply discussed before. Nothing too relevant to be completely honest here.
It is just one country out of many, there's a lot of people in there but not even half is inside the movement so it is certainly irrelevant. It could affect the price a bit while the traders/investors find ways to safely bypass the surveillance.
It is just one country out of many, there's a lot of people in there but not even half is inside the movement so it is certainly irrelevant. It could affect the price a bit while the traders/investors find ways to safely bypass the surveillance.
July 07, 2019, 05:49:19 AM
I think the Ban will not affect the community, it will be possible to trade and Hodl cryptos if they know how to do it?. As cryptocurrency does allow Anonymous Transaction. I am not sure about wallets, What do you think and What can you suggest?
If their country bans it then they need to stop or find away to keep their transaction hidden from anything that could lead back to them.Surely there are plenty of ways but I don't think that everyone would take the risk and break the law .
So the market would surely be moved a little because of it.
July 07, 2019, 05:44:02 AM
You can use everything with internet although your country banned it, a few years ago my country had banned cryptocurrencies as a whole but it didn't change everything to the comunity even we had a lot of newcomers came and joined to the forum. About transaction I did it with every comunity member, you can offer to everyone on the comunity who will buy your assets to money fiat and it is very easy to do. But it is just a moment until the government accept cryptocurrency and choosen an exchange who had a verification from them.
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