India considers another widespread ban on Bitcoin - page 2.

eaLiTy

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Quote from: hugeblack on June 13, 2020, 10:07:07 AM

The new bill could effectively ban all cryptocurrencies in the country. Whereas, if it goes into effect, citizens who use cryptos will face fines of up to 3.3 million dollars or ten years in prison.

This is the biggest joke of the century, people will face fines up to 3.3 million dollars when the average person will not even make that kind of money in India in their entire life Cheesy

. The basic average annual salary is around $5000 and if the people who made this draft knew anything about the facts then they would not come up with a valuation like this.

Quote from: hugeblack on June 13, 2020, 10:07:07 AM

This comes after the recovery of hopes as a result of the Supreme Court ruling that it cannot prevent crypto dealers and crypto-related companies from accessing banking services.

As i earlier mentioned in the local board once the supreme court overturned the RBI ban i was expecting the government to come up with something stupid but the corona pandemic delayed the proceedings.

avikz

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Quote from: hugeblack on June 13, 2020, 10:07:07 AM

In brief:

- Some reports say the Indian government is looking to enact a blanket ban on cryptocurrencies.
- A new bill in India proposes up to ten years in prison or up to $ 3.3 million for using the cryptocurrency.

The new bill could effectively ban all cryptocurrencies in the country. Whereas, if it goes into effect, citizens who use cryptos will face fines of up to 3.3 million dollars or ten years in prison.

This comes after the recovery of hopes as a result of the Supreme Court ruling that it cannot prevent crypto dealers and crypto-related companies from accessing banking services.

Quote

They also noted that if a somewhat similar draft proposed at a high-level government panel back in July 2019 is any indication, the new one will likely make it “illegal to hold, sell, issue, transfer, mine or use cryptocurrencies” in India.

“And, if passed in the current form, would completely decimate the crypto-industry in India,” Amit Maheshwari, partner at AKM Global, told ET.

It is not clear what will happen, but India is considered one of the foggy countries about cryptos, which so far has not taken any clear steps to do so.

Read more and source ---> https://decrypt.co/32160/india-considers-another-widespread-ban-on-bitcoin

That news popped up in various newspapers in India as well this week but no one is able to provide any proof behind this claim. So the claim is itself foggy right at this moment.

However, it is very much possible for India to come up with such legislation. Because the leaders are mostly uneducated and the beaurocratic structure of the country works under the heavy influence from the politicians. Sadly, that's the reason why India is still considered as a third world country despite having every capability to become a top tier country.

The leadership needs to change on high priority. If the current leadership continues for one more term, India will see more temples than offices!

Darker45

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Quote from: jackg on June 13, 2020, 02:48:13 PM

Oh so legislation either way is yet to be passed at all, sounds about right tbh.

No legislation was passed yet. As a matter of fact, if I am not mistaken, no bill has been deliberated on the floor yet. That said bill is not yet even a bill right now I reckon. It has yet to be drafted.

That earlier ban was not a legislation either. It was a circular by the country's Reserve Bank of India (RBI). The same was struck down by India's Supreme Court as illegal.

gentlemand

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India is a country that restricted gold imports and is willing to fuck over tens or hundreds of millions of its own people with that bank note cancellation thing. I assume this is no more than the usual 'crypto press' junk half heard from a Tuk Tuk driver but I wouldn't be surprised if something vaguely similar happened for real one day.

They seem to run their economy in the style of an abusive bunch of amateurs.

jackg

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Quote from: stompix on June 13, 2020, 02:19:06 PM

No, they keep proposing to ban it and unban it! Seems like some people have found an easy way to look like they are doing their job and are truly overworked. They try again and again the same stuff, they publish the same reports, I wonder if they aren't using text spinners for these. Grin

China, Russia, and India, the modern newton's cradle of conserving BS with increased sounds effect whenever one of the ~~balls~~ idiots in parliament is hit in the head with a not so great idea.

Quote from: hugeblack on June 13, 2020, 10:07:07 AM

In brief:
- Some reports say the Indian government is looking to enact a blanket ban on cryptocurrencies.
- A new bill in India proposes up to ten years in prison or up to $ 3.3 million for using the cryptocurrency.

Some help with someone with knowledge about India would be nice as I'm a bit confused.

The bill as I understand from the wiki article on India's lawmaking must be passed by both houses of parliament and approved by the president, this is not something the government can decide, right? Do they have an overall majority and are all the members of the ruling party in for this bill? I kind' a doubt it!

Also, 3.3 million $? Are all punishements in India this ridiculous disproportionate?

Oh so legislation either way is yet to be passed at all, sounds about right tbh.

And I thought the idea of the 3.3 million was just so wealthy people weren't disrupted if they get a smaller fine. I'm pretty sure someone from the "West" got away with murder in Kenya by paying a fine of $1500 after being found guilty... Probably the same would apply to something like this in India too, if the state gets a cut who cares what happens overall...

stompix

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Quote from: jackg on June 13, 2020, 10:12:06 AM

Do they keep u banning and banning it?

No, they keep proposing to ban it and unban it! Seems like some people have found an easy way to look like they are doing their job and are truly overworked. They try again and again the same stuff, they publish the same reports, I wonder if they aren't using text spinners for these. Grin

China, Russia, and India, the modern newton's cradle of conserving BS with increased sounds effect whenever one of the ~~balls~~ idiots in parliament is hit in the head with a not so great idea.

Quote from: hugeblack on June 13, 2020, 10:07:07 AM

In brief:
- Some reports say the Indian government is looking to enact a blanket ban on cryptocurrencies.
- A new bill in India proposes up to ten years in prison or up to $ 3.3 million for using the cryptocurrency.

Some help from someone with knowledge about India would be nice as I'm a bit confused.

The bill as I understand from the wiki article on India's lawmaking must be passed by both houses of parliament and approved by the president, this is not something the government can decide, right? Do they have an overall majority and are all the members of the ruling party in for this bill? I kind' a doubt it!

Also, 3.3 million $? Are all punishements in India this ridiculous disproportionate?

jackg

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https://bit.ly/387FXHi lightning theory

Do they keep u banning and banning it? This seems to be what I'm getting from everything that's been going on unless it's the courts that keep ruling against a ban but if that's the case it was clearly not blanket to start with.

Does India have the money or the resources to police something like this too, I can't work out how effective their government are at dealing with legislation and enforcement...

hugeblack

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In brief:

- Some reports say the Indian government is looking to enact a blanket ban on cryptocurrencies.
- A new bill in India proposes up to ten years in prison or up to $ 3.3 million for using the cryptocurrency.

The new bill could effectively ban all cryptocurrencies in the country. Whereas, if it goes into effect, citizens who use cryptos will face fines of up to 3.3 million dollars or ten years in prison.

This comes after the recovery of hopes as a result of the Supreme Court ruling that it cannot prevent crypto dealers and crypto-related companies from accessing banking services.

Quote

They also noted that if a somewhat similar draft proposed at a high-level government panel back in July 2019 is any indication, the new one will likely make it “illegal to hold, sell, issue, transfer, mine or use cryptocurrencies” in India.

“And, if passed in the current form, would completely decimate the crypto-industry in India,” Amit Maheshwari, partner at AKM Global, told ET.

It is not clear what will happen, but India is considered one of the foggy countries about cryptos, which so far has not taken any clear steps to do so.

Read more and source ---> https://decrypt.co/32160/india-considers-another-widespread-ban-on-bitcoin

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