Topic: INDIA: Draft Law Proposes 10-year Jail Term for Dealing in Cryptocurrency - page 2. (Read 729 times)
June 15, 2019, 05:32:08 PM
I read the news article about this draft law in India. This is the problem in countries with very weak laws and implementations tat track down illegal money. They're targeting new resources that might be one way to do money laundering, that is cryptocurrency.
June 15, 2019, 05:27:28 PM
I don't know what push them or what they are thinking about banning crypto currency that it is so serious you can be jailed for 10 years. Though I can't do anything about it so instead of arguing about it, let's just hope that it will not be regulated. There might not be that many crypto users in terms of other country but that can still affect the market.
June 15, 2019, 05:17:45 PM
Besides making it completely illegal, the bill makes holding of cryptos a non-bailable offence.
Holding, selling or dealing in cryptocurrencies such as Bitcoin could soon land you in jail for 10 years.
The "Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019" draft has proposed 10-year prison sentence for persons who "mine, generate, hold, sell, transfer, dispose, issue or deal in cryptocurrencies.
Besides making it completely illegal, the bill makes holding of cryptos a non-bailable offence.
A cryptocurrency is a digital or virtual currency that uses cryptography for security and is generally based on blockchain technology, a distributed ledger enforced by a disparate network of computers. Bitcoin is the most popular cryptocurrency in the world.
Given the high chances of cryptocurrencies being misused for money laundering, various government bodies such as the Income Tax Department and the Central Board of Indirect Taxes and Customs (CBIC) had endorsed banning of cryptocurrencies.
The draft bill for banning cryptocurrency has been in the works for some time with Economic Affairs Secretary Subhash Chandra Garg leading the exercise.
While strict law would soon be in place to deal with people indulging in trade of cryptocurrency, India is likely to have its own digital currency.
How do you Indian folks deal with this?
Draft Law Proposes 10-year Jail Term for Dealing in Cryptocurrency
As you said this is a draft law, so nothing is official and i personally think that there is no way that the government will allow to sentence people to 10 years of jail for such so small act, the sentence is higher than caught a person with position of drugs, however if this gets approved it will not be just bad for the people who are living in there and use crypto but it will show how much the government is dictating people and what they do with their lives and their money. Holding, selling or dealing in cryptocurrencies such as Bitcoin could soon land you in jail for 10 years.
The "Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019" draft has proposed 10-year prison sentence for persons who "mine, generate, hold, sell, transfer, dispose, issue or deal in cryptocurrencies.
Besides making it completely illegal, the bill makes holding of cryptos a non-bailable offence.
A cryptocurrency is a digital or virtual currency that uses cryptography for security and is generally based on blockchain technology, a distributed ledger enforced by a disparate network of computers. Bitcoin is the most popular cryptocurrency in the world.
Given the high chances of cryptocurrencies being misused for money laundering, various government bodies such as the Income Tax Department and the Central Board of Indirect Taxes and Customs (CBIC) had endorsed banning of cryptocurrencies.
The draft bill for banning cryptocurrency has been in the works for some time with Economic Affairs Secretary Subhash Chandra Garg leading the exercise.
While strict law would soon be in place to deal with people indulging in trade of cryptocurrency, India is likely to have its own digital currency.
Quote
"A decision on the launch of Digital Rupee would be taken after consulting the Reserve Bank of India (RBI)"
said an official.How do you Indian folks deal with this?
Draft Law Proposes 10-year Jail Term for Dealing in Cryptocurrency
June 15, 2019, 04:23:34 PM
And just like that,
https://beincrypto.com/78-arrested-indian-bitcoin-call-center-scam/
78 Arrested in Indian Bitcoin Call Center Scam
A fraudulent group of call centers, which targeted U.S. citizens, has been shut down by Indian authorities. The entity was extorting American citizens by demanding Bitcoin (BTC) and other forms of online payment under threats of releasing private information.
So they have started to clamp down and hunt criminals that deals with bitcoin. So let's see how they are going to run for crypto enthusiast though.
https://beincrypto.com/78-arrested-indian-bitcoin-call-center-scam/
Quote
78 Arrested in Indian Bitcoin Call Center Scam
A fraudulent group of call centers, which targeted U.S. citizens, has been shut down by Indian authorities. The entity was extorting American citizens by demanding Bitcoin (BTC) and other forms of online payment under threats of releasing private information.
So they have started to clamp down and hunt criminals that deals with bitcoin. So let's see how they are going to run for crypto enthusiast though.
Maybe the draft law came into life because of these fraudulent activities relating to crypto projects. However, they don't consider the good impact to other crypto enthusiasts who are not into scamming people. We will see how far they can pin down those scammers but they should have exclusion to this law. Those who are doing legal terms towards blockchain projects.
June 15, 2019, 04:17:54 PM
And just like that,
https://beincrypto.com/78-arrested-indian-bitcoin-call-center-scam/
78 Arrested in Indian Bitcoin Call Center Scam
A fraudulent group of call centers, which targeted U.S. citizens, has been shut down by Indian authorities. The entity was extorting American citizens by demanding Bitcoin (BTC) and other forms of online payment under threats of releasing private information.
So they have started to clamp down and hunt criminals that deals with bitcoin. So let's see how they are going to run for crypto enthusiast though.
https://beincrypto.com/78-arrested-indian-bitcoin-call-center-scam/
Quote
78 Arrested in Indian Bitcoin Call Center Scam
A fraudulent group of call centers, which targeted U.S. citizens, has been shut down by Indian authorities. The entity was extorting American citizens by demanding Bitcoin (BTC) and other forms of online payment under threats of releasing private information.
So they have started to clamp down and hunt criminals that deals with bitcoin. So let's see how they are going to run for crypto enthusiast though.
June 14, 2019, 05:05:26 PM
I think those who have been holding Bitcoin for longer and are now encouraged to use coins that they make themselves and that won't guarantee it will be good for them because people are smart and may prefer Bitcoin as their future investment and the coins they build for being the umpteenth time, indeed the effect will be felt when India becomes the holder of many things and now it is only banned but this is not something sad but we must believe in the future, it seems like all will be friendly to Bitcoin
June 14, 2019, 04:59:04 PM
The government of India has been giving its citizens tough time when it comes to trading of cryptocurrency. I think in the future, the government will realize the importance of crypto in its economy and embrace it. The 10 years jail term is a serious one in India for now but with time I think government will compromise its decision on this.
June 14, 2019, 06:05:47 AM
Bollywood superstar "Amitabh Bachchan" rides Bitcoin high, sees $250,000 investment surge to $17.5 million
https://www.indiatoday.in/technology/news/story
https://www.indiatoday.in/technology/news/story
June 14, 2019, 05:59:51 AM
Just by looking how they will soon launch a digital version of their fiat shows a clear motive on why they are pursuing a bill like this one. With their plan of removing all kinds of crypto assets in their country they are eliminating the potential competition surround their own cryptocurrency. These kinds of law doesn't only violate the rights of their people but also shows some kind of dictatorial ruling in their state. If I were a citizen in India I would ask for the Indian crypto industry to unite from investors and miners to crypto exchanges and form a protest against this unfair bill, a voice that can be heard is something that will get their attention especially when the election time comes.
I spoke about this bill to my friends in India and they said it’s only a draft and the actual bill may not be so harsh, also they informed me that there’re many cases yet going on in Indian courts regarding the approval of bitcoins. Indian government aim of launching it’s own crypto shall be a waste of their resources, as no one will buy their centralised crypto. In my opinion Indian government should look at Japan’s model regarding bitcoin, and implement the same in their country.
Bitcoin does more than being a utility coin, it also serve as investment which is why many people would always use Bitcoin and any other coin that serves this purpose, people will only accept India digital coin, if they make it a decentralized one.
June 12, 2019, 02:40:47 PM
This is really getting worse and it is sad that they are being biased in their judgment, if they are really against cryptocurrency, why is it now that they are coming up with their own digital currency, how come the idea is just coming to their mind now.
This is what the Indian businessmen has done all through the years. First they will destroy the competition, buy intimidating and bullying their rivals and once their competitors are gone, they will launch their own over-priced brands. It looks to me that the Indian finance ministry is facing shortage of funds, after freebies were handed out to win the elections. Now they want to squeeze money out of the citizens, by hook or crook.
June 12, 2019, 08:16:20 AM
This is really getting worse and it is sad that they are being biased in their judgment, if they are really against cryptocurrency, why is it now that they are coming up with their own digital currency, how come the idea is just coming to their mind now.
I hope this law will really not be effective, because the population of citizens of India using cryptocurrency is really high, and anything that makes them halt using crypto, it will surely affect the price of some coins, and I am thinking it will affect Bitcoin more, because I think that is what most Indians use for some of their crypto transactions. Let’s see how the anonymous nature of the crypto plays out here.
I hope this law will really not be effective, because the population of citizens of India using cryptocurrency is really high, and anything that makes them halt using crypto, it will surely affect the price of some coins, and I am thinking it will affect Bitcoin more, because I think that is what most Indians use for some of their crypto transactions. Let’s see how the anonymous nature of the crypto plays out here.
June 12, 2019, 07:03:20 AM
Like seriously, these people wants to stop their citizens from making use of cryptocurrency for real… Meeeehn, that's really bad. Anyone who is in that country and still insisting to make use of cryptocurrency need to be very careful, cause if you get busted, then you will be sorry for yourself to spend up to ten years in jail, a wasted life lol. So it's better to be careful, if there is anyway you know you can be traced, then you better just take it away or you can just stop making use of cryptocurrency instead of putting yourself in this kind of problem. This is really bad.
June 11, 2019, 01:03:50 PM
Why would anyone be this idiotic is beyond my understand. India is known for remote workers and freelancer workers who happen to earn money from all around the world and they are getting dollars and euros every single day and work for that in order to then cash it out and get their own fiat currency and that results with the real economy always having some sort of power, not insanely but at least combining all people who work for Europeans or Americans that gets paid and exchange it that makes it better as a collective.
Bitcoin is exactly the same and looks like it was created FOR Indians because it would make things so much easier whereas Indian government is consisting of bunch of stupid morons who can not see this.
Bitcoin is exactly the same and looks like it was created FOR Indians because it would make things so much easier whereas Indian government is consisting of bunch of stupid morons who can not see this.
The government created a lot of issues for the freelancers earlier. First they banned PayPal. A few months back, the ban was lifted but under strict conditions. Indian users can't store any of their money in PayPal. If they receive any payments in their PP account, then it is automatically withdrawn to the linked savings bank account. Also, Indian users are banned from making peer to peer payments.
June 11, 2019, 11:54:27 AM
Why would anyone be this idiotic is beyond my understand. India is known for remote workers and freelancer workers who happen to earn money from all around the world and they are getting dollars and euros every single day and work for that in order to then cash it out and get their own fiat currency and that results with the real economy always having some sort of power, not insanely but at least combining all people who work for Europeans or Americans that gets paid and exchange it that makes it better as a collective.
Bitcoin is exactly the same and looks like it was created FOR Indians because it would make things so much easier whereas Indian government is consisting of bunch of stupid morons who can not see this.
India is having high amount of tax rate for converting other currencies into local fiat money that is why they are suffering from illegal money conversion called hawala and happening billions everyday so India can decrease their tax they can atleast make some rather than nothing. Bitcoin is exactly the same and looks like it was created FOR Indians because it would make things so much easier whereas Indian government is consisting of bunch of stupid morons who can not see this.
June 11, 2019, 11:29:02 AM
Why would anyone be this idiotic is beyond my understand. India is known for remote workers and freelancer workers who happen to earn money from all around the world and they are getting dollars and euros every single day and work for that in order to then cash it out and get their own fiat currency and that results with the real economy always having some sort of power, not insanely but at least combining all people who work for Europeans or Americans that gets paid and exchange it that makes it better as a collective.
Bitcoin is exactly the same and looks like it was created FOR Indians because it would make things so much easier whereas Indian government is consisting of bunch of stupid morons who can not see this.
Bitcoin is exactly the same and looks like it was created FOR Indians because it would make things so much easier whereas Indian government is consisting of bunch of stupid morons who can not see this.
June 11, 2019, 10:46:14 AM
I hope for all the people in India using crypto this law won't actually go into effect as it appears to only be a draft at this moment, but it's absolutely ridiculous people even just holding and not even using cryptocurrencies could be facing a 10 year jail sentence.
I also don't see this having a large effect on the price of Bitcoin or any other alts in the near future as there just doesn't seem to be much trading volume of crypto in India AFAIK. Hopefully this doesn't actually pass.
Most likely it will be realized, seen from the statement of the Indian government that the use of Cryptocurrency is widely misused as their main reason for punishing people who involved in Cryptocurrency transactions. My opinion on this issue is that the Indian government only takes the opportunity so that its digital currency does not have a rival in its country. Luckily this news make the value of Bitcoin is fine there is no effect at all. I also don't see this having a large effect on the price of Bitcoin or any other alts in the near future as there just doesn't seem to be much trading volume of crypto in India AFAIK. Hopefully this doesn't actually pass.
June 11, 2019, 10:14:46 AM
Thank you India, you've just ensured you would not be part of the cryptorevolution. Too bad that instead of being able to legit make money online by freelancing and stuff, your literate but desperate people have to continue doing phone scams.
https://www.youtube.com/watch?v=xb_rgQ4IDS8&t=199s
The video is about a crypto scam? I am not hearing the voice so don't know what is happening.But when someone got scammed by these kind of phone calls then they are still illiterate.https://www.youtube.com/watch?v=xb_rgQ4IDS8&t=199s
There is no official news about this draft so just take it easy.
June 11, 2019, 09:42:20 AM
Thank you India, you've just ensured you would not be part of the cryptorevolution. Too bad that instead of being able to legit make money online by freelancing and stuff, your literate but desperate people have to continue doing phone scams.
https://www.youtube.com/watch?v=xb_rgQ4IDS8&t=199s
India have close to 0 impact on crypto. China is where pretty much all of the miners are. Huge difference.
https://www.youtube.com/watch?v=xb_rgQ4IDS8&t=199s
Maybe you are right because India is a third-world country, but look at what happened to Bitcoin when China released a news like this.
India have close to 0 impact on crypto. China is where pretty much all of the miners are. Huge difference.
June 11, 2019, 08:13:12 AM
Is it just me? The news about this seems have a less impact or doesn't have at all. Maybe because it's India, a 3rd world country. I don't feel the impact and there's no major talk like, others are panicking or something like that and it seems they aren't worrying. Well, I won't be surprised though.
Probably because India doesn't have the much influence of crypto as compare to let's say China, wherein the mining are concentrated. The impact is so slim that we didn't feel it at all. Yes the price goes to $7600-$7500, but then again it surges back to $7800-$7900, indicative that it didn't deter this bullrun that we have right now. At least though, people learn not to panic at every news like this. And the only impact I'm seeing is those Indian crypto lovers that we have in this community. But I'm under the speculation that they will just shrug their shoulders hearing this one and will still continue to buy and hold Bitcoin.
June 11, 2019, 05:14:17 AM
Is it just me? The news about this seems have a less impact or doesn't have at all. Maybe because it's India, a 3rd world country. I don't feel the impact and there's no major talk like, others are panicking or something like that and it seems they aren't worrying. Well, I won't be surprised though.
Yeah, just as nobody panicked when the first news about the ban spread.
And the reasons are not just because it's a 3rd world country its because there is no volume on the exchanges, there are no shops accepting, no ATMs, no nodes, no mining, ...basically, nothing that can be considered. There are countries in Europe /100 of the size in both population or GDP but which have a far bigger impact on the crypto environment.
Imagine one of the countries in EU seeking a ban...everyone will panic as they would fear the ban would spread to the largest economy in the world which is the union. India...meh..
Another reason for the lack of reactions is that even if its adoption or banning people know India's government will do a shitty job at it and the results will b equal to zero, so no real change whatsoever
Maybe you are right because India is a third-world country, but look at what happened to Bitcoin when China released a news like this.
.India is not China. Not even close. Not even a thousand miles close.
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