INDIA: Draft Law Proposes 10-year Jail Term for Dealing in Cryptocurrency - page 3.

boyptc

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Quote from: ralle14 on June 09, 2019, 04:55:59 PM

Quote from: boyptc on June 09, 2019, 04:37:38 PM

The title looks very the same with other threads that popped last day but the content's different so I thought it's just a duplicated thread. However, with that addition of making their digital rupee.

Things got clearer now, remember when facebook banned crypto ads and after that they went into an idea and rumor of launching their own token? that's the pattern.

They're heading to the same route but it was said that their plans in launching a seperate cryptocurrency was postponed.

https://www.theblockcrypto.com/tiny/rbi-is-putting-official-digital-currency-on-hold-reports-claim/

Is this a reliable source? if it's on halt, I can't think on what's on their minds.

Quote from: coin-investor on June 10, 2019, 12:40:08 AM

So you think that India is banning Cryptocurrency because they want to launch their own token or cryptocurrency, I don't see the connection although there is a similarity, Facebook is a company while India is a country, they can impose sentence while Facebook can only disable your account.

Yes that's what I think.

In able to determine and broadcast your product properly, you have to get rid of your competitors in your platform or inside your jurisdiction. It's on the same situation if you will analyze.

TheCoinGrabber

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Quote from: boyptc on June 09, 2019, 04:37:38 PM

The title looks very the same with other threads that popped last day but the content's different so I thought it's just a duplicated thread. However, with that addition of making their digital rupee.

Things got clearer now, remember when facebook banned crypto ads and after that they went into an idea and rumor of launching their own token? that's the pattern.

It's just like how tech giants work - buy or smear the competition. Since it bitcoin's case they can't gain ownership of it, governments first went that smear route and if that don't work they'll either tightly regulate it or outright ban it to introduce their own.

This is, why would anyone invest in digital rupees? What would make it valuable?

leowonderful

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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.

D1v4c

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Quote from: Shinpako09 on June 10, 2019, 02:23:48 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.

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.

Vishnu.Reang

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Quote from: Juggy777 on June 10, 2019, 02:03:21 AM

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.

You are partially correct. The final bill is likely to be a toned down one. If they make the bill too harsh, there will be some public outcry and it will be challenged in the courts. And moreover, it will be almost impossible to implement these harsh measures in a country with millions of people who use cryptocurrencies such as BTC and ETH.

Shinpako09

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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.

Juggy777

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Quote from: Theb on June 09, 2019, 12:57:26 PM

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.

acroman08

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Quote from: Genemind on June 09, 2019, 11:46:13 PM

India was one of the first countries who get involved in cryptocurrency. Some Indian also took advantage and have used cryptocurrency in a negative way so we can't blame their government for making a decision to ban it. However, I don't think their government could still track anonymous transactions. I'm sure that things will still get better in crypto despite all these controversies.

agreed, India in one of the countries that has a large number of scammers which the government are concerned about
and when bitcoin entered the country it probably got worse thus the government is taking action to counter it.

stompix

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Quote from: Theb on June 09, 2019, 12:57:26 PM

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.

Good luck with your 20 people crowd.
I've been hearing this before the last election, now again for the next elections and guess what, nothing changed.

Quote from: Pumapipa on June 10, 2019, 01:20:20 AM

This is quite the news. I really cannot comprehend why governments are banning technological advancements like cryptocurencies.

Because they are stupid!!
If the government would be smart they would have done something to advance India from their 3rd world status, but years are passing and nothing is done.

At least with this, we can stop talking about cryptos and India just like we did about China.
Good that India has little to zero influence on the markets so we can move on effortlessly and be done with it. I've told people a hundred times, bitcoin will flourish in the western world, not in poor, corrupted, ran by incompetents countries.

davis196

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Quote from: coin-investor on June 10, 2019, 12:40:08 AM

Quote from: boyptc on June 09, 2019, 04:37:38 PM

The title looks very the same with other threads that popped last day but the content's different so I thought it's just a duplicated thread. However, with that addition of making their digital rupee.

Things got clearer now, remember when facebook banned crypto ads and after that they went into an idea and rumor of launching their own token? that's the pattern.

So you think that India is banning Cryptocurrency because they want to launch their own token or cryptocurrency, I don't see the connection although there is a similarity, Facebook is a company while India is a country, they can impose sentence while Facebook can only disable your account.

Facebook banned crypto ads,due to the vast majority of scam ICOs being advertised.
The idea of a facebook coin came one year later after the crypto ads ban.
India is a "no man's land" for the crypto world since 2017,we shouldn't care that much about the Indian government's actions.

Pumapipa

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This is quite the news. I really cannot comprehend why governments are banning technological advancements like cryptocurencies. I mean, had they found some loopholes and security risks in the block chain technology, it will still be possible to upgrade or enhance its features to further suit the needs of consumers, right? There is no point in banning cryptos --these can actually be of good help to other people. SMH

coin-investor

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Quote from: boyptc on June 09, 2019, 04:37:38 PM

The title looks very the same with other threads that popped last day but the content's different so I thought it's just a duplicated thread. However, with that addition of making their digital rupee.

Things got clearer now, remember when facebook banned crypto ads and after that they went into an idea and rumor of launching their own token? that's the pattern.

So you think that India is banning Cryptocurrency because they want to launch their own token or cryptocurrency, I don't see the connection although there is a similarity, Facebook is a company while India is a country, they can impose sentence while Facebook can only disable your account.

Genemind

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India was one of the first countries who get involved in cryptocurrency. Some Indian also took advantage and have used cryptocurrency in a negative way so we can't blame their government for making a decision to ban it. However, I don't think their government could still track anonymous transactions. I'm sure that things will still get better in crypto despite all these controversies.

CryptoBry

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This has been talked a lot in here and maybe because most of us are surprised of this development though we have to make it clear that this is still a proposed law and it can take some time before it can be a law -- that is if this can passed and if the original intent of the proposal will remain intact as you know that legislation can mean compromises. Now, if ever this can be a law, it would surely be a sad day for India because they will equate the ownership of cryptocurrency to a big crime on the level of selling narcotics or thievery. Let's hope enlightened minds in their lawmaking body will eventually realize the folly of this as this is like inflicting a wound to their own citizens. We actually need the India market for cryptocurrency...let's hope that a time will come when they can see the opportunities rather than the threat posed by bitcoin and other cryptocurrencies.

btc_angela

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Quote from: tomahawk9 on June 09, 2019, 06:01:44 PM

Quote from: Theb on June 09, 2019, 12:57:26 PM

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.

Hmm, I don't see any of them going to the street to protest, especially knowing how [some aspects of] the cryptosphere works (very low-key, privacy, anonymity, etc), and the general public probably doesn't care about such thing, hell, they'll probably waiting anxiously for the upcoming centralized digital currency from the govt. Something has to be done, but I don't think protesting is one of the options the indian crypto community will go for.

https://cointelegraph.com/news/indian-street-protests-for-cryptocurrency

But I think it did more harm than good for them. And yes it looks like they have plans for their own crypto, hence the sudden and unexpected ban coming from them. I'm sure this will have a drastic impact, or it could be one reason why the price in the last couple of days have plummeted to $7k'ish levels.

Herucooles

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I hope not ... if this really works, I'm afraid other countries will follow. So that it will make the cryptocurency price decrease. Maybe India has other strategies that we don't know. The bill issued with a 10-year sentence is terrible.

casper77

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all this was already in several other countries
loud news headlines and nothing more
draft law is not law

dddudidd

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Actually, India is one of the countries that approves the existence of cryptocurrency. I see many projects originating from India such as Otppay. and they also make Taxi payment services. but I was surprised if the law in India had begun to ban Crypto.

tomahawk9

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Quote from: Theb on June 09, 2019, 12:57:26 PM

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.

Hmm, I don't see any of them going to the street to protest, especially knowing how [some aspects of] the cryptosphere works (very low-key, privacy, anonymity, etc), and the general public probably doesn't care about such thing, hell, they'll probably waiting anxiously for the upcoming centralized digital currency from the govt. Something has to be done, but I don't think protesting is one of the options the indian crypto community will go for.

coin-investor

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It's the biggest headline this week but surely has a big impact on the whole community it's very surprising it's coming from India they have a lot of cryptocurrency holders and believers, of course, there are hardcore believers and many of them had huge portfolio, I'm pretty sure many of our Indian brothers will go underground.

Topic: INDIA: Draft Law Proposes 10-year Jail Term for Dealing in Cryptocurrency - page 3. (Read 795 times)