Topic: INDIA: Draft Law Proposes 10-year Jail Term for Dealing in Cryptocurrency - page 4. (Read 729 times)

They can't track all addresses but if they're serious in eliminating some of it, they could start by gathering some of the past addresses used from the local exchanges since it's linked to each person.

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/

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.

I'm so confused, there is an article posted in another thread that RBI denied the knowledge about this amd they said they will be consulting the RBI? So that means this might take a long time before happening. Also, how will they track these addresses in which they don't even know if that address is from their countrymen. I can create an addressamd just deny the fact that that is not mine, they will not be able to tell that it is mine since they have no proof. They might ban sites or exchange? VPN are still legal, there are still a lot of ways they can use crypto currencies.

I wish that law to not be approved and government think twice what is better, take tax on bitcoin or ban it and never get nothing from? And i wish all countries let bitcoin to be used and not ban it.

It has been happening for a while in countries like that where democracy is... well, shaky at best. They will simply ban Bitcoin, easy solution just like china and others, in Europe and more democratic countries, they cannot do that so they try other methods like taxes, fear, etc. Governments will always try to control crypto, I understand why, I would probably want to control it too, do you really trust most people?

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.

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.

said an official.

How do you Indian folks deal with this?

Draft Law Proposes 10-year Jail Term for Dealing in Cryptocurrency