India is looking to introduce a law to ban Bitcoin and cryptocurrencies, as the government sees a legal framework as being more effective than a circular from the Reserve Bank of India (RBI) in this regard. “A note has been moved (by the finance ministry) for inter-ministerial consultations,” a senior government official told ET.
According to the India Time on June 12, the spur for the draft cabinet note was the March 4 decision of the Supreme Court to quash the April 2018 circular from the RBI that prevented banks from providing services in support of cryptocurrencies, said the official cited above.
As per the draft law, a repeat offense will be punishable by imprisonment of up to 5 years, which could extend to 10 years with a fine. The fine could be three times the loss or harm caused by the person, three times the gain made by a person, or up to Indian Rupee 25 crore (3,29 million USD).
Source: India Is Looking To Introduce A Law To Ban Bitcoin, Trader Will Be Punishable By Imprisonment Of Up To 5 Years, Which Could Extend To 10 Years With A Fine
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Topic: India Is Looking To Introduce A Law To Ban Bitcoin, Imprisonment Of Up To 5 Year (Read 672 times)
December 26, 2020, 03:44:23 PM
September 04, 2020, 04:30:52 PM
This is an informative summary what actually happened in India with this news. And it's good to hear someone who's living there can finally give a thought about this topic because it's confusing what is actually the status for this matter.
We only rely from the news if it's an actual ban but now that you have mentioned that it's still a speculation that a new ban will be imposed, those articles that I've read just after the lifting of the ban which tells about banning it were misleading.
We only rely from the news if it's an actual ban but now that you have mentioned that it's still a speculation that a new ban will be imposed, those articles that I've read just after the lifting of the ban which tells about banning it were misleading.
Yes, it is just a speculation that a new ban might be forthcoming because it not just involves RBI or the IDC, but the parliament is also playing a big role. And we all know how this politicians are very influential that's why there are a wildly believed that maybe an imminent ban is coming to India.
But it might take some time because the parliament will pass a law to put a heavy regulations (5 year imprisonment) for everything that is related to bitcoin.
I hope that it will end well and things will go easy for RBI and they don't have to look at bitcoin the way they're looking at it. The justification from the higher court (SC) should be recognized by them.
August 31, 2020, 10:37:01 PM
This is an informative summary what actually happened in India with this news. And it's good to hear someone who's living there can finally give a thought about this topic because it's confusing what is actually the status for this matter.
We only rely from the news if it's an actual ban but now that you have mentioned that it's still a speculation that a new ban will be imposed, those articles that I've read just after the lifting of the ban which tells about banning it were misleading.
We only rely from the news if it's an actual ban but now that you have mentioned that it's still a speculation that a new ban will be imposed, those articles that I've read just after the lifting of the ban which tells about banning it were misleading.
Yes, it is just a speculation that a new ban might be forthcoming because it not just involves RBI or the IDC, but the parliament is also playing a big role. And we all know how this politicians are very influential that's why there are a wildly believed that maybe an imminent ban is coming to India.
But it might take some time because the parliament will pass a law to put a heavy regulations (5 year imprisonment) for everything that is related to bitcoin.
I hope that it will end well and things will go easy for RBI and they don't have to look at bitcoin the way they're looking at it. The justification from the higher court (SC) should be recognized by them.
August 31, 2020, 03:57:47 PM
why some threads says ban and some say legal https://bitcointalksearch.org/topic/bitcoin-is-now-legal-in-india-5230499
Let me give you the time lineIn 2018- RBI banned bitcoin transactions from banking channels. Therefore even though bitcoin wasn't illegal exchanges can't open a bank account therefore were shut down. P2P was working
In 2019- government made a committee to know the shortcomings in cryptocurrency and therefore were considering to ban it (have not banned it are just considering to ban it)
In 2020- Supreme court of India lifted the ban of RBI and exchanges have reopened
Now once again there are speculations that it will be banned again. But it's Not yet banned it's just in consideration of being banned.
This is about right but the problem here is really RBI since even if the Supreme Court had made a decision about the ban they are now using their power in pushing their lawmakers to create a law banning crypto overall in the country which really is a disgrace in their justice system. It's like they don't want the SC's decision and will now go another route just to be "right" on banning crypto which isn't really sensible. I don't know why RBI wants to push this kind of law but I hope their lawmakers are actually smarter than them and see that the crypto industry is more beneficial to their country rather than be harmful to them.
August 31, 2020, 11:43:20 AM
why some threads says ban and some say legal https://bitcointalksearch.org/topic/bitcoin-is-now-legal-in-india-5230499
Let me give you the time lineIn 2018- RBI banned bitcoin transactions from banking channels. Therefore even though bitcoin wasn't illegal exchanges can't open a bank account therefore were shut down. P2P was working
In 2019- government made a committee to know the shortcomings in cryptocurrency and therefore were considering to ban it (have not banned it are just considering to ban it)
In 2020- Supreme court of India lifted the ban of RBI and exchanges have reopened
Now once again there are speculations that it will be banned again. But it's Not yet banned it's just in consideration of being banned.
We only rely from the news if it's an actual ban but now that you have mentioned that it's still a speculation that a new ban will be imposed, those articles that I've read just after the lifting of the ban which tells about banning it were misleading.
Yes, it is just a speculation that a new ban might be forthcoming because it not just involves RBI or the IDC, but the parliament is also playing a big role. And we all know how this politicians are very influential that's why there are a wildly believed that maybe an imminent ban is coming to India.
But it might take some time because the parliament will pass a law to put a heavy regulations (5 year imprisonment) for everything that is related to bitcoin.
August 31, 2020, 06:57:55 AM
why some threads says ban and some say legal https://bitcointalksearch.org/topic/bitcoin-is-now-legal-in-india-5230499
Let me give you the time lineIn 2018- RBI banned bitcoin transactions from banking channels. Therefore even though bitcoin wasn't illegal exchanges can't open a bank account therefore were shut down. P2P was working
In 2019- government made a committee to know the shortcomings in cryptocurrency and therefore were considering to ban it (have not banned it are just considering to ban it)
In 2020- Supreme court of India lifted the ban of RBI and exchanges have reopened
Now once again there are speculations that it will be banned again. But it's Not yet banned it's just in consideration of being banned.
We only rely from the news if it's an actual ban but now that you have mentioned that it's still a speculation that a new ban will be imposed, those articles that I've read just after the lifting of the ban which tells about banning it were misleading.
August 30, 2020, 06:51:45 PM
Let me give you the time line
In 2018- RBI banned bitcoin transactions from banking channels. Therefore even though bitcoin wasn't illegal exchanges can't open a bank account therefore were shut down. P2P was working
In 2019- government made a committee to know the shortcomings in cryptocurrency and therefore were considering to ban it (have not banned it are just considering to ban it)
In 2020- Supreme court of India lifted the ban of RBI and exchanges have reopened
Now once again there are speculations that it will be banned again. But it's Not yet banned it's just in consideration of being banned.
In 2018- RBI banned bitcoin transactions from banking channels. Therefore even though bitcoin wasn't illegal exchanges can't open a bank account therefore were shut down. P2P was working
In 2019- government made a committee to know the shortcomings in cryptocurrency and therefore were considering to ban it (have not banned it are just considering to ban it)
In 2020- Supreme court of India lifted the ban of RBI and exchanges have reopened
Now once again there are speculations that it will be banned again. But it's Not yet banned it's just in consideration of being banned.
oh i see, its look like the government confuse about ban or not the bitcoin
August 30, 2020, 02:39:24 AM
why some threads says ban and some say legal https://bitcointalksearch.org/topic/bitcoin-is-now-legal-in-india-5230499
Let me give you the time lineIn 2018- RBI banned bitcoin transactions from banking channels. Therefore even though bitcoin wasn't illegal exchanges can't open a bank account therefore were shut down. P2P was working
In 2019- government made a committee to know the shortcomings in cryptocurrency and therefore were considering to ban it (have not banned it are just considering to ban it)
In 2020- Supreme court of India lifted the ban of RBI and exchanges have reopened
Now once again there are speculations that it will be banned again. But it's Not yet banned it's just in consideration of being banned.
August 28, 2020, 07:50:36 PM
why some threads says ban and some say legal https://bitcointalksearch.org/topic/bitcoin-is-now-legal-in-india-5230499
August 28, 2020, 08:39:51 AM
India is a very large market if government legalize it then we may see some pump in the prize of bitcoin but I doubt indian government will legalize it anytime soon. Government wants ban it while supreme court doesn't so lets see whats happens.
Not really a god time to ban Cryptocurrency, they are hard on pandemic they need cashless transactions which is why Cryptocurrency is such a good option to take, and besides it's an investors safe haven now that stocks all over the world are falling including theirs, let them help investors and businessman save their business by trading Cryptocurrency.
August 27, 2020, 02:39:02 PM
August 27, 2020, 01:16:24 PM
India is a very large market if government legalize it then we may see some pump in the prize of bitcoin but I doubt indian government will legalize it anytime soon. Government wants ban it while supreme court doesn't so lets see whats happens.
August 27, 2020, 04:41:04 AM
if that happen it's not good at all because india has huge market and opportunity for this.
August 17, 2020, 04:59:13 PM
Today's news, you will hear that bitcoin is now legal in India. The next day you will hear another storyline of bitcoin illegality in India. In this case, the final verdict passed by the Supreme Court stands and it can not be overruled by any group or organization. The India's government are confused, they don't know what they want. They should set their laws straight about bitcoin, so that her citizens will know the status of bitcoin whether legal or not
Cryptocurrency has never been legalized in India. After the recent decision of the Supreme Court of India in this country, the cryptocurrency was and remains absolutely unregulated, and even less legalized. There is a complete legal vacuum in India with regard to cryptocurrency. Therefore, we must expect what regulations will finally be adopted in India by legislators or at least by the government.Never legalised so everyone is free to own, trade crypto. But the current government wanted to have a hard line stance against it. So regulations won't be effective it they issue a blanket ban. What would you regulate if there is none in the first place?
So the first thing the country do is define what crypto is, put a clear framework. But India legislators are too busy that most of the time we will hear contradictory news.
July 21, 2020, 03:18:00 PM
Today's news, you will hear that bitcoin is now legal in India. The next day you will hear another storyline of bitcoin illegality in India. In this case, the final verdict passed by the Supreme Court stands and it can not be overruled by any group or organization. The India's government are confused, they don't know what they want. They should set their laws straight about bitcoin, so that her citizens will know the status of bitcoin whether legal or not
Cryptocurrency has never been legalized in India. After the recent decision of the Supreme Court of India in this country, the cryptocurrency was and remains absolutely unregulated, and even less legalized. There is a complete legal vacuum in India with regard to cryptocurrency. Therefore, we must expect what regulations will finally be adopted in India by legislators or at least by the government. 
July 21, 2020, 07:03:23 AM
Yes, that's true! The current situation is very dynamic and we don't yet know what's going to happen! But looking at the current government, I don't see anything positive really! Modi runs a cabinet full with criminals and uneducated ministers so I don't think crypto will ever be legal in India, or until the current government stays in power.
Right now, we don't have a specific legal framework around cryptos. The finance ministry is now trying to create a law that will ban bitcoin. But that will take years to come into effect and an exit period will be given. At this moment, we are just speculating about what's gonna happen!
July 17, 2020, 11:24:56 PM
As per the draft law, a repeat offense will be punishable by imprisonment of up to 5 years, which could extend to 10 years with a fine. The fine could be three times the loss or harm caused by the person, three times the gain made by a person, or up to Indian Rupee 25 crore (3,29 million USD).
I think the law made by the Indian government is too burdensome for its own people, there is no country that has laws like India that will be planned.Inexhaustible india, making rules about banning crypto, yesterday the illegal news is different now, this is really nonsense that india is doing.
I'm not sure the Indian government does it all, I know many of the government circles who use crypto now, this law is a rule that doesn't make sense.
July 06, 2020, 10:10:53 AM
For any news related to the legal status of crypto in India I would really steer clear away from this as we will always see conflicting news in a weekly basis about this one. It's like the news we always here in China last 2 or 3 years ago. Right now crypto news media outlets are either recycling old news or explaining badly the local news from India that's why we will see news that is more opinionated in nature rather than saying directly what the news really is. I know that people see the legality of the crypto industry in India is important to the crypto market in terms of demand but I won't really use any unofficial news about India as basis on my trades.
July 06, 2020, 06:13:37 AM
Today's news, you will hear that bitcoin is now legal in India. The next day you will hear another storyline of bitcoin illegality in India. In this case, the final verdict passed by the Supreme Court stands and it can not be overruled by any group or organization. The India's government are confused, they don't know what they want. They should set their laws straight about bitcoin, so that her citizens will know the status of bitcoin whether legal or not
Yes, that's true! The current situation is very dynamic and we don't yet know what's going to happen! But looking at the current government, I don't see anything positive really! Modi runs a cabinet full with criminals and uneducated ministers so I don't think crypto will ever be legal in India, or until the current government stays in power.
Right now, we don't have a specific legal framework around cryptos. The finance ministry is now trying to create a law that will ban bitcoin. But that will take years to come into effect and an exit period will be given. At this moment, we are just speculating about what's gonna happen!
July 05, 2020, 11:03:25 AM
Today's news, you will hear that bitcoin is now legal in India. The next day you will hear another storyline of bitcoin illegality in India. In this case, the final verdict passed by the Supreme Court stands and it can not be overruled by any group or organization. The India's government are confused, they don't know what they want. They should set their laws straight about bitcoin, so that her citizens will know the status of bitcoin whether legal or not
Actually if government wants to change the laws then it is possible, all they need to do is to get the majority of members to support them from total number of minister or whatever.But this is not going to happen in days, at least it will take years in that time next election will come so ruling party will hesitate to bring such laws because it can backfire on their election results. Jump to: