If they really start putting people in jail for using Bitcoin they're going to show they world they're a totalitarian regime. What are they going to do next? Put street vendors in jail?
They already were hitting people with batons for leaving their homes during quarantine, so I bet they're going to at some point send the army to shoot protesters, just like it was done in the good old Soviet Union and China.
Topic: India Is Looking To Introduce A Law To Ban Bitcoin, Imprisonment Of Up To 5 Year - page 2. (Read 672 times)
July 05, 2020, 08:01:20 AM
July 05, 2020, 07:06:40 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
I'm expecting that India will now have a focus about there stand about bitcoin as they have organized there election. They have been up and down about there decision for long but with new government in place, maybe we can start seeing a refocus in the crypto business.
June 30, 2020, 04:14:59 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
June 12, 2020, 11:58:03 PM
Well, it seems this issue is still far from over in India.
Earlier, it was the RBI which banned Bitcoin and cryptocurrency through a circular. Later on, the Supreme Court struck the same circular down as illegal.
I am not familiar with India's law, but here in my country a Supreme Court decision is supreme as far as legality is concerned. As such, it forms part of the country's law. It will become a legal precedence and all other courts shall abide by it, being part of the country's jurisprudence.
If this is the same principle that applies in India's legal system, I don't know how a bill would argue against a Supreme Court decision. And if this will pass and becomes a law, how it will overrule a Supreme Court decision.
Earlier, it was the RBI which banned Bitcoin and cryptocurrency through a circular. Later on, the Supreme Court struck the same circular down as illegal.
I am not familiar with India's law, but here in my country a Supreme Court decision is supreme as far as legality is concerned. As such, it forms part of the country's law. It will become a legal precedence and all other courts shall abide by it, being part of the country's jurisprudence.
If this is the same principle that applies in India's legal system, I don't know how a bill would argue against a Supreme Court decision. And if this will pass and becomes a law, how it will overrule a Supreme Court decision.
June 12, 2020, 09:16:08 AM
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).
There is a lot going on in India, the Supreme court just overturned the ban imposed by the RBI on cryptocurrency exchanges and i was expecting the government to come out and do something outrageous and if not for the Corona virus they would have already made some headlines by now in relation to BTCitcoin. The draft bill was ready for a long time and now the reports are coming out that the government will push the bill and since the cabinet is filled with senseless individuals who does not care about the repercussions when they implement certain laws the example is CAA and NRC and even with protect all around they tried to shut everyone and many died protesting against it, you need to be skeptical on what will happen in the future.
June 12, 2020, 02:32:52 AM
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
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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