India to make possession of "unapproved" Cryptocurrency a punishable offence

Dmitry.Vastov

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Quote from: drmilind2004 on October 10, 2018, 08:26:05 AM

Here's the link from which I gleaned this particular nugget:

https://qz.com/india/1418897/after-strangling-bitcoin-india-may-launch-its-own-cryptocurrency/amp/

The particularly relevant part runs as follows:

“The panel is also discussing amendment of the Currency Act to make possession of any cryptocurrency, not approved by the government, a punishable offence,” said the government official.

Happy days ahead for Bitcoin if it ends up on the "approved" list, as I guess it well might. Reason: too many Bitcoin hodlers in the political class and the bureaucracy!

I still remember the date,03/04/2018, it is the day when the reserve bank of India has issued a notice that from now the use of crypto currency is illegal in India and those who are using it has 3 months duration, in which they can withdraw their money that they had invested into crypto and after that they will be responsible for the losses and then exactly after 3 months in the month of July they has banned crypto currency but there are assumptions that there could be some amendments in this notice.

stayeduptolate

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Quote from: drmilind2004 on October 10, 2018, 08:26:05 AM

Here's the link from which I gleaned this particular nugget:

https://qz.com/india/1418897/after-strangling-bitcoin-india-may-launch-its-own-cryptocurrency/amp/

The particularly relevant part runs as follows:

“The panel is also discussing amendment of the Currency Act to make possession of any cryptocurrency, not approved by the government, a punishable offence,” said the government official.

Happy days ahead for Bitcoin if it ends up on the "approved" list, as I guess it well might. Reason: too many Bitcoin hodlers in the political class and the bureaucracy!

We all know that bitcoin is a decentralised crypto currency and thus there is no such proper authentic regulating body over the bitcoin and only those governments can regulate the activities of bitcoin who has legalised its transactions in their nation and I think this thing needs to understand by entire world that to stop the illegal use of bitcoin the only way is the centralised it all over the world and India is one of the country who is in against of bitcoin and still making laws against bitcoin.

cryptohunter

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they can allow pow but ban icos

although i suspect that they will ban all except their centralised version/copy of bitcoin

if that happens then they get even further behind with things

pakhitheboss

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Till 2019 General election I do not think any decision would be taken by the government. I also doubt this is possible. They cannot ban Bitcoin and allow ALTs. Still it is in discussion that means plenty of amendment are to come.
It is better to wait and watch rather coming into any conclusion.

aray80

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It is true that this is a tantrum for Bitcoin to become a digital currency in India, because the Indian government will give equal penalties for its citizens who are seen to conduct transactions in bitcoin

squatter

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Quote from: jseverson on October 11, 2018, 10:37:02 PM

It's over-regulation in my opinion. I have no idea why they would choose to go this far when they can simply regulate how it's used, just like every other country who chose to embrace it.

I can tell you what won't make it on the list of "approved" cryptocurrencies -- privacy coins. I've been anticipating that one government or another would prohibit them, and this is certainly one route to do that.

Symptomatic

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This plan is still in its early stage and a lot can happen in the meantime. It will be interesting to which of the cryptos get approved there.

Antinomist

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Indian goverment probably perceives crypto as a money laundering tool. Their stance against it tells the tale. Earlier this year the biggest crypto exchange of India was forced to close their operations. Bad news for people out there.

Angleworm

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It is still in discussion that the keeping of unapproved crypto is punishable in India. But still it is sad to hear that they are even thinking of it. Hope it blows out soon.

Micronometer

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It is only normal for a state to make provisions for punishable offence. Unapproved/illegal cryptos might not get the slip in this regard.

jseverson

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Quote from: bitcoindusts on October 11, 2018, 05:22:56 PM

For me, as much as the quoted part feels threatening, this is a positive signal of how the Indian government is ready to embrace cryptocurrency. Here i see a sense of government protection instead of government regulation, a protection intended towards the welfare of their people and of course, a protection for their economic sovereignty.

It's over-regulation in my opinion. I have no idea why they would choose to go this far when they can simply regulate how it's used, just like every other country who chose to embrace it. Letting the government arbitrarily decide which coins are legal/illegal is a little overbearing and gives the system more loopholes instead of less. But yeah it's not like it has been decided. I hope they see how crazy it is.

Patatas

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Quote from: RocketSingh on October 11, 2018, 06:59:18 AM

The whole Bitcoin <--> FIAT business will move outside India. Indian Bitcoiners will remain unaffected, but no Bitcoin job will be created in India.

One has to be an idiot to do that in India or from Indian exchanges. Glad, I have never used such platforms which are so governed by the authorities. Practically, the corrupt government can't stop bitcoin or the traders just like they're incapable of stopping rape or rapists.

Quote from: Harlot on October 11, 2018, 09:19:40 AM

The problem I see here is that they will also have their own cryptocurrency backed by their central bank and this might lead to biases on what's gets in and what gets out in their country. This might be their biggest motive on how they are against crypto exchanges in their country as they want to have full control on their cryptocurrency industry, I don't like this at all as they are doing this for the benefit of their own cryptocurrency which I think won't be successful like the other government backed cryptocurrencies.

The banks are incapable of handling daily transactions or offer secure payment gateway's considering the number of scams online. Creating their own crypto and expecting people to use it is futile.

bitcoindusts

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Quote from: drmilind2004 on October 10, 2018, 08:26:05 AM

“The panel is also discussing amendment of the Currency Act to make possession of any cryptocurrency, not approved by the government, a punishable offence,” said the government official.

For me, as much as the quoted part feels threatening, this is a positive signal of how the Indian government is ready to embrace cryptocurrency. Here i see a sense of government protection instead of government regulation, a protection intended towards the welfare of their people and of course, a protection for their economic sovereignty.

This part of their proposals is an indicator that the government came to realize that a ban on crypto is not as beneficial as regulating them, perhaps because of the truth that crypto enthusiast will always find ways to stay within the cryptospace no matter the ban.

Harlot

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The problem I see here is that they will also have their own cryptocurrency backed by their central bank and this might lead to biases on what's gets in and what gets out in their country. This might be their biggest motive on how they are against crypto exchanges in their country as they want to have full control on their cryptocurrency industry, I don't like this at all as they are doing this for the benefit of their own cryptocurrency which I think won't be successful like the other government backed cryptocurrencies.

ngm22585

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This is not smart on India's part, whatsoever.

dothebeats

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Such rash decisions made by the government. Instead of limiting the channels in which the government could profit, why not amplify it and accept cryptos then collect tax afterwards? With a bunch of cryptocurrency enthusiasts in India, it is in no doubt that most will probably be abiding by regulations and laws as long as it supports their interests regarding crypto. There's really something in India that fascinates me due to their strictness involving bitcoin and other cryptocurrencies.

KingScorpio

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Quote from: drmilind2004 on October 10, 2018, 08:26:05 AM

Here's the link from which I gleaned this particular nugget:

https://qz.com/india/1418897/after-strangling-bitcoin-india-may-launch-its-own-cryptocurrency/amp/

The particularly relevant part runs as follows:

“The panel is also discussing amendment of the Currency Act to make possession of any cryptocurrency, not approved by the government, a punishable offence,” said the government official.

Happy days ahead for Bitcoin if it ends up on the "approved" list, as I guess it well might. Reason: too many Bitcoin hodlers in the political class and the bureaucracy!

well they evolve clearly into communism, and can soon merge with the naxalites

bitfocus

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I astonish, why Central Indian Authority is acting such dumb! Already their state or Kerala (the state government) is deep into the blockchain and crypto! Central government should learn from them.

MainIbem

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All these threats will come to an end one day, and it is very near. It is also and indication of good things because it has moved from ban to punishment of holders of unapproved cryptocurrencies.

Congratulations to all my Indian friends here.

Herbert2020

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there are a couple of things that need clarifying here in my opinion.
for instance it is all at the talking level and consideration stage. and it has been like this for months. this doesn't seem to be a new thing to me. Indian government has been considering cryptocurrencies for a while now.
additionally what i get from this is that they plan on regulating a handful of cryptocurrencies, or maybe only bitcoin and then ban everything else.
as for their own cryptocurrency, i believe it has been about a year into making. if i am not mistaken the name of this "gov coin" is Lakshmi!

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