Topic: Indian Govt Planning Ban on Crypto - page 2. (Read 741 times)

Sorry for the word. I said it because I heard that some people were suicide and suffered police harassment for the tiktok. So I told the word. If I made any mistake really sorry for that.

Really I also don't support  when government take any decision without thinking about people opinion. But when Gov take any decision we became quite helpless and we have not do anything against Gov. For that I told this buddy.

You say that but you are wearing a saffron signature.

 

But that's true, just look at the turmoil here in bengal, bjp has successfully polarized people enough that people resorted to violence and grenades yesterday. That kind of shit is okay for a place like Venezuela, but when shit hits the fan right under your nose like this - it is only then when you realize what kind of communal fire this BJP / NDA is stoking.

Shame on modi!




Judging by that, you two are a complete waste of time as well. Your parents should have used condoms.

It is better to be someone spending time playing those rather than doing something illegal, yes it might be bad for the generation if they are not using the technology wisely, that can be said about everything not just these platforms.

The exit poll shows that NDA might come back to power which is not a great thing if you are looking at harmony, these exit polls might not be always true and the UPA was not even a strong opposition to make any changes to the current structure.
I have not seen a legit knowledgeable person in NDA who has a progressive thinking to take the country to the next level, all i hear is how you can differentiate people when it comes to religion.

I think congress wont ban bitcoin if they come to power but if its BJP, then definitely they will ban crypto.

Do you like to spoil kids life? how many are playing PUBG?
Tiktok is a time waste for youngsters.
May be after election we can see if Bitcoin gets legal.

This is really a bad news for Indian crypto users. Lets hope the government wont ban crypto in India.

current govt even banning tik tok .. there is nothing new in it they ban any thing that they dont like

According to the official, the draft bill named “Banning Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019” is currently being discussed by several ministers from a number of government divisions.

Although the draft bill has yet to be written into law, it appears that it is already garnering support from various groups attached to the government. A committee formed of — but not limited to — the Department of Economic Affairs (DEA), the Central Board of Direct Taxes (CBDT), the Central Board of Indirect Taxes and Customs (CBIC), along with the Investor Education and Protection Fund Authority (IEPFA) has allegedly aligned with the decision to outright ban the sale, purchase and the issuance of cryptocurrencies in all their forms.

In addition to the 2019 draft bill, the committee is reportedly exploring options to ban digital currencies under the auspices of the Prevention of Money Laundering Act (PMLA).

Despite the reporting conducted by The Economic Times, not all members of the crypto community are convinced that the ban is likely to take place at all. Mohammed Danish, a lawyer representing crypto-fraud victims in Indian courts and legal advisor to the crypto news content site Crypto Kanoon, notes that there has not yet been any official government statement regarding the alleged bill:

“The discussion about banning crypto in India' finds its source in few news articles and the same has not been confirmed by any official press release till date. However, let's assume that the news is absolutely correct and the inter-governmental committee is inclined to propose a ban on Crypto. The Committee appears to have based its ban proposal mainly on two major grounds viz. 'money laundering' and 'investor protection.”

https://cointelegraph.com/news/indias-complex-relationship-with-crypto


Edit: bold

Ban, not bank, right?

The way I see it, once our old pal Putin-wa legalizes crypto and creates a proper framework, India would be soon to follow suit. It won't be banned outright.

I doubt a bank would be coming in anytime soon. Crypto is used around the world by a majority of political parties for black money. While they might be pushing for a ban, it will likely not happen.

Normally they don't ask your source of income, if you want to tell something about your income, you can show you earn those from outside India for doing consultancy work like you do bounty management and you got fund from that.

Supreme Court asked for Committee suggestion before making final verdict on Crypto ban. The Committee decision is never the final one. It is only consider as suggestion which the decisive authority can accept or reject on its discretion. I read lots of cases daily undertaken by MCA and different courts (part of my job). Among them in 30-40% cases, authority rejects committee recommendations for one reason or the others. So this is still too early to be worried about complete crypto ban. It can easily take year or two for a bill to become a law (not to forget this Committee was formed in 2017 and they spent 2 years just to draft a bill ).

You can show that you sold crypto in another country and the money will all be legal as bitcoins are not banned in that country. I feel it will be same as having a business in another country and paying taxes in your home country.

Wont they ask you to disclose the source of your income?

A govt cannot ban a cryptocurrency. Only trading can be banned which involves banks and other financial institutions. So if someone wants to do a peer to peer exchange then no govt can stop it. But yes these exchanges may have to move its operations to other countries where its crypto friendly. Its so sad that a progressive govt can do so much with proper regulations. KYC is already in place so the only thing which is required is to put some tax on the crypto earnings which is a win win for both  customers and govt

Lol no, how they will when you will pay taxes, you are showing all those as a income and paying taxes on that.
Do you know what is Anti Money laundering rule? And where it's applicable?

They can still frame you in Anti money laundering act.

Definitely.

What else can be expected from a government who are more interested in promoting cow urine and cow dung as a remedy to cancer??

I don't usually write such things but the level of non sense is happening in India, is really making me worried because we are actually going backwards with this!

If you do anything outside India where it's legal, you are doing legal thing. If govt. ban in India it doesn't means whole world banned. Like gambling in India is banned but if you go other countries, where it's legal you can play there easily without any problem.

Same with crypto, you can sell outside India and when you get fund in your account, show that amount your earning and pay your taxes on that earning. No one will going to ask you anything, how you earn that income if you are paying taxes.