even if u sell in personal, the money coming in your account can be traced.
and if they find out, you'll end up paying fine up to 5 cr or end up in jail or maybe both.
do u think every indian will take this risk?
i think not.
Topic: indian users will be required to keep their coins in exchange. - page 2. (Read 172 times)
December 04, 2021, 08:50:35 AM
December 03, 2021, 10:52:01 PM
Why we will hold our assets in a private exchange when we do not want to sell them at all? I personally do not want to sell my Bitcoin and all of them are being held in my personal crypto wallet. How will then the government find out? If for any reason I want to sell my Bitcoin then I would use a private P2P service then how will the government track it? The only thing they can do is charge me a tax for the money that got credited into my bank account.
They can only regulate INR and Indian crypto exchanges and not cryptocurrencies in general.
They can only regulate INR and Indian crypto exchanges and not cryptocurrencies in general.
December 03, 2021, 04:13:46 PM
Technically it's impossible to ban private key wallets, all you can do as a government is ban Crypto exchanges and stop people from adding fiat into cryptos but it's certainly impossible to track crypto to crypto transactions especially the ones that happen in private key wallets, even finding whether a transaction is relating to your country or not is a difficult task let alone finding the person involved in that transction. The Law can easily be made but it's enforcement would be impossible.
December 03, 2021, 11:59:39 AM
I don't believe in laws in my country you have rupees you are free you don't have rupees you perish Indian money brains i don't care about laws and laws all bullshit.
If you live in india you don't believe in those ridiculous laws, all is well, caste speaks.
If you live in india you don't believe in those ridiculous laws, all is well, caste speaks.
December 03, 2021, 11:04:04 AM
read this: https://cointelegraph.com/news/cabinet-note-suggests-india-will-regulate-rather-than-ban-crypto
investors will be given a specific time frame to declare their crypto holdings and transfer them to exchanges regulated by the SEBI, which suggests that private wallets may be banned.
Not everyone was as pleased with the details, with u/No-Incident-8718 writing, “Here’s the catch. No use of hard wallets, only exchange wallets. Also, only using Indian exchanges.”
if this becomes law then this is just flat out means that you will no longer be able to hold bitcoin or any other crypto for that matter in your own wallets.
sort of against the notion: not your keys - not your coins.
but if one doesn't follow this law then: https://cryptoslate.com/india-may-disallow-indians-from-trading-crypto-on-foreign-exchanges/
Among the various litigations proposed are penalizing the violation of clauses to be met with strict punishment—including imprisonment for one and a half years—followed by a heavy penalty of upto Rs.5 crores ($667,500).
investors will be given a specific time frame to declare their crypto holdings and transfer them to exchanges regulated by the SEBI, which suggests that private wallets may be banned.
Not everyone was as pleased with the details, with u/No-Incident-8718 writing, “Here’s the catch. No use of hard wallets, only exchange wallets. Also, only using Indian exchanges.”
if this becomes law then this is just flat out means that you will no longer be able to hold bitcoin or any other crypto for that matter in your own wallets.
sort of against the notion: not your keys - not your coins.
but if one doesn't follow this law then: https://cryptoslate.com/india-may-disallow-indians-from-trading-crypto-on-foreign-exchanges/
Among the various litigations proposed are penalizing the violation of clauses to be met with strict punishment—including imprisonment for one and a half years—followed by a heavy penalty of upto Rs.5 crores ($667,500).
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