snip
I wish this should be true. 
If the finance minister says that reports was not right then literally they are going to support and regulate the cryptos.
Topic: Lets assume the worst. What's next? (Read 530 times)
If the finance minister says that reports was not right then literally they are going to support and regulate the cryptos.
At first look that's what our Hon'ble finance minister has to say about the draft.
Sooner or later they are going to adopt everything, it's just a matter of time and if by any chance something goes wrong in a long run then, a good amount of BTC multi-millionaire will not hesitate to move out from India and rightly so.
~snip~
Sooner or later they are going to adopt everything, it's just a matter of time and if by any chance something goes wrong in a long run then, a good amount of BTC multi-millionaire will not hesitate to move out from India and rightly so.
Because no one can check your phone without search warrant, but bank can check your bank tx and govt will ban P2P site like Localbitcoins and Paxful. And Indian site will shutdown because it will be punishable to holding crypto, so how they can run platform for trading crypto in India.
We can use VPN to access the sites right?Indian government asking everyone to pay everything you are buying digitally or send or receive money in digital as well so its hard for the banks to decet which one coming from crypto related people in 1.4 billion populated country.
If there is only 1-2 tx once in a while, but if you are trader, there will be ton of transactioin. Bank will call you and ask you, from where you receiving or sending so much transactions.
Because no one can check your phone without search warrant, but bank can check your bank tx and govt will ban P2P site like Localbitcoins and Paxful. And Indian site will shutdown because it will be punishable to holding crypto, so how they can run platform for trading crypto in India.
We can use VPN to access the sites right?Indian government asking everyone to pay everything you are buying digitally or send or receive money in digital as well so its hard for the banks to decet which one coming from crypto related people in 1.4 billion populated country.
If jail term proposal accepted by govt, then P2P will also stop, who will take risk to selling crypto, if they will get caught it will be big risk.
P2P will almost finished in India, localbitcoins and other P2P site most probably will unaccessible and Indian P2P platform will be shutdown for permanent.
P2P will almost finished in India, localbitcoins and other P2P site most probably will unaccessible and Indian P2P platform will be shutdown for permanent.
Disagreed.
Currently, you could be jailed for having porn in your phone for up to three years. How strictly is that enforced? Name 1 person that stopped watching porn or storing it in their phone because of the law.
People that love privacy and have a need to transact in crypto, will find a way.
And that is not even counting the criminals and money launderers. They will abuse crypto just as badly as they have abused fiat.
Because no one can check your phone without search warrant, but bank can check your bank tx and govt will ban P2P site like Localbitcoins and Paxful. And Indian site will shutdown because it will be punishable to holding crypto, so how they can run platform for trading crypto in India.
If jail term proposal accepted by govt, then P2P will also stop, who will take risk to selling crypto, if they will get caught it will be big risk.
P2P will almost finished in India, localbitcoins and other P2P site most probably will unaccessible and Indian P2P platform will be shutdown for permanent.
P2P will almost finished in India, localbitcoins and other P2P site most probably will unaccessible and Indian P2P platform will be shutdown for permanent.
Disagreed.
Currently, you could be jailed for having porn in your phone for up to three years. How strictly is that enforced? Name 1 person that stopped watching porn or storing it in their phone because of the law.
People that love privacy and have a need to transact in crypto, will find a way.
And that is not even counting the criminals and money launderers. They will abuse crypto just as badly as they have abused fiat.
Lets assume this tweet is true - https://twitter.com/Nikunj_Ohri/status/1136823903605723137
"India has proposed a jail term of one to ten years for those who mine, hold or sell cryptocurrencies."
What if this become law? How do you plan for your next course of action (and suggest others)?
p.s. Any attempt to divert the discussion with "I believe this will not become law" etc. will be outright deleted.
...
Update on July 22, 2019: https://twitter.com/SecretaryDEA/status/1153302518815834119
https://dea.gov.in/sites/default/files/Approved%20and%20Signed%20Report%20and%20Bill%20of%20IMC%20on%20VCs%2028%20Feb%202019.pdf
Well, we do have other options here. For instance, if I were in this situation then I would still continue using crypto as if nothing had happened."India has proposed a jail term of one to ten years for those who mine, hold or sell cryptocurrencies."
What if this become law? How do you plan for your next course of action (and suggest others)?
p.s. Any attempt to divert the discussion with "I believe this will not become law" etc. will be outright deleted.
...
Update on July 22, 2019: https://twitter.com/SecretaryDEA/status/1153302518815834119
https://dea.gov.in/sites/default/files/Approved%20and%20Signed%20Report%20and%20Bill%20of%20IMC%20on%20VCs%2028%20Feb%202019.pdf
The problem only arises on buying/selling crypto for fiat. I would stop using the Indian currency and would trade with whatever I have left.
May be at some point in future the government of India will accept cryptocurrencies, I would patiently wait until then.
If required we can also use other currencies for withdrawal such as using USD and getting the amount in paypal.
Also, peer to peer exchanges such as WazirX can be used since it is very hard for the government to judge the amount that it coming from such sources.
If we are in contact with local sellers then we can make the deal in cash too but it's quite risky this way.
Or if you are just holding in thousands means you can make paypal transactions or just use the bank account of your friend from different country and give one percentage as commission or fee to him.
Or p2p like localbitcoin can be.
If jail term proposal accepted by govt, then P2P will also stop, who will take risk to selling crypto, if they will get caught it will be big risk.
P2P will almost finished in India, localbitcoins and other P2P site most probably will unaccessible and Indian P2P platform will be shutdown for permanent.
Lets assume this tweet is true - https://twitter.com/Nikunj_Ohri/status/1136823903605723137
"India has proposed a jail term of one to ten years for those who mine, hold or sell cryptocurrencies."
What if this become law? How do you plan for your next course of action (and suggest others)?
p.s. Any attempt to divert the discussion with "I believe this will not become law" etc. will be outright deleted.
...
Update on July 22, 2019: https://twitter.com/SecretaryDEA/status/1153302518815834119
https://dea.gov.in/sites/default/files/Approved%20and%20Signed%20Report%20and%20Bill%20of%20IMC%20on%20VCs%2028%20Feb%202019.pdf
Well, we do have other options here. For instance, if I were in this situation then I would still continue using crypto as if nothing had happened."India has proposed a jail term of one to ten years for those who mine, hold or sell cryptocurrencies."
What if this become law? How do you plan for your next course of action (and suggest others)?
p.s. Any attempt to divert the discussion with "I believe this will not become law" etc. will be outright deleted.
...
Update on July 22, 2019: https://twitter.com/SecretaryDEA/status/1153302518815834119
https://dea.gov.in/sites/default/files/Approved%20and%20Signed%20Report%20and%20Bill%20of%20IMC%20on%20VCs%2028%20Feb%202019.pdf
The problem only arises on buying/selling crypto for fiat. I would stop using the Indian currency and would trade with whatever I have left.
May be at some point in future the government of India will accept cryptocurrencies, I would patiently wait until then.
If required we can also use other currencies for withdrawal such as using USD and getting the amount in paypal.
Also, peer to peer exchanges such as WazirX can be used since it is very hard for the government to judge the amount that it coming from such sources.
If we are in contact with local sellers then we can make the deal in cash too but it's quite risky this way.
Or if you are just holding in thousands means you can make paypal transactions or just use the bank account of your friend from different country and give one percentage as commission or fee to him.
Or p2p like localbitcoin can be.
Lets assume this tweet is true - https://twitter.com/Nikunj_Ohri/status/1136823903605723137
"India has proposed a jail term of one to ten years for those who mine, hold or sell cryptocurrencies."
What if this become law? How do you plan for your next course of action (and suggest others)?
p.s. Any attempt to divert the discussion with "I believe this will not become law" etc. will be outright deleted.
...
Update on July 22, 2019: https://twitter.com/SecretaryDEA/status/1153302518815834119
https://dea.gov.in/sites/default/files/Approved%20and%20Signed%20Report%20and%20Bill%20of%20IMC%20on%20VCs%2028%20Feb%202019.pdf
Well, we do have other options here. For instance, if I were in this situation then I would still continue using crypto as if nothing had happened."India has proposed a jail term of one to ten years for those who mine, hold or sell cryptocurrencies."
What if this become law? How do you plan for your next course of action (and suggest others)?
p.s. Any attempt to divert the discussion with "I believe this will not become law" etc. will be outright deleted.
...
Update on July 22, 2019: https://twitter.com/SecretaryDEA/status/1153302518815834119
https://dea.gov.in/sites/default/files/Approved%20and%20Signed%20Report%20and%20Bill%20of%20IMC%20on%20VCs%2028%20Feb%202019.pdf
The problem only arises on buying/selling crypto for fiat. I would stop using the Indian currency and would trade with whatever I have left.
May be at some point in future the government of India will accept cryptocurrencies, I would patiently wait until then.
If required we can also use other currencies for withdrawal such as using USD and getting the amount in paypal.
Also, peer to peer exchanges such as WazirX can be used since it is very hard for the government to judge the amount that it coming from such sources.
If we are in contact with local sellers then we can make the deal in cash too but it's quite risky this way.
LMAO. Crypto ban is not a problem of 1.4 billion common people. Hardly a few lakhs are solely dependent on Crypto. For the rest, it is just another stock/asset. They'll sell and move on.
BTW nothing serious about ban until now so just keep holding your bitcoin.
#StrongHold
Their is nothing left as far as people who still believe that bitcoin would be legal or something like that. Because that rule might get implemented soon of the draft we had being reading on the net and also government is not looking to support the crypto in the country.
LMAO. Crypto ban is not a problem of 1.4 billion common people. Hardly a few lakhs are solely dependent on Crypto. For the rest, it is just another stock/asset. They'll sell and move on.
BTW nothing serious about ban until now so just keep holding your bitcoin.
#StrongHold
Their is nothing left as far as people who still believe that bitcoin would be legal or something like that. Because that rule might get implemented soon of the draft we had being reading on the net and also government is not looking to support the crypto in the country.
LMAO. Crypto ban is not a problem of 1.4 billion common people. Hardly a few lakhs are solely dependent on Crypto. For the rest, it is just another stock/asset. They'll sell and move on.
BTW nothing serious about ban until now so just keep holding your bitcoin.
#StrongHold
It is not assumption anymore. It is coming. OP updated accordingly. What's next?
So this news is an official statement of Indian government?But didn't see much of buzz around the forum about this ban yet.
You may like to subscribe https://www.reddit.com/r/CryptoIndia/ to stay updated.
LMAO. Crypto ban is not a problem of 1.4 billion common people. Hardly a few lakhs are solely dependent on Crypto. For the rest, it is just another stock/asset. They'll sell and move on.
It is not assumption anymore. It is coming. OP updated accordingly. What's next?
So this news is an official statement of Indian government?But didn't see much of buzz around the forum about this ban yet.
You may like to subscribe https://www.reddit.com/r/CryptoIndia/ to stay updated.
It is not assumption anymore. It is coming. OP updated accordingly. What's next?
So this news is an official statement of Indian government?But didn't see much of buzz around the forum about this ban yet.
You may like to subscribe https://www.reddit.com/r/CryptoIndia/ to stay updated.
I don't think the bill will be passed anytime soon for the reasons mentioned here
However, if by chance the bill gets passed on both Houses. I can't exile from the country to another as my crypto holdings aren't huge and I'm not in a position to do so. I'll stay in India, but..
However, if by chance the bill gets passed on both Houses. I can't exile from the country to another as my crypto holdings aren't huge and I'm not in a position to do so. I'll stay in India, but..
- I'll lie to my friends and relatives, that I sold every last bit of Crypto I held in loss and I'll bare with the "See, I told you so " advice.
- I'll hold most of my Crypto and will trade some in DEXs
- I'll keep myself and my children (if born after marriage
) updated on Crypto related stuff. - I'll hope for Govt to come with a good Crypto Regulation. Until then I hold and wait.
- I'll make sure that my Crypto holdings get passed on to my next generation without the Govt knowing
It is not assumption anymore. It is coming. OP updated accordingly. What's next?
So this news is an official statement of Indian government?But didn't see much of buzz around the forum about this ban yet.
- Set up a business outside India, preferably in Thailand/HK/Singapore/Mauritius/Malta.
- Do everything related to Crypto under that entity.
- Bring back INR after converting from local currency through normal banking channel.
- Pay tax.
- Do everything related to Crypto under that entity.
- Bring back INR after converting from local currency through normal banking channel.
- Pay tax.
First of all, this bill is not passed yet, right? I hope it may take another 2 years to get that bill passed.
Then why from now onwards all are getting upset. Within 2 years anything can happen. India is a member of G20.
So I dont thing India will ban crypto.
Then why from now onwards all are getting upset. Within 2 years anything can happen. India is a member of G20.
So I dont thing India will ban crypto.
Lets assume this tweet is true - https://twitter.com/Nikunj_Ohri/status/1136823903605723137
"India has proposed a jail term of one to ten years for those who mine, hold or sell cryptocurrencies."
What if this become law? How do you plan for your next course of action (and suggest others)?
p.s. Any attempt to divert the discussion with "I believe this will not become law" etc. will be outright deleted.
"India has proposed a jail term of one to ten years for those who mine, hold or sell cryptocurrencies."
What if this become law? How do you plan for your next course of action (and suggest others)?
p.s. Any attempt to divert the discussion with "I believe this will not become law" etc. will be outright deleted.
This thing is doing a lot of rounds in the internet. However, before reaching to any conclusion, please see the below video to get a new perspective in this case,
https://www.youtube.com/watch?v=z91bfIunZZ8
The video is published by Crypto Kanoon who are pioneering in crypto related legal issues in India. First see it and then decide your next course!
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