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Topic: Lets assume the worst. What's next? - page 2. (Read 581 times)

legendary
Activity: 2562
Merit: 1064
June 26, 2019, 09:31:42 AM
#9
I don't think there will be jail term for holding or mining,  but trading they can impose, because holding or mining there is no way govt can find we are doing this.
For trading if you have enough crypto, you can go outside India and sell there and back to India and pay taxes on crypto earning.
If you have the capacity to go abroad and sell your crypto currency then why you want to pay your taxes back home for the earnings as it is not even permitted to earn a profit let alone hold your coins. Bitcoin gives us the protection to mask our identity if you are not dealing with any exchanges inside your country who comply with all the KYC and AML procedures and hence there is nothing to worry about someone identifying you with just your wallet address.

You have to pay taxes because otherwise, how you will come with that money? Either you have to pay taxes by saying other income option or just pray for next 8 years, your name won't come on scrutiny. If it comes in scrutiny than no one will save you.
legendary
Activity: 2632
Merit: 1094
June 26, 2019, 04:25:31 AM
#8
It's simple, stop dealing in bitcoins and leave the forum too. There's no point of holding something that can land you in prison. It would be similar to holding any other illegal products.
member
Activity: 98
Merit: 49
June 26, 2019, 02:34:37 AM
#7
Lets assume...

If I have to assume it, why would I not assume the best? It is futile to discuss the regulatory outcome. If the government brings out a positive enforcement, good news for the blockchain tech and industry in India. If not, then we would have to make alternate arrangements or find loopholes in the regulations.
legendary
Activity: 1918
Merit: 1759
June 19, 2019, 12:34:38 PM
#6
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.

I don't think holding cryptocurrencies will become illegal ever. Buying and selling in the local market may become illegal but no government can control the movement of cryptocurrencies between wallets. Hence, banning the holding and transferring would literally contribute nothing.
So even a scenario comes where government pass any such bill (chances of which is very meager), no need to worry as one can still receive crypto in wallets and sell them on OTC Exchanges in International Markets.
hero member
Activity: 2814
Merit: 911
Have Fun )@@( Stay Safe
June 19, 2019, 10:35:06 AM
#5
I don't think there will be jail term for holding or mining,  but trading they can impose, because holding or mining there is no way govt can find we are doing this.
For trading if you have enough crypto, you can go outside India and sell there and back to India and pay taxes on crypto earning.
If you have the capacity to go abroad and sell your crypto currency then why you want to pay your taxes back home for the earnings as it is not even permitted to earn a profit let alone hold your coins. Bitcoin gives us the protection to mask our identity if you are not dealing with any exchanges inside your country who comply with all the KYC and AML procedures and hence there is nothing to worry about someone identifying you with just your wallet address.
member
Activity: 546
Merit: 32
June 18, 2019, 10:46:07 AM
#4
I don't think there will be jail term for holding or mining,  but trading they can impose, because holding or mining there is no way govt can find we are doing this.
For trading if you have enough crypto, you can go outside India and sell there and back to India and pay taxes on crypto earning.
But Bangladesh have the same punishment for holding the cryptos as well,maybe they don't know how to find the holding but if it happens in somewhat there will be some kind of punishment if that rule exist.
legendary
Activity: 2562
Merit: 1064
June 18, 2019, 08:54:37 AM
#3
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.

I don't think there will be jail term for holding or mining,  but trading they can impose, because holding or mining there is no way govt can find we are doing this.
For trading if you have enough crypto, you can go outside India and sell there and back to India and pay taxes on crypto earning.
member
Activity: 546
Merit: 32
June 18, 2019, 02:14:57 AM
#2
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.
If holding cryptos will be completely restricted in India then I have no options other than moving to somewhere else.I stayed some Asian countries too which one is Singapore so might visit there even though chances of having nationality there is very minimal.
legendary
Activity: 2226
Merit: 1052
June 17, 2019, 06:26:08 PM
#1
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

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