Proposed new law to jail Bitcoin holders, miners and sellers in India???

taufik0911

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Quote from: Eildosa on June 08, 2019, 08:22:52 AM

It's very sad to read. It's bad enough that no one wants to understand before making such laws. You are right, people see only bad aspects in bitcoin and do not notice its advantages.

I heard that the development of cryptocurrency in India was very fast, maybe it was used by a handful of people to make FUDs etc. so that they could benefit from the media
in my opinion if there is no media involvement paid by people who have capital to take advantage of the situation, it is none other than that the use of cryptocurrency in India violates government regulations related to the currency in effect there

puertorikosena

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Quote from: Genemind on June 08, 2019, 12:42:37 PM

It's rude and they're making Indian investors suffer because they're thinking that they could end fraudulent through that law. Even the punishment is too much. 10 years imprisonment because of just holding cryptocurrency and involving in blockchain technology is too harsh.

I think this is a vivid example of how an already outdated system resists progress and is afraid of losing power. It will take time before the world begins to adequately assess the prospects of the cryptocurrency market.

automaticmoney

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July ending Indian Supreme court hearing is there on bitcoin and crypto currencies so court will decide the fate of any proposed bill so hopefully we may see the court may give positive hearing for crypto currencies

localcrypto

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proposed new law strcitky indian govt want to restrict Indians traders in India which is nt possible hopefully they will understand in near future

btcdevil

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Quote from: killat on June 10, 2019, 01:03:23 AM

Why don't the Indian population just stick up for itself and protest on these issues what you all scared of.

USA, UK, france and many others protest to get their rights corrected why so many Indians just take changes lying down?

India is a country that could be pulled from poverty easly, so much skill and lovely country to offer others.

In India their is democracy but it has lot of loopholes that is why all politicians are ruling the country and people cannot do anything.

In USA, UK, France the law are made so that public rights have big role but in India even with democracy rule public cannot use their rights as gundas are ruling the country.

Pursuer

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Quote from: squatter on June 10, 2019, 01:52:52 PM

Quote from: killat on June 10, 2019, 01:03:23 AM

Why don't the Indian population just stick up for itself and protest on these issues what you all scared of.

USA, UK, france and many others protest to get their rights corrected why so many Indians just take changes lying down?

I don't think Bitcoin is that popular in India. Localbitcoins only shows 200-300 BTC worth of volume per week. Bitnodes shows only 29 reachable nodes in India.

There probably wouldn't be enough people affected by this for mass protests. Maybe that's the point -- trying to nip it in the bud before it catches on.

you are probably right but those are not good indicators for popularity of bitcoin in different countries. for example localbitcoins is not popular in most countries, and the people usually go elsewhere to meet up and trade altcoins. as for full nodes, people in third world countries are usually using SPV wallets and web wallets instead of running a full node due to slower internet speed, lower spec computers,...

Slow death

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Quote from: cheezcarls on June 08, 2019, 07:19:06 AM

In my own opinion, these lawmakers are just plain stupid and are one-sided idiots. They’re focusing on the bad side of Bitcoin and cryptocurrencies rather than looking on the real use cases and benefits of it.

the government of India knows about the advantages of bitcoin and exactly why they know about the advantages of bitcoin that they want to implement this law. Bitcoin is decentralized and this may influence the people of India to think differently, to demand more liberties and rights ... Not to get too attached to religion, to know how to choose their government well. And since the government does not want to give freedom to its people, because that means less power, so they will not accept bitcoin

acroman08

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Quote from: AB de Royse777 on June 11, 2019, 07:15:02 AM

Quote from: coin-investor on June 11, 2019, 06:28:21 AM

~snip~

They really went too far, this is too much, this is the first country that considered holders of cryptocurrency as criminal offenders, and India is not even a communist just like North Korea, now people are afraid that other people will follow their lead, voters should not vote those who created this bill or law.

I don't think they are the first country. Few months ago there was a news that in Bangladesh they jailed 3 Bitcoin users to trade Bitcoin or something. I see in the South Asia/Asia, these crypto things are taking as a threat for the Government.

I heard those government puts their own interest over their citizens. May be they don't want their citizens to become free.

yeah, I read about it back in may. link: https://www.thedailystar.net/backpage/news/police-arrest-3-cryptocurrency-dealers-1735429
it is quite unfortunate that some countries are banning bitcoin but I understand where they are coming from and I think it is reasonable.
I for my self is just happy that my country is not doing this and one of our local bank is releasing a peso backed stable coin which means
they are accepting the idea of cryptocurrecy and I think it is a good news.

semifamou5

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Quote from: cheezcarls on June 08, 2019, 07:19:06 AM

Hello everyone! I hope you have a great weekend ahead, but this one creates FUD for Indian Bitcoin and crypto holders, miners and sellers.

I just saw this new recently: https://cointelegraph.com/news/indian-lawmakers-propose-adoption-of-10-year-jail-term-for-crypto-dealings Cryptocurrency Loan

In my own opinion, these lawmakers are just plain stupid and are one-sided idiots. They’re focusing on the bad side of Bitcoin and cryptocurrencies rather than looking on the real use cases and benefits of it.
Is it because that criminals are using it as alternative way of stealing money, money laundering, etc.?

C’mon you lawmaker morons, money laundering has been around for a long time before Bitcoin was born, and you guys ruled out that owning cryptocurrencies is a crime?

I just feel what the proud Bitcoin and crypto holders from India are feeling now.

But I doubt it will pass according to Pomp on Twitter, because they need to consult with the Rural Bank of India first. A higher chance that passing this law will be unlikely.

But I could be wrong. What are your thoughts about this one guys? Any feedback or opinion will be appreciated.

Thanks in advance!

Keep in mind how lots of the articles about this know the headline will get clicks, but they all then say its being 'considered'. But by how many people?!

I promise, there's LOTS of crazy laws, being considered, by a couple people in every country.

AB de Royse777

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Quote from: coin-investor on June 11, 2019, 06:28:21 AM

~snip~

They really went too far, this is too much, this is the first country that considered holders of cryptocurrency as criminal offenders, and India is not even a communist just like North Korea, now people are afraid that other people will follow their lead, voters should not vote those who created this bill or law.

I don't think they are the first country. Few months ago there was a news that in Bangladesh they jailed 3 Bitcoin users to trade Bitcoin or something. I see in the South Asia/Asia, these crypto things are taking as a threat for the Government.

I heard those government puts their own interest over their citizens. May be they don't want their citizens to become free.

coin-investor

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Quote from: AB de Royse777 on June 08, 2019, 07:31:03 AM

Quote from: cheezcarls on June 08, 2019, 07:19:06 AM

~snip~
C’mon you lawmaker morons, money laundering has been around for a long time before Bitcoin was born, and you guys ruled out that owning cryptocurrencies is a crime?
~snip~

Lawmakers work for the government and government don't want their citizen become free from their hand. If banks lose control over the finance then government lose control over it's citizen. So, it's easy math. Ban crypto.

Anyway, I think Indian government gone too far.

They really went too far, this is too much, this is the first country that considered holders of cryptocurrency as criminal offenders, and India is not even a communist just like North Korea, now people are afraid that other people will follow their lead, voters should not vote those who created this bill or law.

fulled

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Indian's law maker just dont know what they do, they fail to see bitcoin and cryptocurrencies in positive way, they just focus in bitcoin's dark side, maybe they think money laundering and tax evasion can fade away if they banned cryptocurrencies.

killat

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People have completely wrong perception about India. Its not 2005, we are in 2019. Since the change of govt. in 2014, things have changed drastically in India. Be it poverty, roads, power, infrastructure, Railways and what not, the progress India witnessed in the last 5 years, could not be seen in the last 50 years.

This is just one example. Poverty has been reduced drastically and now even villagers carry bikes, mobiles, and modern gadgets.

Now the same govt. in power once again, you cant image where India will be in the next 5 years.

Cheers!

squatter

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STOP SNITCHIN'

Quote from: killat on June 10, 2019, 01:03:23 AM

Why don't the Indian population just stick up for itself and protest on these issues what you all scared of.

USA, UK, france and many others protest to get their rights corrected why so many Indians just take changes lying down?

I don't think Bitcoin is that popular in India. Localbitcoins only shows 200-300 BTC worth of volume per week. Bitnodes shows only 29 reachable nodes in India.

There probably wouldn't be enough people affected by this for mass protests. Maybe that's the point -- trying to nip it in the bud before it catches on.

smyslov

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Quote from: cheezcarls on June 08, 2019, 07:19:06 AM

Hello everyone! I hope you have a great weekend ahead, but this one creates FUD for Indian Bitcoin and crypto holders, miners and sellers.

I just saw this new recently: https://cointelegraph.com/news/indian-lawmakers-propose-adoption-of-10-year-jail-term-for-crypto-dealings

In my own opinion, these lawmakers are just plain stupid and are one-sided idiots. They’re focusing on the bad side of Bitcoin and cryptocurrencies rather than looking on the real use cases and benefits of it.

Is it because that criminals are using it as alternative way of stealing money, money laundering, etc.?

C’mon you lawmaker morons, money laundering has been around for a long time before Bitcoin was born, and you guys ruled out that owning cryptocurrencies is a crime?

I just feel what the proud Bitcoin and crypto holders from India are feeling now.

But I doubt it will pass according to Pomp on Twitter, because they need to consult with the Rural Bank of India first. A higher chance that passing this law will be unlikely.

But I could be wrong. What are your thoughts about this one guys? Any feedback or opinion will be appreciated.

Thanks in advance!

Bitcoin holders in India are numbering hundreds of thousands, they can do a campaign against those lawmakers who create and passed this law and support politicians who can repeal this law, it's very harsh I hope it will not happen in my country, so pity there are a lot of developers and coders in India and they can use their skill to promote Cryptocurrency.

killat

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Why don't the Indian population just stick up for itself and protest on these issues what you all scared of.

USA, UK, france and many others protest to get their rights corrected why so many Indians just take changes lying down?

India is a country that could be pulled from poverty easly, so much skill and lovely country to offer others.

Mike Mayor

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Quote from: TimeBits on June 09, 2019, 02:44:14 AM

Quote from: webtricks on June 09, 2019, 02:22:52 AM

I explained about it here:

Quote from: webtricks on June 08, 2019, 10:58:05 AM

It's funny how news are sold on internet. These online media manipulate the content and add spices and flavors from their end. This is the picture of draft that was circulated over internet and the reason of this news:

You can clearly read that the punishment is based on the condition. The drafters have used the words 'any of the activities mentioned in clause (e), (g) and/or (h) of sub-section (1) of Section 8'. Hence, drafters are proposing only selective ban, not conclusive one. Trading or holding cryptocurrencies will be considered as offence only if used for activities mentioned under those clauses. Moreover, this is just a proposed draft, final bill comes to effect after passing from Houses of Parliament which is subject to several changes in the draft. So it is too early to fear anything.

Quote from: cheezcarls on June 08, 2019, 07:19:06 AM

But I doubt it will pass according to Pomp on Twitter, because they need to consult with the Rural Bank of India first. A higher chance that passing this law will be unlikely.

Is this a typo or I missed the sarcasm!? Roll Eyes

You shall not trade, So just call it currenciescrypto instead or it is bitcoin it is not cryptocurrencies ^_^
We shall call it, Magical Internet Non Slavery Thing 1.0

Relax everyone this will never happen. This is unconstitutional and totally a violation of human rights. This is new age slavery basically. YOU WILL USE OUR GOVERNMENT SHITCOIN CALLED FIAT OR WE WILL THROW YOU IN JAIL!!! RAWR !!! Sounds like a government like that will definitely have lots of support right? xP

Quote from: Bitcoinqubit on June 09, 2019, 11:29:59 AM

INDIA BAN CRYPTO

Any country that jails its people over non violent acts and not involving theft needs to be overthrown. Government politicians/employees need to remember who they are working for.

This is the heart of our problem and why government = slavery.

dollar slowly die and affect other money paper while the prices in super markets and other things rise and crap salaries..COMPARE to

crypto..

it always was and will be but with some new tech ideas like crypto people begin aware that hell what is going in this planet...

Cannabis is starting to be decriminalized all cross the world and here is these idiots going backward again trying to make crypto illegal. Gosh what a bunch of clowns.

Bitcoinqubit

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INDIA BAN CRYPTO

Any country that jails its people over non violent acts and not involving theft needs to be overthrown. Government politicians/employees need to remember who they are working for.

This is the heart of our problem and why government = slavery.

dollar slowly die and affect other money paper while the prices in super markets and other things rise and crap salaries..COMPARE to

crypto..

it always was and will be but with some new tech ideas like crypto people begin aware that hell what is going in this planet...

kaya11

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Quote from: AB de Royse777 on June 08, 2019, 07:31:03 AM

Quote from: cheezcarls on June 08, 2019, 07:19:06 AM

~snip~
C’mon you lawmaker morons, money laundering has been around for a long time before Bitcoin was born, and you guys ruled out that owning cryptocurrencies is a crime?
~snip~

Lawmakers work for the government and government don't want their citizen become free from their hand. If banks lose control over the finance then government lose control over it's citizen. So, it's easy math. Ban crypto.

Anyway, I think Indian government gone too far.

Do you think it would cost chaos among citizens and the government officials? Are we seeing a possibility of vigilance and the sort of. Which is correct, I think Indian government doesn't get too much money of Bitcoin and now are making as much power to stop it at it's early stage, we can't blame such move by the government. I feel sorry for the people who supports crypto but too bad they would need to migrate if they want to continue hold their Bitcoin.

xWolfx

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Quote from: blockchainwriters on June 09, 2019, 05:10:34 AM

well this law and or new purposed bill may nt get approved in court so this rumor highly spread the Indian media to defame crypto which is nt healthy environment for blockchain and crypto currency

But it's not only that my friend.

People there inside this movement should be alert and make their voice heard about their opinions on the subject(Preferably without saying what they do or how they do it) and probably the ones in charge of it will hear and act as needed denying such thing.

If for some reason it won't work, then moving operations to another country seems like the best best. Especially if it's a developed one, they're not so likely to change their minds so suddenly like that.

Topic: Proposed new law to jail Bitcoin holders, miners and sellers in India??? (Read 679 times)