Reserve Bank of India Denies Involvement in Draft Bill to Ban Cryptocurrencies

lazeecub

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It had to happen. Grin

Even, I am seeing lot of new websites spreading awareness about Blockchain Technology, Digital assets like Crypto in India.

A few week ago, came across >> https://www.coinspectus.in and was Shocked

mesmerized with their work. They are not yet mature and I would love see it growing.

iamsheikhadil

full member

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The officials know they can't really do anything, and any bill in our country stays pending for years and years so nothing really is gonna impact future of crypto in India unless all those officials become suddenly alert and active like a robot to clear their backlogs of laziness Cheesy

playboy654

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Quote from: libert19 on August 05, 2019, 09:41:15 PM

Quote from: Jwick83 on August 04, 2019, 12:39:12 PM

Okay I want to understand, even if the ban occurs then what happens?
We get fined or jailed? Like yeah, am buying that. Completely /s

How do they find out I am even having crypto? Can they pinpoint the location of where I am right now with a transaction I just made?

Perhaps, they would ask the data from crypto exchanges. And anyway, I've heard that 'if' this draft becomes a law, there will be few months of time given to dispose your crypto.

It will take years to become law but if it becomes law then it will be implemented over night since most laws were implemented like these.

libert19

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Quote from: Jwick83 on August 04, 2019, 12:39:12 PM

Okay I want to understand, even if the ban occurs then what happens?
We get fined or jailed? Like yeah, am buying that. Completely /s

How do they find out I am even having crypto? Can they pinpoint the location of where I am right now with a transaction I just made?

Perhaps, they would ask the data from crypto exchanges. And anyway, I've heard that 'if' this draft becomes a law, there will be few months of time given to dispose your crypto.

playboy654

member

Activity: 546

Merit: 32

Quote from: Jwick83 on August 04, 2019, 12:39:12 PM

Okay I want to understand, even if the ban occurs then what happens?
We get fined or jailed? Like yeah, am buying that. Completely /s

How do they find out I am even having crypto? Can they pinpoint the location of where I am right now with a transaction I just made?

First you need to know that crypto is not banned it in India. So you can buy sell or hold cryptocurrencies if you want.

The draft has been passed but still not accepted as a rule by the ruling party it may take years even.

Even if the cryptocurrencies wire banned in India you can hold it but you will be facing difficulties while buying and selling the cryptocurrencies but opportunities are there like personal trades where you you can send your Bitcoin and receive money through Bank.

Jwick83

jr. member

Activity: 153

Merit: 4

Okay I want to understand, even if the ban occurs then what happens?
We get fined or jailed? Like yeah, am buying that. Completely /s

How do they find out I am even having crypto? Can they pinpoint the location of where I am right now with a transaction I just made?

akhjob

sr. member

Activity: 1050

Merit: 416

Buy Bitcoin

Quote from: erikalui on July 30, 2019, 05:50:20 AM

The finance minister says the bill is well drafted and will look into it which means that everything is just going to be negative.

Though she had praised that the report of the committee was a futuristic and well-thought-out report, she hasn't even looked into it. I hope she never looks into it, atleast not until FAFT proposes something. Actually, this is what she said in the interview -

Quote from: erikalui on July 30, 2019, 05:50:20 AM

today someone said they received a notice from Income tax department too.

Yeah, Indiabits shared a photo of it in their telegram channel. The notice is really absurd to read. This is what it looks like -

erikalui

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The finance minister says the bill is well drafted and will look into it which means that everything is just going to be negative. today someone said they received a notice from Income tax department too.

libert19

hero member

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bp kanungo who is deputy governor of rbi and is part of comitee, has sign on crypto ban draft bill. So it means they lied in rti?

https://t.co/Eikcft2Fhb?amp=1

Page 6.

eaLiTy

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Have Fun )@@( Stay Safe

Quote from: Guvn0r on June 08, 2019, 10:05:11 PM

The Reserve Bank of India is denying any knowledge of a proposed ban on cryptocurrencies — despite reports that a number of governmental agencies have backed the draft legislation — according to a Right to Information request filed on June 4.

I am not sure whether it will make a huge difference, but what is evident here is that the bill is drafted without consulting the reserve bank of India and with the way the news are coming out, i am not even sure whether they consulted anyone who understands the bitcoin technology or the entire market before coming up with the draft, only time will tell what they are planning to implement, people who invested in bitcoin will not run away with those scare tactics and they will drive the market underground with these kind of stupidity.

playboy654

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Quote from: SimonJones on June 11, 2019, 08:21:35 AM

Quote from: Guvn0r on June 11, 2019, 07:47:59 AM

Quote from: playboy654 on June 11, 2019, 02:57:12 AM

Saw an article regarding this draft of banning cryptocurrencies in the economic Times newspaper website so this is also a false information are they just post this article without investigation further that news is true or false?

This is just clickbait on a whole new level. I saw prices crash everywhere including localbitcoins.. It is the traders that take so much damage and eventually go out of business..

More news
https://www.bloombergquint.com/law-and-policy/corporate-affairs-ministry-seeks-action-against-crypto-ponzi-platforms

"But there may be a change in the draft bill to have a mild punishment for those using cryptocurrencies on a “non-commercial basis”, another government official told BloombergQuint requesting anonymity as he’s not authorised to speak with the media. These individuals, he said, shall be punishable with a fine that will be notified by the central government."

Ban coming soon!

Government officials are not ruling government,it needs to be taken care by the ruling party I guess.

Anyone say soon need to mention how soon it will happen?

Because immediate actions happening in India is like world wonder.

SimonJones

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Quote from: Guvn0r on June 11, 2019, 07:47:59 AM

Quote from: playboy654 on June 11, 2019, 02:57:12 AM

Saw an article regarding this draft of banning cryptocurrencies in the economic Times newspaper website so this is also a false information are they just post this article without investigation further that news is true or false?

This is just clickbait on a whole new level. I saw prices crash everywhere including localbitcoins.. It is the traders that take so much damage and eventually go out of business..

More news
https://www.bloombergquint.com/law-and-policy/corporate-affairs-ministry-seeks-action-against-crypto-ponzi-platforms

"But there may be a change in the draft bill to have a mild punishment for those using cryptocurrencies on a “non-commercial basis”, another government official told BloombergQuint requesting anonymity as he’s not authorised to speak with the media. These individuals, he said, shall be punishable with a fine that will be notified by the central government."

Ban coming soon!

Guvn0r

sr. member

Activity: 647

Merit: 274

Quote from: playboy654 on June 11, 2019, 02:57:12 AM

Saw an article regarding this draft of banning cryptocurrencies in the economic Times newspaper website so this is also a false information are they just post this article without investigation further that news is true or false?

This is just clickbait on a whole new level. I saw prices crash everywhere including localbitcoins.. It is the traders that take so much damage and eventually go out of business..

playboy654

member

Activity: 546

Merit: 32

Saw an article regarding this draft of banning cryptocurrencies in the economic Times newspaper website so this is also a false information are they just post this article without investigation further that news is true or false?

avikz

legendary

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Quote from: JSRAW on June 09, 2019, 04:46:34 AM

Paid Bloomberg Article lol

India’s Jail Term for Crypto Usage – Facts and Myths

this article just came out.

Correct! Just to add to the discussion, I request everyone to see the below video from CryptoKanoon,

https://youtu.be/33gged1nyF4

It seems like a clickbait! I expected the highly paid beaurocrats to be a little dumb, but not so much! 5 million people from India are involved in crypto trading. Government will have to build few new prisons to accommodate them all!

Guvn0r

sr. member

Activity: 647

Merit: 274

Quote from: JSRAW on June 09, 2019, 04:46:34 AM

Paid Bloomberg Article lol

India’s Jail Term for Crypto Usage – Facts and Myths

this article just came out.

Someone really wants to pull the price down so they can buy more.

JSRAW

legendary

Activity: 2184

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Paid Bloomberg Article lol

India’s Jail Term for Crypto Usage – Facts and Myths

this article just came out.

Guvn0r

sr. member

Activity: 647

Merit: 274

The Reserve Bank of India is denying any knowledge of a proposed ban on cryptocurrencies — despite reports that a number of governmental agencies have backed the draft legislation — according to a Right to Information request filed on June 4.

Full story: https://www.coindesk.com/reserve-bank-of-india-denies-involvement-in-draft-bill-to-ban-cryptocurrencies

Topic: Reserve Bank of India Denies Involvement in Draft Bill to Ban Cryptocurrencies (Read 365 times)