Topic: The country with the highest demand for gold just outlawed gold. Shit got real. - page 3. (Read 2885 times)

I agree that if what you are saying is true, then that would be a very big deal, and probably have a considerable impact on bitcoin.  I remain a bit unclear, at the moment, regarding whether you are communicating accurately about the situation.

If it happened in Europe we'd have panic and people digging holes in their yards to hide wealth. If Indians are normal people, which I don't doubt, they'll look for alternatives like platinum, gems and electronic goods, bitcoin included.

This sounds like Civil forfeiture in the USA, but on a much larger scale (legal theft of property for no reason).

Call it what you like, but if you have gold, you now have to prove that it is clean or you lose it. They are going to rob their citizens blind...

This sounds like Civil forfeiture in the USA, but on a much larger scale.

Call it what you like, but if you have gold, you now have to prove that it is clean or you lose it. They are going to rob their citizens blind...

No. India did not ban gold. Quit spamming this nonsense.

I almost thought that this was true.. so I will take the information with a grain of salt, if it is not confirmed down the road.

Subject title is bullshit. India did not outlaw gold. As always was the case, gold can be purchased with after-tax money.

The new thing is that the gov is now demanding that all gold be shown to be purchased with after-tax money. And, apparently, resorting to draconian measures to determine if each person's gold above some threshold has been purchased accordingly.

But it has not made gold illegal.

You cant ban bitcoin. Russia already tried and failed. It doesnt work like that.

They can search your house all day but they wont find your bitcoins.

If they can ban gold, don't you think they will also ban btc? Why would you want to invest in something that you know is going to be banned?

Seriously this news about China and India curbing export/trading of gold is amazing for bitcoin. It will raise bitcoin demand like crazy.
Soon we will see market shock so high that new ATH might be possible.

https://cointelegraph.com/news/india-to-ban-gold-importation-bitcoin-price-rally-market-shock-imminent

How are they going to achieve this and 500 grams would be a lot for most rural Indians I woul presume.
The interesting part for me, is Indias push in the financial dynamics. Its a big issue to rope in, if they do its going to really change India.

The country with the highest demand for gold (India), just outlawed gold. Shit just got real. Citizens homes will be searched and 85% of wealth will be confiscated.

http://timesofindia.indiatimes.com/india/No-tax-on-jewellery/gold-purchased-out-of-disclosed-income-Finance-Ministry/articleshow/55724734.cms

Looks like India currently requires Digital Gold for many in order to avoid permanent seizure in the amount of 85% of their assets as "TAX"... Bitcoin demand is going to rocket. Expecting record demand. Killer app activated.

Many analysts predicted such a move would likely occur and thus dampen gold demand in India. However this demand will likely shift to other products like bitcoin.

India is the second most populous country (with over 1.2 billion people), and the most populous democracy in the world.

The country with the highest demand in the world for gold, just outlawed gold. Shit just got real.

"Your gold is safe. 500 grams per married woman will not be seized..."

http://indiatoday.intoday.in/story/gold-jewellery-married-lady-income-tax-raids-demonetisation/1/824321.html

"During search operations, conducted by I-T Department, there would be no seizure of gold jewellery and ornaments to the extent of 500 grams per married women, 250 grams per unmarried women as also 100 grams per male member of the family, it said.

The Bill, which is currently under consideration of the Rajya Sabha, will amend Section 115BBE of the Income Tax Act to provide for a steep 60 per cent tax and a 25 per cent surcharge on it (total 75 per cent) for black money holders.

Another section inserted provides for an additional 10 per cent penalty on being established that the undeclared wealth is unaccounted or black money, taking the total incidence of levies to 85 per cent."