Topic: What will you do if crypto is declared illegal in India ? (Read 244 times)

I did not think that the government will go as far as banning the cryptocurrency in the counry.

The ban is currently live except that we use peer to peer exchanges which are not banned. If a complete ban of crypto occurs your plans can be carried out. If complete ban i am not sure selling crypto in international exchanges will be allowed or not. In that case privacy coins. vpn can be used.  If we get international money, the source of income should not be crypto i believe.

bitcoins is not controlled by india or any institution in the world hence its decentralized nature Allows you to buy sell it from anywhere in the world. however if banned ( as of now its NOT LEGAL ) you can transfer your coins to any international wallets in the world as many indians are currently practicing. bitcoin prices is dropped today @5430$ so I'll be buying some.

I completely agree, this is just a fantasy topic to open our creative minds and present your ideas.
Regarding VPN, I don't think it will be a problem if you are following SUBSTRATUM project.
Secondly, Once your crypto is converted to some anonymous coins you have already become invisible, even if you carry out transactions in plain sight.

Ok GUYS just one thing, as soon as we try to convert it to INR there is big possibility of losing your anonymity.
So my thought process doesn't include converting crypto to any Fiat currencies.

Do share your other awesome ideas.

Nice, looks like you have given quite a thought to it. Looks promising, the only flaw being that you still get caught if you try to encash your BTC. I think a VPN would suffice if your core concern is getting tracked.

I would take this approach where I will get a very good/paid VPN. Connect with your friends in countries where cryptocurrency is not illegal. Access your Wallet through VPN/Other safe methods which cannot be tracked to your IP. Whenever you want to trade your Bitcoins/Cryptocurrency just ask your friend to execute the order. You can have the payment through legal channels then.

But I don't think that the government will go as far as banning the cryptocurrency in the country.

Good plan indeed! The plan actually very good if you want to hide the money trail. However, how you will exchange it into INR to unlock bitcoin's value? We can't use bitcoins directly to purchase anything in India, so in order to make our bitcoins usefull, we need to convert it into our local currency.

I know there are platforms like localbitcoins but in that case, your identity will have to be revealed because your money will be credited to your bank account.

Can you think of a clever way to convert your bitcoin to INR in completely anonymous way??

Yeah, even while writing the last part I was having concerns as it's about privacy. My point is If you have power you can do both good and bad. The important thing is to know that you have power.

Privacy is basic human right. But big organization like FB have taken it for granted. Now the situation is like, if I talk about privacy, I'm doing something illegal. This idea of privacy = illegal has been imposed on us by big players.

Hehehe.......remove the last part my friend.As of people who already know the magic of crypto are holding into it.But sharing such good ideas will definitely get attention and people will start doing some naughty things .Regulations will take a long time to be implemented here,people are already slowly moving their investments and safeguarding them,and we all know how much un-accounted money exists here.
Abhi tak toh waise bhi Supreme court mein tarikh pe tarikh and all and if again people start doing stuffs like these tab toh bhai pakka ban ho jayega.
Anyway found a very good post after a log time.I thing i would like to add I prefer monero over other privacy coins. .Have great day all.

I knowingly didn't ask What will you do if crypto is banned in India ? as many of us who are here know Crypto is unstoppable and can't be banned.

So I asked whats your plan just in case crypto is banned ?

If you ask me, I would say I am going HODL my crypto no matter what for the below reasons.

1 - I feel like investing something in the future
2 - I only have invested that much which I am ready to loose
3 - I believe crypto is more powerful and if made illegal today has to be declared legal someday.
4 - There are many developed country where its legal and traded freely, I can get it exchanged anytime if I visit.
5 - In case I can't visit I can always get it exchanged as Indians are everywhere, after all Its my hard earned money. Not earned by doing corruption  

Next ... If you want to become completely Anonymous and remove all trace of your existence, Then its very simple

1 - I will convert all my BTC and other coins to some privacy crypto like HoriZen or ZCash (as I have already used them)  
2 - Then I will use shielded transaction to send to to another shielded address, Thereby making it untraceable
3 - Convert HoriZen back to BTC using Decentralized exchange  
4 - From the Decentralized exchange I will send BTC to a new BTC address.

Thus making myself completely anonymous    

This is an imaginary topic. Crypto as of today is not illegal to hold in INDIA, but do share your thoughts / plan might be helpful for someone