Bitcoin Forum

https://pbs.twimg.com/media/C70GJfgUwAEqInS.jpg

Source: https://twitter.com/KiritSomaiya/status/845839121180438529

As it seems, this MP is a CA & PhD himself. Please be respectful and rational while writing to him. You may discuss your points below before writing.

A blockchain association was formed by leading companies just last month. The timing can't be better. Now we have an official industry body which can put across our views.

I think, you are talking about Digital Asset and Blockchain Foundation of India. There was another named Bitcoin Alliance India. I wonder what happened to that?

If you're in India, DO NOT send any suggestions, for your own safety. The information collected could be used against you, whether this MP is well meaning or not.

That's a pretty good suggestion.

The information may even be used against Indian people who send him a mail.
This guy seems pretty adamant on declaring Bitcoin illegal in India. I don't think the emails will change his view.

Bitcoin falls under the jurisdiction of RBI as it is also acknowledged by this MP.
I think RBI has already made it stand clear on bitcoin and cryptocurruncy and I doubt they are going to change it to please one single MP even if she?? belongs to ruling party.
A bigger parliamentary consensus is required to declare something illegal plus any RBI decision can be challenged in court of law.

As far as I know, bitcoin has been legalized in this country, so I think bitcoin is always managed, and it depends entirely on the members of Congress. It seems every transaction is passed by the government and processed before implementation. Legitimate bitcoin is a good thing, but it also has bad things attached. You can take more time for each transaction, bitcoin is a data technology, and I think this limits its capabilities.

What is the most they can do to you by collecting your information.No government can do anything to me unless and until i am breaking any law and as long as i am playing safe what is the one thing they could do to me if i reveal my identity.If any government feels like it is against the rules they have to focus on setting  a law around it rather and take a stance rather than threatening.

That is indeed sane advice. No point in giving the government a ready made list, in case a crackdown on Bitcoin is initiated.


Governments can harass you. And laws can be changed with retrospective effect.
So it is better to be safe than sorry.

Someone sent a mail and got response...

If crackdown really begins, government will simply go to centralized exchanges and get the list of users with their trade history. Crackdown will start accordingly. Crackdown relying on some email is pretty much of an obscure idea as anyone across the globe may send an email.

I am not afraid of any crack downs from the government as i am not involved in any illegal activities and i do not really mind if they are planning to monitor my activity as the exchanges i am dealing with already have all my data and verification details ,to be frank i am not happy with the present government situation as i am not sure they are sane enough to understand basic things,lets see what the future holds.

Haha makes complete sense. Why would they do this the hard way, when all they have to do is mail exchanges asking for information or risk being shutdown + penalized.

@Rotten Egg That someone was me BTW.

I am quoting his tweet from 28th of March.

"@Bitcoin is illegal User can face action under money laundering & other acts say government of india in Parliament @BJP4India @narendramodi"


And this image,

https://pbs-h2.twimg.com/media/C8AnzEfVUAAwU-C.jpg

We should so something on priority basis.

From the response itself it's pretty clear about his stand on bitcoin and its users.
This is the reason I never used centralized exchanges and stick to Localbitcoins and otc for all trade deals.The focus is always being anonymous.
Never used or asked for ID Pan etc.

READ PROPERLY BEFORE POSTING.


Instead of helping you are making the issue worse by spreading false info.

As I said, I am quoting his tweet, and this is what he officially said from his official twitter account.

https://www.twitter.com/KiritSomaiya/status/846720502051745792

I hope anyone using btc before it is declared illegal will be spared.How can they book someone for something which wasn't illegal? .
Government should give some deadlines for exchanges to wind up their business

People common stop assuming or interpreting that cryptos are declared illegal. There shall be a circular uploaded on website of RBI or press conference by FM if it is declared so.

I (and Dudeperfect as well) have got used to making out the right interpretation of 'govt. law language'. The image uploaded by Dudeperfect does not interpret to cyptos being illegal.

RELAX!!

But yes the govt. clearly discourages from getting involved in cryptos.

And yes everyone will be given time to wind up, we are in a democracy not in a dictatorship economy >_<

@blackowl11 You need to work on your reading skills, Dudeperfect was just quoting and giving a heads up to everyone. -_-

I think any such circular or opinion from the government official is really discouraging for those who are doing a bitcoin-related business as we know that the government can not ban bitcoin completely so everyone will be able to use it on individual level but yes, it would impact the legal bitcoin related businesses.

It will also impact individuals traders and users also.If bitcoin is declared banned,how can one buy bitcoin with Indian currency?Only those who will keep it holding in any cold offline storage will not be able to be traced.Rest all will be at risk