Bitcoin Forum

Hey
Have you guys heard about the news where the court decided to not only make the cryptocurrencies illegal and banning bank accounts from dealing with them they also decided to make another rule.
Now if you have some Bitcoins and you are holding them , or selling them or even buying them , you could be jailed for almost 10 years.
Isn't this the most ridiculous thing ever ?
Like come on people it's really not done , what is the government doing and why ?
There was a time when India was supporting cryptocurrencies , now it's becoming more like China , or I would say even worse in this matter.
I don't think this is something that should be well accounted for all the people residing there.
So would you still hold them ? And do transactions ?

To be honest I have heard the case where a child molester was given a sentence of 6 years , it's bigger than that !

Where is the sanity here ?

This gone too far. There were no need for that.
These governments will always try to stop their citizens to have their freedom or how are they going to roll?

I hope they do reconsider this new law.

This draconian harsh law that can severely penalized people who are into cryptocurrency is still in the proposal stage and the way I am seeing it is that this may have a less chance of making it. Putting cryptocurrency ownership almost equal to that of possessing and distributing illegal narcotics is to me so irrational and uncalled-for. I am wishing that this move can galvanize the cryptocurrency community in India so they can unite and present a one big voice against this very unnecessary move.

I think that Indian government is over reacting on implementing regulations and penalties to those who are engaging in cryptocurrency. They are scared of the risk of crypto being used in fraudelents acts, money laundering, funding terrorists and such, however they are over looking on a point that cryptocurrency can bring opportunities and convenience to those who use and utilize it. Let's hope this will not be implemented.

The owner of bitconnect.com was arrested in India for $14 billion ponzi scheme using Bitcoins.

I agree, this is just disheartening. but I think the government is just looking into a broader picture which might expose their
citizen to more scams which is rampant in India and other criminal criminal activities like laundering, black market transactions etc..
which are valid concerns but I still think they is just over reacting with these punishments.

You guys are overthinking this. This is nothing more than a scare tactic. So many threads related to this topic are cropping pointlessly. The truth is that this is just a stupid proposal and nothing more at the moment.

Even if it becomes a law, people will simply find alternative means to deal with crypto. They banned porn, but people are still watching it. They banned torrents(Punishable offence), but people still use proxies and VPNs without even hesitating. Pointless proposal indeed.

It's disappointing that they will punish people who are holding cryptocurrency like criminals. I think that's too much but if it's the only way for them to stop terrorism and fraudulent in their country then we can't do anything about it if it's really their rule. However, it isn't final yet and there will still be future announcements about it.

Where did you heard such news?Can you post a link to the news source?
Going in jail just for owning cryptocurrencies is ridiculious,but if the guy bought crypto with stolen money,he most likely deserves to go to jail.

How ambiguous is the decision of the government of India, because 10 years is a huge period , I hope they will reconsider their position, because I do not think that in India users of cryptocurrencies will be less from this.

https://www.news18.com/news/tech/dealing-in-cryptocurrency-in-india-could-soon-land-you-in-jail-for-10-years-2177445.html (https://www.news18.com/news/tech/dealing-in-cryptocurrency-in-india-could-soon-land-you-in-jail-for-10-years-2177445.html)

Here ,

To be honest people here are saying thats it's a bill and stuff but let's be honest no one can just make a bill right sitting here at there homes. It needs proper documentation , people supporting it , support by the parties who are responsible for doing good for the country.

They are going too great depths for something that is harmless , it's going over the top as how people who uses cryptocurrencies are belittled , they are thought of someone who is in here to just use it illegally !

Man really ? It's because if this that people are able to do some descent online jobs , it's providing global exposure.

This is what happens when Parliament only comprises of people who supports the conservative society.

They don't do things who actually need to be looked after.

Even if it's is a bill , it's a big thing.the fact that it is a bill means it's going to be proposed and maybe accepted or rejected but thus is a mirror of what government thinks of cryptocurrencies , what government thinks of us.

I agree why would they even try to take away their people's freedom?
They are making their people slave ,
I had read once that we people nowadays are modern slave ,
Those people who works 9 to 5 jobs are slave working their whole life without freedom of what they want.
Most of them are force due to their needs to provide but crypto is their way to earn more and be free from this slavery and they would take it away from them.

Few months ago I heard that india will legalize bitcoin for their folks but now news arrived that bitcoin dealing in india can send you jail for 10 years.
Even holders also can face jail for 10 years but how they will trace bitcoin holders!! I don't think this news really effect on BTC price.
https://gadgets.ndtv.com/internet/news/bitcoin-ban-india-cryptocurrency-law-10-year-jail-2049939

It is indeed ridiculous and anti human in my opinion and I don't think that law will be implemented. At a point, the authorities will have no other choice but to bow to public pressure and do the needful

But people who travel there and have bitcoin on phone wallets or a card which is loaded with bitcoin and pay with card on shops or on hotels will be arrested?

Yep, and on average they do this only to divert the issues and politics of the previous country and things like this are only temporary. As if this news was made intentionally and finally disappeared without any further action from the government. They say to be banned for bitcoin, the news appeared on television and then a week later the issue disappeared and never realized.

https://gadgets.ndtv.com/internet/news/bitcoin-ban-india-cryptocurrency-law-10-year-jail-2049939?amp=1&akamai-rum=off (https://gadgets.ndtv.com/internet/news/bitcoin-ban-india-cryptocurrency-law-10-year-jail-2049939?amp=1&akamai-rum=off) Posted is the news link, the government always describes money laundering as an issue and tries to find a way to keep every citizen under their control. This is completely against the democracy, such an initiation from the world's largest democracy shows the failure of the government. In the name of digital growth they try to create new law to stop usage of cryptocurrencies and have their own cryptocurrency.

the court has not yet decided, it is just a bill that first needs to pass to become law and it has not yet passed.

well there already are third world countries like Bangladesh that have been doing that for years! and of course it is ridiculous specially since the rest of the world is doing the exact opposite meaning accepting bitcoin with open arms!

1 word: corruption!

China has no issue with bitcoin! it is legal to trade, mine, own and make payments with it there.

This is not a 'law' yet, just a draft and even in draft paper some things are not properly shown. Please take this news as pinch of salt.

I just heard this news, and I think it's too much.  Maybe the government just gives a ban to its people without having to give a prison sentence.  Maybe the Indian government considers the presence of Bitcoin a threat to them, so they act like that.  Whereas in other developed countries, it actually accepts and legalizes Bitcoin in their country, maybe the Indian government needs to see this.

It really is very abusive and very harsh made me think whoever draft laws hate cryptocurrency so much, it's almost a capital punishment imagine 10 years, that 10 years here in our country is equal to homicide or large scale estafa, what happened to freedom in India.

India is probably scared that you can just get money like that. If this is true, Indians can just go to other countries and have their money back in that country where cryptocurrencies are legal. But that will take a lot of money of course depending on the country. I hope they can make it legal or regulate it in a good way.

I think it's a rule that doesn't make sense if the government gives a 10-year sentence to crypto users, maybe it's better to move to another country to be more calm in using crypto.

I wonder why this decision was spontaneous?How will those who already have cryptocurrency in their wallets behave?I plan to pack and go to India to buy cheap cryptocurrency.No matter how hard the government of India tries to ban cryptocurrency, no one will want to lose their money invested in ICO. Therefore, we all have to face the fact that in the near future the market will be in the red zone.

You are incorrectly informed. This is not a court decision. The court can only prohibit the use of crypto-currency, but it cannot establish criminal liability for its use. This is a bill to ban the use of cryptocurrency and ten years in prison for violating this restriction. However, this does not mean anything. It is unlikely that such a bill would be passed as a law.

i agree the proposed bill is really ridiculous only insane person will approved it

They remind me of communists taking peoples freedom away.  Trying to control the people out of fear. I don't think they care how well bitcoin and cryptocurrency does on other countries because of this. Bootcoin doesn't need to be "legalized" anywhere. Do you think things have to be made legal just to be able to use it?

Oh its sad to treat Cryptocurrency enthusiasts this way. If the currency has been banned, I believe they should give holders some time to trade then after that time they can punish them for disobeying the rules. I'm not in favour of the 10 years imprisonment, its too harsh.