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Title: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: cheezcarls on June 08, 2019, 12:19:06 PM Hello everyone! I hope you have a great weekend ahead, but this one creates FUD for Indian Bitcoin and crypto holders, miners and sellers.
I just saw this new recently: https://cointelegraph.com/news/indian-lawmakers-propose-adoption-of-10-year-jail-term-for-crypto-dealings In my own opinion, these lawmakers are just plain stupid and are one-sided idiots. They’re focusing on the bad side of Bitcoin and cryptocurrencies rather than looking on the real use cases and benefits of it. Is it because that criminals are using it as alternative way of stealing money, money laundering, etc.? C’mon you lawmaker morons, money laundering has been around for a long time before Bitcoin was born, and you guys ruled out that owning cryptocurrencies is a crime? I just feel what the proud Bitcoin and crypto holders from India are feeling now. But I doubt it will pass according to Pomp on Twitter, because they need to consult with the Rural Bank of India first. A higher chance that passing this law will be unlikely. But I could be wrong. What are your thoughts about this one guys? Any feedback or opinion will be appreciated. Thanks in advance! Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: blockman on June 08, 2019, 12:25:03 PM But I doubt it will pass according to Pomp on Twitter, because they need to consult with the Rural Bank of India first. They just denied involvement to the draft bill that has been proposed and they are still waiting for a copy of that draft.(https://cointelegraph.com/news/reserve-bank-of-india-denies-knowledge-involvement-in-draft-bill-to-ban-crypto-entirely) (https://www.coindesk.com/reserve-bank-of-india-denies-involvement-in-draft-bill-to-ban-cryptocurrencies) Wait until RBI responds officially about that draft. Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: AB de Royse777 on June 08, 2019, 12:31:03 PM ~snip~ Lawmakers work for the government and government don't want their citizen become free from their hand. If banks lose control over the finance then government lose control over it's citizen. So, it's easy math. Ban crypto.C’mon you lawmaker morons, money laundering has been around for a long time before Bitcoin was born, and you guys ruled out that owning cryptocurrencies is a crime? ~snip~ Anyway, I think Indian government gone too far. Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: CryptoBry on June 08, 2019, 12:39:09 PM ~snip~ Lawmakers work for the government and government don't want their citizen become free from their hand. If banks lose control over the finance then government lose control over it's citizen. So, it's easy math. Ban crypto.C’mon you lawmaker morons, money laundering has been around for a long time before Bitcoin was born, and you guys ruled out that owning cryptocurrencies is a crime? ~snip~ Anyway, I think Indian government gone too far. The proposal is quite harsh as it puts owning cryptocurrency to the level of an illegal drug dealer which can be unfortunate to say the least. On the other hand, it is just a pipe dream to say that one day banks will be gone or that the control of the country's financial system can be taken from the government IF bitcoin or cryptocurrency is allowed. What is happening in Japan right now is a testament that this is not the case...not unless you can program all people like robot to act and think unitedly which is impossible in today's world where people are always looking for options. Cryptocurrency however will continue to work side by side with that of the traditional financial system. Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: alrose on June 08, 2019, 12:58:26 PM I think the government of India just doesn't give a damn about its citizens.I invested in one Indian startup and now I understand those guys who wanted to do something useful.Their authorities will just put them in jail for nothing!Their tokens have already started to fall in price very much.I am disappointed.Cryptocurrency is so much illegal?
Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: Eildosa on June 08, 2019, 01:22:52 PM It's very sad to read. It's bad enough that no one wants to understand before making such laws. You are right, people see only bad aspects in bitcoin and do not notice its advantages.
Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: blockman on June 08, 2019, 01:47:00 PM It's very sad to read. It's bad enough that no one wants to understand before making such laws. You are right, people see only bad aspects in bitcoin and do not notice its advantages. Don't have conclusions yet, there's still RBI that needs to see this.Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: xvids on June 08, 2019, 02:01:21 PM Hello everyone! I hope you have a great weekend ahead, but this one creates FUD for Indian Bitcoin and crypto holders, miners and sellers. They are truly one sided just like everybody who hates crypto.I just saw this new recently: https://cointelegraph.com/news/indian-lawmakers-propose-adoption-of-10-year-jail-term-for-crypto-dealings In my own opinion, these lawmakers are just plain stupid and are one-sided idiots. They’re focusing on the bad side of Bitcoin and cryptocurrencies rather than looking on the real use cases and benefits of it. Is it because that criminals are using it as alternative way of stealing money, money laundering, etc.? C’mon you lawmaker morons, money laundering has been around for a long time before Bitcoin was born, and you guys ruled out that owning cryptocurrencies is a crime? I just feel what the proud Bitcoin and crypto holders from India are feeling now. But I doubt it will pass according to Pomp on Twitter, because they need to consult with the Rural Bank of India first. A higher chance that passing this law will be unlikely. But I could be wrong. What are your thoughts about this one guys? Any feedback or opinion will be appreciated. Thanks in advance! They just see the bad side and they are close minded people that doesn't really listen to other people's opinion. They don't know how crypto could help other people there are some people who gets to spent more time with their family because they could earn online through crypto. Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: BrewMaster on June 08, 2019, 02:48:04 PM it is just a proposal draft not the law but in any case Indian government has been shady with bitcoin for a while now, they are obviously scared of what it can do to their corrupted government and banking system and have been trying so hard for 2 years now to slow the adoption of bitcoin in their country down to a halt but have been failing.
Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: squatter on June 08, 2019, 05:09:20 PM I just feel what the proud Bitcoin and crypto holders from India are feeling now. But I doubt it will pass according to Pomp on Twitter, because they need to consult with the Rural Bank of India first. A higher chance that passing this law will be unlikely. But I could be wrong. What are your thoughts about this one guys? Any feedback or opinion will be appreciated. I'd love to see someone weigh in on this topic who actually knows how lawmaking works in India. Most of us are completely ignorant. As you said, this is just a proposal, not an actual law. While there is some bureaucratic support for the measure, I'm not sure that means passage is obviously going to happen. Maybe Pompliano knows something we don't. Even if it does pass, he thinks it will drive adoption even more: Quote I highly doubt this will get passed, but if it does, it will have the opposite effect and actually drive adoption. Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: Adriano2010 on June 08, 2019, 05:15:14 PM Well is not a good news if they will approve that law, but this is it, people should do a protest if governments give this kind of law. Is this law against freedom (buy what want with money - not drugs or weapon- ) or not have any connection?
Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: XinXan on June 08, 2019, 05:27:42 PM Thankfully it seems like these type of news barely affect the market anymore, I think people and investors got tired of the same type of FUD coming from India/China. Those countries don't seem to be as important now, a lot of people focused more on Futures and SEC but that also got boring pretty quickly. India is also not an ideal country for anything so it's no surprise that they can pass laws like this, I would just leave the country to be honest.
Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: Genemind on June 08, 2019, 05:42:37 PM It's rude and they're making Indian investors suffer because they're thinking that they could end fraudulent through that law. Even the punishment is too much. 10 years imprisonment because of just holding cryptocurrency and involving in blockchain technology is too harsh.
Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: bitbunnny on June 08, 2019, 05:50:27 PM It's a very harsh proposal, even for India. Still this is just the proposal and it's not yet in power so final result could be different. You will not solve and prevent criminal by punishing everyone and bans were never successful and helpul. I count on common sense of authorities in India and some reasonable solution.
Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: Indrawan77 on June 08, 2019, 05:58:52 PM I don't really understand why the government really hates crypto, without being realised crypto really help the citizen to get more income, btc for criminal things is just an excuse, fiat, gold also ever being used for criminal, I think the punishment is too harsh, look at how other countries handle crypto problem, crypto is not a criminal things, I dont think it need a harsh punishment, let's wait RBI to see what will be the decision
Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: Ailmand on June 08, 2019, 06:30:40 PM That's completely insane. However, it's just a proposal for now. It will still undergo a lot of trials and approval. If it happens, many Indian investors will surely do a panic selling. They will lose the opportunity to gain a good profit through investing. It will be a big loss for them.
Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: XinXan on June 08, 2019, 08:44:04 PM I don't really understand why the government really hates crypto, without being realised crypto really help the citizen to get more income, btc for criminal things is just an excuse, fiat, gold also ever being used for criminal, I think the punishment is too harsh, look at how other countries handle crypto problem, crypto is not a criminal things, I dont think it need a harsh punishment, let's wait RBI to see what will be the decision It's fairly simple to understand, the government doesn't hate crypto, the problem is that they can't control people that own bitcoin, they are afraid of people not paying taxes and we should all be. Of course when it's only a few people it makes almost no difference but now imagine 80% of people own cryptos in your country and only 2% of those pay their taxes, the government will eventually run out of money to help public institutions. Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: Payme21 on June 08, 2019, 08:50:38 PM I really doubt that law will see the light of the day because that is crude and very unfair. I expect government to make policies that will help guide against money laundering and other ills instead of a total ban on crypto
Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: jakelyson on June 08, 2019, 09:27:44 PM I just feel what the proud Bitcoin and crypto holders from India are feeling now. But I doubt it will pass according to Pomp on Twitter, because they need to consult with the Rural Bank of India first. A higher chance that passing this law will be unlikely. But I could be wrong. What are your thoughts about this one guys? Any feedback or opinion will be appreciated. I'd love to see someone weigh in on this topic who actually knows how lawmaking works in India. Most of us are completely ignorant. As you said, this is just a proposal, not an actual law. While there is some bureaucratic support for the measure, I'm not sure that means passage is obviously going to happen. Maybe Pompliano knows something we don't. Even if it does pass, he thinks it will drive adoption even more: Quote I highly doubt this will get passed, but if it does, it will have the opposite effect and actually drive adoption. I am curious how will this drive adoption in India? People there will be too afraid to own cryptocurrency, what more make establishments accept them. Maybe I am not seeing something here. Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: Ailmand on June 08, 2019, 09:31:22 PM I really doubt that law will see the light of the day because that is crude and very unfair. I expect government to make policies that will help guide against money laundering and other ills instead of a total ban on crypto The proposal is obviously one sided and not taking into consideration the convenience and opportunity bitcoin can bring. I think they believe that crypto is a threat to banks which government has power. Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: sushil7045 on June 08, 2019, 09:55:52 PM it just a proposed bill and it claimed by a new site to be true. But the news article looks misleading and half information to me. Most chances are this bill will be modified.
Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: Mike Mayor on June 08, 2019, 11:10:20 PM This is a FUD article. This is like locking someone up if they use any currency that is not the one their government issues to them? If you drive the wrong car you go to jail? How ridiculous is this?
Taking peoples freedom away. Who has the right to do that? If you are born into this world you should be able to do what you want. Otherwise, freedom doesn't exist. This proposal will never pass. Clearly, the person making it has never seen what the inside of a prison cell looks look. This person has no morals and is sick and twisted for wanting to put another human being in a little cage? Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: rodel caling on June 08, 2019, 11:23:28 PM Hello everyone! I hope you have a great weekend ahead, but this one creates FUD for Indian Bitcoin and crypto holders, miners and sellers. I just saw this new recently: https://cointelegraph.com/news/indian-lawmakers-propose-adoption-of-10-year-jail-term-for-crypto-dealings In my own opinion, these lawmakers are just plain stupid and are one-sided idiots. They’re focusing on the bad side of Bitcoin and cryptocurrencies rather than looking on the real use cases and benefits of it. Is it because that criminals are using it as alternative way of stealing money, money laundering, etc.? C’mon you lawmaker morons, money laundering has been around for a long time before Bitcoin was born, and you guys ruled out that owning cryptocurrencies is a crime? I just feel what the proud Bitcoin and crypto holders from India are feeling now. But I doubt it will pass according to Pomp on Twitter, because they need to consult with the Rural Bank of India first. A higher chance that passing this law will be unlikely. But I could be wrong. What are your thoughts about this one guys? Any feedback or opinion will be appreciated. Thanks in advance! Probably your right mate, the indian lawmakers are unfair, but is only a plan and as far as i concern the lawmakers are continue to study about bitcoin ban, possible the lawmaker can discover the importance of bitcoin and for sure they recommend to stop ban and they appeal it to become legal. Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: Shenzou on June 08, 2019, 11:31:09 PM As this is just a proposition, it really think that it won't go through because lets be honest 10 years is just way too much it is more years than catching someone with position of drugs, the Indian government has already passed on regulation crypto and exchanges a couple of months agao, and i don't think that they will go as far as putting people in jail for it, i think they might even go and reconsidered as many has shown that they really are interested in it and proves to have many advantages for it, and they might do what Russian government did where they banned it at first and than they went back on their words.
Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: fortunecrypto on June 09, 2019, 01:11:15 AM This is very harsh Whoever that lawmakers that drafts and approve that should not get a single vote among crypto believers in India and should campaign for them not to get voted, Crypto holders of that region should boycott banks that connives with lawmakers that draft that very harsh law.
Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: ajqjjj on June 09, 2019, 01:41:09 AM This is very harsh Whoever that lawmakers that drafts and approve that should not get a single vote among crypto believers in India and should campaign for them not to get voted, Crypto holders of that region should boycott banks that connives with lawmakers that draft that very harsh law. In India majority of the millionaires are still using Bitcoin because they know the potential of cryptocurrency. So stupid lawmakers are trying to ban in India at the same time Binance was approach many states in India. So obviously India will accept soon and those are fear the future acceptance surely many countries are allow the free visa so better we can split our life style is a good decision.Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: Tipstar on June 09, 2019, 01:49:07 AM This came as a surprise to everyone at all. All the people were expecting some sort of regulations that would benefit the real investors and people be able to trade and mine paying their taxes on the profit. But it came as a really counteractive descision which would take India back for years in matter of crypto currecy technology. There were many indian engineers involved in Blockchain technology who are going to suffer the most.
Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: DreamStage on June 09, 2019, 01:52:18 AM Well as many have already mentioned, it is denied by the government that it does not cumply with their means.
It's someone else work on the news as it is fake one. Nevertheless as we know India they could come up with such idiotic idea in the future ::) Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: squatter on June 09, 2019, 02:24:35 AM I'd love to see someone weigh in on this topic who actually knows how lawmaking works in India. Most of us are completely ignorant. As you said, this is just a proposal, not an actual law. While there is some bureaucratic support for the measure, I'm not sure that means passage is obviously going to happen. Maybe Pompliano knows something we don't. Even if it does pass, he thinks it will drive adoption even more: Quote I highly doubt this will get passed, but if it does, it will have the opposite effect and actually drive adoption. I am curious how will this drive adoption in India? People there will be too afraid to own cryptocurrency, what more make establishments accept them. Maybe I am not seeing something here. Here's the full tweet (https://twitter.com/APompliano/status/1137025904830496770): Quote India is proposing a 10-year jail sentence for those who mine, hold, or transact with cryptocurrencies. I highly doubt this will get passed, but if it does, it will have the opposite effect and actually drive adoption. People don't like being told what to do with their wealth. I agree, the threat of a 10-year prison sentence seems like a huge deterrent. Black markets tend to be much smaller than their white market counterparts. Maybe he thinks it'll cause capital flight, or that wealthy Indians will leave India in order to invest. Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: shoreno on June 09, 2019, 02:35:40 AM it just a proposed bill and it claimed by a new site to be true. But the news article looks misleading and half information to me. Most chances are this bill will be modified. Not modified but there is a high chance that the claims are fake although i have seen that crypto/bitcoin is really banned in india before . if its banned then the use of cryptos are automatically illegal with or without a law . this is bad and i feel bad for the people on india that want to use cryptos because they cannot do it anymore . the only thing that they/we can do is to pray that cryptos will soon to be unbabnned on the country of india.Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: pushups44 on June 09, 2019, 02:51:57 AM I'd love to see someone weigh in on this topic who actually knows how lawmaking works in India. Most of us are completely ignorant. As you said, this is just a proposal, not an actual law. While there is some bureaucratic support for the measure, I'm not sure that means passage is obviously going to happen. Maybe Pompliano knows something we don't. Even if it does pass, he thinks it will drive adoption even more: Quote I highly doubt this will get passed, but if it does, it will have the opposite effect and actually drive adoption. I am curious how will this drive adoption in India? People there will be too afraid to own cryptocurrency, what more make establishments accept them. Maybe I am not seeing something here. Here's the full tweet (https://twitter.com/APompliano/status/1137025904830496770): Quote India is proposing a 10-year jail sentence for those who mine, hold, or transact with cryptocurrencies. I highly doubt this will get passed, but if it does, it will have the opposite effect and actually drive adoption. People don't like being told what to do with their wealth. I agree, the threat of a 10-year prison sentence seems like a huge deterrent. Black markets tend to be much smaller than their white market counterparts. Maybe he thinks it'll cause capital flight, or that wealthy Indians will leave India in order to invest. I am also curious as to the motive behind this - perhaps to scare normal people away from cryptos? Obviously this law is too strict for a nation aiming to become an economic powerhouse. Perhaps the motive, again, is to deter without actually putting this bill fully into effect. Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: finzyoj on June 09, 2019, 02:55:29 AM I just saw this new recently: https://cointelegraph.com/news/indian-lawmakers-propose-adoption-of-10-year-jail-term-for-crypto-dealings I saw the headline of this news recently and it is quite alarming because this is a big loss for us aiming of mass crypto adoption. A 10 year imprisonment is totally not a joke so sad to say but I guess this is now the end of crypto for Indians :(. In my own opinion, these lawmakers are just plain stupid and are one-sided idiots. They’re focusing on the bad side of Bitcoin and cryptocurrencies rather than looking on the real use cases and benefits of it. Mate we are not in the right position to say that because we really don't know their struggles. If a certain government find somethong threatening for their countrymen and economy as a whole then of course there's a tendency for them to take precautionary actions against it. I'm sure that all they want is the best for their country, don't get them wrong :). C’mon you lawmaker morons, money laundering has been around for a long time before Bitcoin was born, and you guys ruled out that owning cryptocurrencies is a crime? Maybe they just don't want to let such crimes spread faster in more even worse way (since we all know that crypto offers anonymity). Actually, there would be no problem at all if all people are purely good but since it's not then it's understandable to pass that law. You can't make exemptions, law is for each of everyone whether you are good or bad. Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: libert19 on June 09, 2019, 03:08:38 AM It's a draft bill and should not be given much importance until it has been passed.
Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: Tylev on June 09, 2019, 05:04:44 AM I do not think that you need to pay much attention to such a bill. This is just a proposal of one or several legislators. Of course, this news is not very happy. In India, the question of the status of cryptocurrency has been too long, disputes are going on at all levels. We were awaiting the decision of the Supreme Court of India, which is considering some restrictions of the Reserve Bank on cryptocurrency. The opinion of the Government of India was a bit controversial, while lawmakers have not expressed their opinion on cryptocurrency. For the time being, we need to wait for a final decision on cryptocurrency there.
Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: Fredomago on June 09, 2019, 05:57:47 AM It's a draft bill and should not be given much importance until it has been passed. Still there's a lots of things to happen about this propose bill, not unless there's a strong positions to pushed it thru, it will be decided and only timean tell if things will be materialized with this rules, should be modified for the best interest of people who believes in this system. Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: illyiller on June 09, 2019, 06:26:36 AM Let's get down to the nitty gritty. Representatives from these agencies support the ban, but are these representatives powerful/influential? That isn't clear (https://www.coindesk.com/reserve-bank-of-india-denies-involvement-in-draft-bill-to-ban-cryptocurrencies):
Quote The Economic Times reported that a committee in support of a total ban, including representatives of the Department of Economic Affairs (DEA), Central Board of Direct Taxes (CBDT), Central Board of Indirect Taxes and Customs (CBIC), among others was “of the view that already there is a lot of delay in taking action against cryptocurrency.” The RBI stated they had zero knowledge of this bill being drafted. They haven't even gotten a copy of it. That gives me some hope that this doesn't have a serious chance of passing. Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: Pursuer on June 09, 2019, 06:46:09 AM at this point it seems to me as if the Indian government is super scared of bitcoin and what it can do to their corrupted banking system that they control. that is why they are doing the exact opposite of the rest of the world and have been putting more and more restrictions for bitcoin adoption that has been growing at a phenomenal speed in India.
be careful not to fall for the FUD though, as this news (which as was mentioned is not the law yet) is being used as an FUD nowadays all over the internet just like how they said China banned bitcoin for many years. Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: illyiller on June 09, 2019, 06:58:07 AM at this point it seems to me as if the Indian government is super scared of bitcoin and what it can do to their corrupted banking system that they control. What do you make of the fact that the central bank is claiming they have no knowledge of this draft legislation? (https://www.coindesk.com/reserve-bank-of-india-denies-involvement-in-draft-bill-to-ban-cryptocurrencies) They say they weren't consulted on it and haven't even received a copy of the bill! Doesn't that seem a bit strange? How serious can this threat be if the RBI isn't even in the loop? Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: TimeBits on June 09, 2019, 07:17:04 AM They banned pewdiepie to
https://www.distractify.com/p/pewdiepie-banned-in-india no fun allowed in India anymore https://media1.tenor.com/images/2bc17b2011301d94916375dc959e2055/tenor.gif?itemid=5616245 https://www.youtube.com/watch?v=StjWGI5-DAo well guess what India, here in Canada we allow you to not wear a helmet on a motorcycle and carry a kirpan(dagger) into school and planes, come here and to Sweden some more! FREE HEALTH CARE!( it sucks) FREE ODSP IF YOU PRETEND YOU ARE MENTALLY RETARDED! DON`T WORRY WE UNDERSTAND YOU DON`T KNOW WHAT THE FUCK A TOILET IS AND NOT HOW TO MISS THE FLOOR AND THE SEAT AND GET YOUR PISS ON EVERYTHING IN THE WASHROOM, WE GIVE YOU FREE MONEY TO!!!!! YAY! FUCK THE WORKING CLASS WHO GREW UP HERE AND FUCKING MADE THE NATION! YOU CAN ALSO JOIN THE "CHURCH OR WHATEVER YOU WANT TO CALL IT OF BITCOIN" AND CARRY BITCOIN IN YOUR TURBAN WITH NO DIE TIME IN PRISON https://bitcointalk.org/index.php?topic=5141757.0 Don`t worry WE WILL GIVE YOU THE JOBS OF THE PEOPLE HERE! -Justin Truedough Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: webtricks on June 09, 2019, 07:22:52 AM I explained about it here:
It's funny how news are sold on internet. These online media manipulate the content and add spices and flavors from their end. This is the picture of draft that was circulated over internet and the reason of this news: https://pbs.twimg.com/media/D8dgZjoUYAATfo5.jpg You can clearly read that the punishment is based on the condition. The drafters have used the words 'any of the activities mentioned in clause (e), (g) and/or (h) of sub-section (1) of Section 8'. Hence, drafters are proposing only selective ban, not conclusive one. Trading or holding cryptocurrencies will be considered as offence only if used for activities mentioned under those clauses. Moreover, this is just a proposed draft, final bill comes to effect after passing from Houses of Parliament which is subject to several changes in the draft. So it is too early to fear anything. But I doubt it will pass according to Pomp on Twitter, because they need to consult with the Rural Bank of India first. A higher chance that passing this law will be unlikely. Is this a typo or I missed the sarcasm!? ::)Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: TimeBits on June 09, 2019, 07:44:14 AM I explained about it here: It's funny how news are sold on internet. These online media manipulate the content and add spices and flavors from their end. This is the picture of draft that was circulated over internet and the reason of this news: https://pbs.twimg.com/media/D8dgZjoUYAATfo5.jpg You can clearly read that the punishment is based on the condition. The drafters have used the words 'any of the activities mentioned in clause (e), (g) and/or (h) of sub-section (1) of Section 8'. Hence, drafters are proposing only selective ban, not conclusive one. Trading or holding cryptocurrencies will be considered as offence only if used for activities mentioned under those clauses. Moreover, this is just a proposed draft, final bill comes to effect after passing from Houses of Parliament which is subject to several changes in the draft. So it is too early to fear anything. But I doubt it will pass according to Pomp on Twitter, because they need to consult with the Rural Bank of India first. A higher chance that passing this law will be unlikely. Is this a typo or I missed the sarcasm!? ::)You shall not trade, So just call it currenciescrypto instead or it is bitcoin it is not cryptocurrencies ^_^ We shall call it, Magical Internet Non Slavery Thing 1.0 Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: blockchainwriters on June 09, 2019, 10:10:34 AM well this law and or new purposed bill may nt get approved in court so this rumor highly spread the Indian media to defame crypto which is nt healthy environment for blockchain and crypto currency
Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: xWolfx on June 09, 2019, 10:25:00 AM well this law and or new purposed bill may nt get approved in court so this rumor highly spread the Indian media to defame crypto which is nt healthy environment for blockchain and crypto currency But it's not only that my friend. People there inside this movement should be alert and make their voice heard about their opinions on the subject(Preferably without saying what they do or how they do it) and probably the ones in charge of it will hear and act as needed denying such thing. If for some reason it won't work, then moving operations to another country seems like the best best. Especially if it's a developed one, they're not so likely to change their minds so suddenly like that. Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: kaya11 on June 09, 2019, 11:02:12 AM ~snip~ Lawmakers work for the government and government don't want their citizen become free from their hand. If banks lose control over the finance then government lose control over it's citizen. So, it's easy math. Ban crypto.C’mon you lawmaker morons, money laundering has been around for a long time before Bitcoin was born, and you guys ruled out that owning cryptocurrencies is a crime? ~snip~ Anyway, I think Indian government gone too far. Do you think it would cost chaos among citizens and the government officials? Are we seeing a possibility of vigilance and the sort of. Which is correct, I think Indian government doesn't get too much money of Bitcoin and now are making as much power to stop it at it's early stage, we can't blame such move by the government. I feel sorry for the people who supports crypto but too bad they would need to migrate if they want to continue hold their Bitcoin. Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: Bitcoinqubit on June 09, 2019, 04:29:59 PM INDIA BAN CRYPTO
Any country that jails its people over non violent acts and not involving theft needs to be overthrown. Government politicians/employees need to remember who they are working for. This is the heart of our problem and why government = slavery. dollar slowly die and affect other money paper while the prices in super markets and other things rise and crap salaries..COMPARE to crypto.. it always was and will be but with some new tech ideas like crypto people begin aware that hell what is going in this planet... Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: Mike Mayor on June 10, 2019, 03:00:22 AM I explained about it here: It's funny how news are sold on internet. These online media manipulate the content and add spices and flavors from their end. This is the picture of draft that was circulated over internet and the reason of this news: https://pbs.twimg.com/media/D8dgZjoUYAATfo5.jpg You can clearly read that the punishment is based on the condition. The drafters have used the words 'any of the activities mentioned in clause (e), (g) and/or (h) of sub-section (1) of Section 8'. Hence, drafters are proposing only selective ban, not conclusive one. Trading or holding cryptocurrencies will be considered as offence only if used for activities mentioned under those clauses. Moreover, this is just a proposed draft, final bill comes to effect after passing from Houses of Parliament which is subject to several changes in the draft. So it is too early to fear anything. But I doubt it will pass according to Pomp on Twitter, because they need to consult with the Rural Bank of India first. A higher chance that passing this law will be unlikely. Is this a typo or I missed the sarcasm!? ::)You shall not trade, So just call it currenciescrypto instead or it is bitcoin it is not cryptocurrencies ^_^ We shall call it, Magical Internet Non Slavery Thing 1.0 Relax everyone this will never happen. This is unconstitutional and totally a violation of human rights. This is new age slavery basically. YOU WILL USE OUR GOVERNMENT SHITCOIN CALLED FIAT OR WE WILL THROW YOU IN JAIL!!! RAWR !!! Sounds like a government like that will definitely have lots of support right? xP INDIA BAN CRYPTO Any country that jails its people over non violent acts and not involving theft needs to be overthrown. Government politicians/employees need to remember who they are working for. This is the heart of our problem and why government = slavery. dollar slowly die and affect other money paper while the prices in super markets and other things rise and crap salaries..COMPARE to crypto.. it always was and will be but with some new tech ideas like crypto people begin aware that hell what is going in this planet... Cannabis is starting to be decriminalized all cross the world and here is these idiots going backward again trying to make crypto illegal. Gosh what a bunch of clowns. Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: killat on June 10, 2019, 06:03:23 AM Why don't the Indian population just stick up for itself and protest on these issues what you all scared of.
USA, UK, france and many others protest to get their rights corrected why so many Indians just take changes lying down? India is a country that could be pulled from poverty easly, so much skill and lovely country to offer others. Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: smyslov on June 10, 2019, 02:55:17 PM Hello everyone! I hope you have a great weekend ahead, but this one creates FUD for Indian Bitcoin and crypto holders, miners and sellers. I just saw this new recently: https://cointelegraph.com/news/indian-lawmakers-propose-adoption-of-10-year-jail-term-for-crypto-dealings In my own opinion, these lawmakers are just plain stupid and are one-sided idiots. They’re focusing on the bad side of Bitcoin and cryptocurrencies rather than looking on the real use cases and benefits of it. Is it because that criminals are using it as alternative way of stealing money, money laundering, etc.? C’mon you lawmaker morons, money laundering has been around for a long time before Bitcoin was born, and you guys ruled out that owning cryptocurrencies is a crime? I just feel what the proud Bitcoin and crypto holders from India are feeling now. But I doubt it will pass according to Pomp on Twitter, because they need to consult with the Rural Bank of India first. A higher chance that passing this law will be unlikely. But I could be wrong. What are your thoughts about this one guys? Any feedback or opinion will be appreciated. Thanks in advance! Bitcoin holders in India are numbering hundreds of thousands, they can do a campaign against those lawmakers who create and passed this law and support politicians who can repeal this law, it's very harsh I hope it will not happen in my country, so pity there are a lot of developers and coders in India and they can use their skill to promote Cryptocurrency. Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: squatter on June 10, 2019, 06:52:52 PM Why don't the Indian population just stick up for itself and protest on these issues what you all scared of. USA, UK, france and many others protest to get their rights corrected why so many Indians just take changes lying down? I don't think Bitcoin is that popular in India. Localbitcoins only shows 200-300 BTC worth of volume (https://coin.dance/volume/localbitcoins/INR/BTC) per week. Bitnodes shows only 29 reachable nodes in India (https://bitnodes.earn.com/). There probably wouldn't be enough people affected by this for mass protests. Maybe that's the point -- trying to nip it in the bud before it catches on. Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: killat on June 11, 2019, 06:04:08 AM People have completely wrong perception about India. Its not 2005, we are in 2019. Since the change of govt. in 2014, things have changed drastically in India. Be it poverty, roads, power, infrastructure, Railways and what not, the progress India witnessed in the last 5 years, could not be seen in the last 50 years.
This is just one example. Poverty has been reduced drastically and now even villagers carry bikes, mobiles, and modern gadgets. Now the same govt. in power once again, you cant image where India will be in the next 5 years. Cheers! Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: fulled on June 11, 2019, 11:24:33 AM Indian's law maker just dont know what they do, they fail to see bitcoin and cryptocurrencies in positive way, they just focus in bitcoin's dark side, maybe they think money laundering and tax evasion can fade away if they banned cryptocurrencies.
Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: coin-investor on June 11, 2019, 11:28:21 AM ~snip~ Lawmakers work for the government and government don't want their citizen become free from their hand. If banks lose control over the finance then government lose control over it's citizen. So, it's easy math. Ban crypto.C’mon you lawmaker morons, money laundering has been around for a long time before Bitcoin was born, and you guys ruled out that owning cryptocurrencies is a crime? ~snip~ Anyway, I think Indian government gone too far. They really went too far, this is too much, this is the first country that considered holders of cryptocurrency as criminal offenders, and India is not even a communist just like North Korea, now people are afraid that other people will follow their lead, voters should not vote those who created this bill or law. Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: AB de Royse777 on June 11, 2019, 12:15:02 PM ~snip~ I don't think they are the first country. Few months ago there was a news that in Bangladesh they jailed 3 Bitcoin users to trade Bitcoin or something. I see in the South Asia/Asia, these crypto things are taking as a threat for the Government. They really went too far, this is too much, this is the first country that considered holders of cryptocurrency as criminal offenders, and India is not even a communist just like North Korea, now people are afraid that other people will follow their lead, voters should not vote those who created this bill or law. I heard those government puts their own interest over their citizens. May be they don't want their citizens to become free. Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: semifamou5 on June 11, 2019, 12:25:54 PM Hello everyone! I hope you have a great weekend ahead, but this one creates FUD for Indian Bitcoin and crypto holders, miners and sellers. I just saw this new recently: https://cointelegraph.com/news/indian-lawmakers-propose-adoption-of-10-year-jail-term-for-crypto-dealings Cryptocurrency Loan (https://www.cryptocurrencyloaning.com/) In my own opinion, these lawmakers are just plain stupid and are one-sided idiots. They’re focusing on the bad side of Bitcoin and cryptocurrencies rather than looking on the real use cases and benefits of it. Is it because that criminals are using it as alternative way of stealing money, money laundering, etc.? C’mon you lawmaker morons, money laundering has been around for a long time before Bitcoin was born, and you guys ruled out that owning cryptocurrencies is a crime? I just feel what the proud Bitcoin and crypto holders from India are feeling now. But I doubt it will pass according to Pomp on Twitter, because they need to consult with the Rural Bank of India first. A higher chance that passing this law will be unlikely. But I could be wrong. What are your thoughts about this one guys? Any feedback or opinion will be appreciated. Thanks in advance! Keep in mind how lots of the articles about this know the headline will get clicks, but they all then say its being 'considered'. But by how many people?! I promise, there's LOTS of crazy laws, being considered, by a couple people in every country. Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: acroman08 on June 11, 2019, 12:32:56 PM ~snip~ I don't think they are the first country. Few months ago there was a news that in Bangladesh they jailed 3 Bitcoin users to trade Bitcoin or something. I see in the South Asia/Asia, these crypto things are taking as a threat for the Government. They really went too far, this is too much, this is the first country that considered holders of cryptocurrency as criminal offenders, and India is not even a communist just like North Korea, now people are afraid that other people will follow their lead, voters should not vote those who created this bill or law. I heard those government puts their own interest over their citizens. May be they don't want their citizens to become free. yeah, I read about it back in may. link: https://www.thedailystar.net/backpage/news/police-arrest-3-cryptocurrency-dealers-1735429 it is quite unfortunate that some countries are banning bitcoin but I understand where they are coming from and I think it is reasonable. I for my self is just happy that my country is not doing this and one of our local bank is releasing a peso backed stable coin which means they are accepting the idea of cryptocurrecy and I think it is a good news. Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: Slow death on June 11, 2019, 01:48:31 PM In my own opinion, these lawmakers are just plain stupid and are one-sided idiots. They’re focusing on the bad side of Bitcoin and cryptocurrencies rather than looking on the real use cases and benefits of it. the government of India knows about the advantages of bitcoin and exactly why they know about the advantages of bitcoin that they want to implement this law. Bitcoin is decentralized and this may influence the people of India to think differently, to demand more liberties and rights ... Not to get too attached to religion, to know how to choose their government well. And since the government does not want to give freedom to its people, because that means less power, so they will not accept bitcoin Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: Pursuer on June 11, 2019, 02:14:09 PM Why don't the Indian population just stick up for itself and protest on these issues what you all scared of. USA, UK, france and many others protest to get their rights corrected why so many Indians just take changes lying down? I don't think Bitcoin is that popular in India. Localbitcoins only shows 200-300 BTC worth of volume (https://coin.dance/volume/localbitcoins/INR/BTC) per week. Bitnodes shows only 29 reachable nodes in India (https://bitnodes.earn.com/). There probably wouldn't be enough people affected by this for mass protests. Maybe that's the point -- trying to nip it in the bud before it catches on. you are probably right but those are not good indicators for popularity of bitcoin in different countries. for example localbitcoins is not popular in most countries, and the people usually go elsewhere to meet up and trade altcoins. as for full nodes, people in third world countries are usually using SPV wallets and web wallets instead of running a full node due to slower internet speed, lower spec computers,... Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: btcdevil on June 11, 2019, 02:19:41 PM Why don't the Indian population just stick up for itself and protest on these issues what you all scared of. USA, UK, france and many others protest to get their rights corrected why so many Indians just take changes lying down? India is a country that could be pulled from poverty easly, so much skill and lovely country to offer others. In India their is democracy but it has lot of loopholes that is why all politicians are ruling the country and people cannot do anything. In USA, UK, France the law are made so that public rights have big role but in India even with democracy rule public cannot use their rights as gundas are ruling the country. Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: localcrypto on June 22, 2019, 05:26:10 PM proposed new law strcitky indian govt want to restrict Indians traders in India which is nt possible hopefully they will understand in near future
Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: automaticmoney on June 26, 2019, 06:57:59 PM July ending Indian Supreme court hearing is there on bitcoin and crypto currencies so court will decide the fate of any proposed bill so hopefully we may see the court may give positive hearing for crypto currencies
Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: puertorikosena on June 28, 2019, 07:46:36 AM It's rude and they're making Indian investors suffer because they're thinking that they could end fraudulent through that law. Even the punishment is too much. 10 years imprisonment because of just holding cryptocurrency and involving in blockchain technology is too harsh. I think this is a vivid example of how an already outdated system resists progress and is afraid of losing power. It will take time before the world begins to adequately assess the prospects of the cryptocurrency market.Title: Re: Proposed new law to jail Bitcoin holders, miners and sellers in India??? Post by: taufik0911 on June 28, 2019, 01:14:01 PM It's very sad to read. It's bad enough that no one wants to understand before making such laws. You are right, people see only bad aspects in bitcoin and do not notice its advantages. I heard that the development of cryptocurrency in India was very fast, maybe it was used by a handful of people to make FUDs etc. so that they could benefit from the mediain my opinion if there is no media involvement paid by people who have capital to take advantage of the situation, it is none other than that the use of cryptocurrency in India violates government regulations related to the currency in effect there |
