Bitcoin Forum

I think the Ban will not affect the community, it will be possible to trade and Hodl cryptos if they know how to do it?. As cryptocurrency does allow Anonymous Transaction. I am not sure about wallets, What do you think and What can you suggest?

Yes, I think it is possible, the best thing to do is to use any wallet (hot or cold) that does not require any kind of KYC, like verification of email address and personal docs.

Trading cryptos on exchanges that never ask you for your details/KYC. Deleting your personal profile on all social media outlets. Opening up a Foreign currency Bank account within India. What do you think? will this info help the community

Yes, I think it is a Good Idea but, what about bank account KYC as for all kinds of bank account you have to go through KYC.

I don't think the draft would pass as such. Even if it did, India would not be able to enforce the law completely. Even though users may not be able to trade with their bank accounts. There would still be P2P trading and bitcoin cryptocurrency would be further popular and accesible to the people.

I just read a few days back that P2P trading has stopped in India, I am referring to localbitcoins. They are not accepting any requests.

I’ve been reading a bit about cryptocurrency in India, and what I’ve read so far points in the direction of the current situation not been that easy as it is, let alone with the potential, yet to be approved, law on cryptocurrency prohibition. Currently it seems the people in India need to use mainly P2P crypto trading sites such as (Bitbns, Wazirk, CoinDCX, KoindexLoop, Localbitcoins, Coinmama, Purse, Changelly and so on (see:  Best Indian Bitcoin Websites To Buy Bitcoins [Mega List – 2019] (https://coinsutra.com/best-indian-bitcoin-websites)).  Regular centralized exchanges such as Coinome y Zebpay have recently seized there activity in India.

In 2018, the Reserve Bank of India prohibited banks from offering their services and accounts to cryptocurrency exchanges, therefore driving a shift towards P2P solutions. These of course are not fully anonymous, and could be at any moment required by the Indian authorities to pass on information as to their customers and TXs (screenshots in the above referenced thread show how even some P2P TXs leave trace on the system).

Going a step further may lead people to move on to other more anonymous solutions such as Wasabi Wallet for BTC, or a shift towards Monero and ZCash. Usage of VPNs can further help to evade any ban while (if chosen properly) should provide privacy. The real issue may reside in the FIAT to Crypto to FIAT swaps, since they would need to be completely opaque from the system. Also raising or even maintaining awareness in a clandestine type of situation is not going to be easy.

It would be interesting to receive input here from residents in India.

India is one of the world's fastest-growing hub in the industry of technology, cryptocurrency and blockchain certainly suit them, their government is just a bunch of id*ots restricting their people and IT for this tech adoption.

So many drama coming out from India about crypto-currency/bitcoin ban. If government ban officially  then people's will use it anonymously. They can't sild it legally then people's will choose illegal way to trade it. Government will loss TAX. And people's will not loss anything. So may local exchangers available to sell bitcoin and people's will use it in order to sell their bitcoin or other crypto-currency. So overall I don't think there will be huge negative effects on crypto markets.

If the India bans Cryptocurrency and approved the draft law, then I believe it will have a huge impact in the Indian local board.  It will somehow affect the Bitcointalk Community because there is a possibility that several Indian citizen that is active and helpful in this forum need to adjust.  They have to shutdown all their sort of cryptocurrency trading and their participation on the economy especially the marketplace section.  but I guess the discussion won't be affected that much.
With regards to Bitcoin as a whole, I do not think that it will have a huge impact because India had been a bit hostile to cryptocurrency for some time now.


I believe they can still develop blockchain technology and their fintech, its that Indian citizen will be restricted to sell and buy cryptocurrency if they approved that said draft law.

These news do not affect the market anymore, they will of course affect the Indian community as they are a big part of the crypto market. I personally think, privacy coins will rise a lot if countries like India and others start banning cryptos, India itself is coming out with a new cryptocurrency as far as I know.

I think it will temporatily affect the market, but the market will recover from it. It would be difficult for Indians to invest and transact crypto if ever the bill passes. It would be risky for them if they will still onvest and hold crypto since it will be also difficult for them to trade or even cash out their crypto due to their country's regulation.

If money is a big issue here, then never connect to an Indian They do not want to spend money on things that do not fancy them unless they have the investment. To be precise they will never use VPN as they can still be traced, I am not from India but, I have to spend a considerable amount there. as an Investment in India and Indians. I am sure they have invested a lot on Bitcoin," they are smart".

What they will do to earn a profit?

They will use the back door. They know what they want, the government does not. I doubt this draft solve any Crypto issue. This is somewhat the same to a Chinese Ban

i think it's a bit different because on China we still can hold bitcoin while on India if they law accepted they cant hold, selling and dealing cryptocurrencies if you do this they will land you in jail for 10 years

The community will only go "underground" There are tons of wallets out there that they can use without revealing their identity. They can also use mixing services to have their anonymity intact or they could take advantage of the privacy features of other coins like monero, etc..

The scene would grow, and the interest regarding cryptocurrencies would not dwindle knowing that India is one of the largest tech hubs in the world. Many people would surely continue their trading activities albeit on a discreet manner and on underground platforms. The government could prevent centralized exchanges from stepping foot into the country but decentralized and P2P exchanges would surely flourish. Hopefully then, we can see a fully-working DEX platform where each side of the market is satisfied.

If anything, I see innovations would sprout from the Indian crypto enthusiasts on how would they deal with such problem.

Ofc it will be possible, just like currently people trade illegal goods on the Internet, except it's even easier, because Bitcoin is not physical, so there's no problem with delivery, although it still can be found, because there are seeds, flash sticks with wallet files, hardware wallets, ASIC's and so on. But the question is how many people will be deterred by the ban, and how far India will go to enforce this ban - if they will be really harsh with it and actually throw hundreds or thousands people in jail, than Indian crypto community will be significantly reduced.

cryptos will become informal and illegal, india takes the role of the soviet union and cryptocurrency market the role of the american chaos

I also think the ban will kot affect crypto and bitcoin community but i wish that the law to not be approved because if more countries follow what India do, then on long term can affect the market.

I do not think if there will be a ban, it will seriously affect the community or btc price. Even if it does  it will be for a short moment and the there will be a recover. Probably, tis wouldn't be the first time the community is shaken by bad news but in all cases there is a recovery and I think this wouldn't be a different case.

Possible people in India want to continue holding crypto or continue to work in trading there so many option because crypto is anonymous and holder is also anonymous. To stay anonymity of the holders makes sure the exchange or wallet they use isn't requiring KYC or any identification.

 

the government cannot ban crypto users.  maybe the government only prohibits crypto from being used for transactions. 
I believe.  although the Indian government banned crypto, but public enthusiasm for the crypto world will survive and make a positive contribution.  we can still trade or invest.  gold and fiat are not places of investment to take profits.  but gold is only for saving value and fiat is very bad.

A lot of things are banned in India, like Cannabis! But they are easily available everywhere in India! Canabis Juice (Thandai) are openly sold in Kashi. Does law make any difference here??

Also this is just a draft bill, that means it is a proposal ti government by a team of highly paid beaurocrats who are too old to understand cryptos! What better can you expect from them??

Just to add, please do watch this video,

https://youtu.be/33gged1nyF4

It will give you a better perspective to the current situation!

I hope you're right, but for those people who has really believe on this tech and has seen potential money making through cryptocurrency will not stop by such law on their country. We will still see lots of indian people trading and even still active here despite the consequences. I just hoping good for their safety though.

If India's proposed bill of incarcerating bitcoin investors for 10 years goes into law, it will be a national embarrassment that will force legislators to reconsider it. Other nations will take heed to avoid becoming a global laughingstock.

If the government of India will regulate or even ban Bitcoin and cryptocurrency then Indian people will find a way to use it as there are a lot of ways, for as long as there's a devices that can access Internet and crypto wallets then it would be fine for them.

The only problem that I can see is what local crypto exchange they'll be using when they want to convert Bitcoin to Indian rupee and vice versa but still Indian people are knowledgeable and will find a way.  ;)

I think it would be hard to implement a ban on a thing that is hard to trace. Unless you're cashing bitcoins out via personal bank accounts.

On the off topic - I think the country has bigger issues existing like poverty than jailing people for using BTC.

if the bill that was proposed a couple of days ago were to go through it will stop bitcoin adoption in India for good because it is such a harsh prohibition with its 10 year jail time since regular people don't want to put themselves in the risk, those who already own bitcoin will keep it but won't buy any more.
but it doesn't seem to be going through and all other types of bans and prohibitions aren't going to work. the adoption in India will continue as before.

If Indians holding cryptos like bitcoin only uses wallet that doesn't require KYC, and wait for the right time where cryptos are unbanned and are totally accepted by their government,  then I guess it will be better for them to do so. It may somehow affect the market and we don't want that to happen.  I just hope they will not implement the bill of sending people holding and trading bitcoin for 10 years in the prison just like what I've read.

india is nt banning cryoto currency it is false rumor in market which media created the ban in draft bill is just a clause  for tax invaders the main bill with all clauses should come out

it is near impossible to "prevent" people from owning or using bitcoin since it is decentralized and doesn't need any server or something that the government can target and close it down.
but they don't have to do that. they just have to create the fear in people to stay away from bitcoin. and this new bill is doing exactly that with its ridiculous punishment of 10 year in prison!!! it simply scares people enough to not go near bitcoin.

Prohibiting crypto from making transactions? I would love to see India try to do this! Remember a few months ago when the US government sanctioned 2 BTC addresses belonging to Iranian nationals put under sanction? Guess what happened right after that,,, people just randomly sent btc to those addresses.

You cannot ban, or prohibit. Well you can, but it will not stop crypto from happening. People will choose.

There will be more P2P exchanges if they ban bitcoin and you really do not need to verify those things with the banks until it is some serious money and if you make transactions frequently it might arise questions from the authorities about the source of funds and you need to have a solid response for that.
I knew something like this would happen if the same government was re elected and now the draft is one of the most stupid thing i have seen from their history of stupid decisions like demonetization and how they implemented GST.

If you know more than the general public and the media about the facts here, i would like to hear from you about the new draft they are coming up with in detail.

Tell me where exactly do You see that crypto enthusiasts from India will solve this problem?In my opinion, they don't give a damn.The situation faced by India is discussed by all but the Indians.

India government is not going to ban cryptocurrency. More so if the worst happens, they can resolve to other peer to peer means of buying and selling bitcoin. I first bought my first bitcoin in 2017 using a trusted whatsaap escrow group, and most of my daily transactions are done there, my bank doesn't know what I do to get my account credited, I don't get to pay tax or charges in exchange.

If the ban gets passed then it will be a big blow in the market and it can slip down. Because this law is very strict and dealing in cryptocurrency after the law passed will be like dealing drugs. So who ever going to try to work for crypto currency will be doing illegal work. So i think 90% of them will stop working for cryptocurrency. Which also will be good if the law is not permitting to work on cryptocurrency then better to leave it. I am just waiting that they pass on some other law and give some rules and regulation to work on cryptocurrency.

One think is still confusing as Indian government proposes to ban and give 10yrs of imprisonment but same time they are thinking of introducing their own coin to be released. How is it going to work as they are banning the users to not work on crypto currency and other side you are introducing your own coin. How the users are going to use it when it is banned

Talking about continuing to use bitcoin even if the government prohibits it, it's always a very normal thing, Bitcoin users have too many methods and techniques to solve that problem but the more important thing in this story is that India banned bitcoin that will strongly affect other countries. If other countries remain neutral, there will be no problem, but if they support, a wave of bitcoin ban will continue to appear, Bitcoin users will be very difficult at that stage when they need to limit and avoid using Bitcoin, otherwise, the law can punish them

People won't be stopped but cryptocurrency adoption would be. One thing is when you are buying a used bike and paying with BTC directly to the seller and another thing is to implement cryptocurrencies into existing retailing system where the government can easily control your money.
Bitcoin may not be stopped but you are gonna get to the stone age if you are willing to use crypto in a country with any serious restrictions.

But I don't think it will have a lasting effect on the market price. Remember there are lots of news coming from China in 2017 around September, yes it dampen the market but it didn't stop bitcoin from reaching its ATH in December 2017.


We haven't seen any crypto back by government being successful. So I'm expecting that it's a wrong move by the Indian government to ban and at the same time have their own cryptocurrencies. Crypto enthusiast are well too smart and knows what the government is trying to pull at, (high taxes, centralisation).

Which community?The Indian community of the the global crypto community?
There are enough tech savvy and smart people in India,who know how to fly under the radars of the regulatory authorities.I am not worried about them at all.They will be fine.

First of all, I do not think that cryptocurrency in India will be prohibited. Not all submitted bills are considered, and considered are accepted. However, even if this happens, the population of the country is fully capable of their protests to force the government to change its decision. It is only a matter of time. In addition, the government will not be able to control this decision. To do this, you need to invest a lot of money, but they may also be ineffective.

Are you talking about the Indian community? if you are talking about the Indian community, then it will affect them and I doubt that the people of India will want to use cryptos knowing that they can be arrested if they are found to use cryptos.


the people of India will not risk, because they can be arrested

I don't know how they can enforce this, as VPN's and proxies will make sure you have access to crypto for sending/receiving. Fiat conversion is dangerous, but you can still buy stuff with crypto no?

So technically, only the fiat conversion can be banned,  not crypto access.

If a cryptocurrency is officially banned in India, it will still be used illegally by the population and this will create very big problems for the government, which will still not be able to control its ban. Such a decision will greatly raise the level of dissatisfaction with the government by the people and it is even difficult to predict what will come of it. As a result, sooner or later they will be allowed to go there anyway.

This exactly. There are so many threads regarding this topic popping up recently which I find irritating since the proposal has not even become the law and people are losing their shit like its already effective currently.

I remember the Indian government banning porn, but did people stop watching? Hell no. They found alternative means(Alternate links etc). These people seriously need to calm down at the end of the day.

They can't be arrested. They will use crypto even if it is made illegal. You can't prove someone owns crypto in court sorry. Also the wasted man hours and tax payerd money? Do you think people will be happy to know their murderers and rapists get away scot-free because money is more important to them because of greed. Many things are illegal and people still do them everyday.

Furthermore, it is unconstitutional to take peoples freedom away from the way they want to. Not even China could ban crypto. They banned google and people still use it.


Ikr. People don't know how to read. They also don't know the law at all and bow to authority. If they made crypto illegal here I would tell them to kiss my arse. Thankfully it is open-minded here ^^
The government here doesn't give a crap where your money comes from they just want you to spend it so they can get the 15% V.A.T

I am not sure how you are able to trust some social media group to act as an escrow to get the deals done, most of the members here who are aware of the risks involved will not even try to do such things, there are reputed P2P exchanges that acts as an escrow and i am not sure about the situation in India other than the news sites publishing stories about ban and so on, the government here is trying to push the bitcoin market underground and people who invested money in bitcoin will not move away simply because some government passed a bill and i am sure there will be many loop holes that comes with these bans if that happen.

it will not really affect the community if they really want to be anonymous in bitcoin there is some possible way
but they cant cash it out in their country but the law itself in unreasonble and only insane person will approved it
so in my own opinion that law will never get approval because its not only unreasonable but punishment is higher than other law.

Well there is a way to hold crypto in India as not all wallet and exchanges doesn't require any kind of KYC verification. But there would be a decrease in trading.

Absolutely. They can hold it for a long term investments. I was just thinking, if a crypto trader will use a vpn for their government not to trace them, it is possible, right? The banning of cryptocurrency will surely affect the crypto space. But as long as there is an internet, there is a way.

It's just a draft and if crypto is banned, one would need to use foreign exchanges and foreign banks to store cryptos or convert it into FIAT. So that's one legal way of dealing with cryptos but trading it in the country would be a lot risky just as gambling which is banned.

Yeah I also think that community will not effect too much as compared to market.. as my opinion, it will effect more to market.. the  idea of using wallet is best.

Ban of the use of cryptocurrency will be implemented but the community could still use cryptocurrencynin discreet way. However, this is a real problem especially when it cmes to converting crypto to fiat and vice versa. Definiteltly the use of bitcoin will definitely lowered down but hey we should not be sad because there is a current tlhype of whom a billionaire wishes to buy 25% of the total supply for bitcoin. This will create a good pump with bitcoin.

Well said, already there were more countries that have banned bitcoin. Nowhere there is official ban, from my learning in the past several countries faced it. Overcoming the same people continued to use it same as earlier, this is how cryptocurrency users within India too will do. There will be alternate ways of using cryptocurrency, people will look for the loop holes.

Are you a representative of the government by any chance? How can you say for sure that the proposal has already passed and that the ban will become effective? Do you even realize what you are saying here?

The RBI themselves have no idea regarding this stupid proposal. If they truly wanted to impose such a law, don't you think they would have done it already probably after the 2017 rally itself? Why did RBI simply settle with banning crypto and not punishing investors?

I think some crypto communities in India will always use crypto even though the Indian government will officially ban cryptocurrencies.
they will not give up easily to use cryptocurrencies in India.

I suggest that you continue doing your thing even if Bitcoin is already banned by your country. I guess, India cannot close down everything related to Bitcoin. This forum for, example, is a very huge help for all of the Indian people here. This is enough for them to discuss what steps they need to take in order for their support and use of Bitcoin to continue. The internet is more powerful than a country nowadays.

Please don't ban crypto, what will happen to bitcoin and the altcoins.  Ouch my portfolio of 100% HST decision token would be crush if this happens.

You can use everything with internet although your country banned it, a few years ago my country had banned cryptocurrencies as a whole but it didn't change everything to the comunity even we had a lot of newcomers came and joined to the forum. About transaction I did it with every comunity member, you can offer to everyone on the comunity who will buy your assets to money fiat and it is very easy to do. But it is just a moment until the government accept cryptocurrency and choosen an exchange who had a verification from them.

If their country bans it then they need to stop or find away to keep their transaction hidden from anything that could lead back to them.
Surely there are plenty of ways but I don't think that everyone would take the risk and break the law .
So the market would surely be moved a little because of it.

This question was deeply discussed before. Nothing too relevant to be completely honest here.

It is just one country out of many, there's a lot of people in there but not even half is inside the movement so it is certainly irrelevant. It could affect the price a bit while the traders/investors find ways to safely bypass the surveillance.

Well to be honest ,
Nothing.
They can still trade using other methods , just move your coins in some global wallet and in this way you can really keep them or trade them , just make a international account , it might take a while but at the end of the day , as long as nothing happens you are safe to go and so are your Bitcoins.
Also you could just move them in local Bitcoins and still get the money .
I don't think they could control the market.

Very few people would actually get scared of such a law which most likely will never be implemented in my opinion. Unless you submit your KYC to websites like LocalBitcoins and other exchanges, they will never be able to trace you.

This is the beauty of the crypto world. You can anonymously conduct your financial transactions without following any complicated protocols.

However I don't think there will be further ban on cryptocurrency usage within India. As per the recent G20 summit the standards for anti-money laundering and counter terrorism funding will be set by Financial Action Tasks Force (FATF). Being a member of G20 India will also be following the standards, this in some form assure that there will be no big issue with ban on India anymore.

That's true, we're talking about very serious actions which could be taken by the government of India, but I don't think they will let down such huge community. India is doing great with their cryptocurrency development and growth of their exchanges, it's becoming more and more important part of global economy, and this country must be part of it. India is not the only country, where cryptomarket is going through some troubles, but I think they will handle it properly.

Indians..they will find a way to do that. Totally this crypto ban is useless. Because the transactions are anonymous.You can't block that.But that will effect when selling and buying crypto because for that they using local money.They have to say something else.The forbidden words will be anything related to cryptocurrencies. They can't file a case against any fraud.Because of the government ban.They have to take that risk.If they like cryptos.

The rumored 10 year jail in so-called leaked draft bill in not for every crypto holder. The report was published by bloomberg reporter in bits and pieces and has several missing pieces.

The report says, “Whoever directly or indirectly mines, generates, holds, sells, deals in, transfers, disposes of or issues cryptocurrency or any combination thereof with an intent to use it for any of the purposes mentioned in, or directly or indirectly uses cryptocurrency for any of the activities mentioned in clauses (e), (g) and/or (h) of sub-section (1) of Section 8 shall be punishable with fine as may be prescribed by the central government in the first schedule or with imprisonment which shall not be less than one year but which may extend up to ten years, or both…”

Now what are these clauses of section 8? Nobody knows except the reporter and bloomberg. Why didn't he publish them? The reporter published only few excerpts of report just to create panic. I guess those clauses are related to illegal activities like money laundering, terrorist funding etc. and have nothing to do with simple investors and holders like us.

Full analysis of report here: https://news.bitcoin.com/leaked-details-indias-cryptocurrency-bill/

Hmmm recently, I've found te article about cryptocurrency in India, it might be helpful there so here's the link (https://www.blockchain24.co/indias-crypto-state-of-mind/)

As far as I know the Community will keep growing with or without them but it's too late for this and I think Indians are already using cryptocurrencies and they will not pretend as it this never existed and abandon crypto as simple as that, No!

Regulators in India need to know people are making a living off crypto and this law they are trying to force on people won't work! At this moment Going digital is part of the global change and crypto is included in the package. ..No one needs to remain behind in this transition

Well I am one amongst the Indian, who has been in crypto for a long time, entered in 2016, also there is a government organisation called NITI Ayog in india, which looks after the advance technology adaptations and crypto is also looked after them. There is a false myth in india that cryptos will be banned and users and community will be vanished.

What government primarily wants is to prevent scams, to prevent the citizens of India to not participate in any of the fake ICOs. Also if you see companies like matic network, CoinSwitch, unocoin, giottus, zebpay, they all are emerging from india only. Therefore I am bullish about the future of cryptos in India.

What would you do if your government bans things it can't fully control like gold or silver?

- Would it be morally right if you dig up gold in your backyard and exchange it with your neighbor for foods?

- Would it be OK to hide the remaining gold somewhere safe for future use?

If you have no problem with the above, you should have no problem holding and using your bitcoin during such ban. 

Storing and Holding bitcoin is as simple as writing/storing a short piece of numbers on a piece of paper or on a small storage device.

I think if India tried to ban the cryptomania from its system, first they will be losing many benefits with technology and many will use it illegally. :D

I think people will bypass this ban. Of course, some people will be law-abiding and refuse cryptocurrency. But many will simply become more secretive and continue to use cryptocurrency. I hope the authorities in India will not accept such a ban

India has a fast-growing cryptocurrency community. The idea of crypto being 'banned' in my opinion is ludicrous. How can you ban something you can't regulate? To be able to ban cryptocurrency there has to be a way to regulate the purchasing and selling of cryptocurrency which is an almost impossible feat.

Of course, it will have an effect on the community in any way possible. By the thing that is going on right now in India, people will produce doubt towards Bitcoin. Less and less adoption will take place. Remember, the early adopter start using Bitcoin because there was no regulation from any govt then. That is why they don't need to worry about anything. But then, came the era of Bitcoin criminals. People start using Bitcoin to scam people, to use as a ransom, etc. At that time, people start to worry about it and they started to create this paranoia assumption towards Bitcoin. But now, a few years later, we are finally in a good spot. If another country starts banning Bitcoin again and another country then another country. It will just keep going on and people will lose their trust in Bitcoin. This is totally a huge deal.

After all, we're not even sure what the draft bill's really going to say.

Many times these are inside jobs and then crypto haters use the publicity of the loss to say how crypto is not safe or isn't ready or regulated enough and so on. They love it because it makes it look like it's just the Wild West out there and everyone who uses crypto is just out there getting screwed over. That's what they tried to do with Ebay and the e-commerce industry as a whole in the early 2000's.