Bitcoin Forum

So we all know how Indian government is banning cryptocurrencies soon.

https://www.livemint.com/news/india/banning-cryptocurrency-in-india-not-a-solution-nasscom-1564476081539.html (https://www.livemint.com/news/india/banning-cryptocurrency-in-india-not-a-solution-nasscom-1564476081539.html)

Now nasscom is adding fuel to the war along with the Reserve bank of India suggesting that they didn't have anything to do with it makes worth a point
*They themselves think this is overboard and doesn't want to actually associate with it*

Earlier this week it was criticised by people all around the world also at the same time the committee was submitting the records rejecting any good involvement.

Nasscom is actually the Indian IT sector more like a non profit organization.

Earlier today there were websites suggesting how you should sell your coins so that you don't get jailed for long-term.

So , should you sell or hold onto bitcoins .?

All I know is if we all held onto our bitcoins , they won't be able to send each and every one of us to jail .. the supporters are actually a lot more than you could imagine.

I am holding onto my coins , what are you gonna do ?

I really do not know what is the reality there but honestly speaking if you hold your Bitcoin and stay anonymous then how in the earth anyone one will know?

So, if you believe in Bitcoin then hold. This stupid governments never want their citizens to be self controlled. They always want a cut and with their fiat shit they can have it easily. Fuck their fiat.

#HODLINDIA

May be you guys can use this hashtag to build an awareness. Just saying 🤪

well i remember it was 2017 when people first started saying India is banning cryptocurrencies!
i also remember seeing articles as old as 2011 where they were saying China is banning bitcoin soon.
so far it is 2019 and none of them have ever banned bitcoin so i wouldn't jump into any conclusions.

for most people this means selling because most people don't want to do something that their government consideres illegal even if it were wrong. many of Indians are holding though because they are aware of the corruption in their country and have chosen bitcoin as their exit plan not just a way to make money.
in the end the decision falls unto you alone.

Holding vs selling should be completely up to you. Just take note that when a ban actually does get implemented, you're going to have a hard time trying to sell your coins. You need to do it secretly with a person you trust that wouldn't snitch you out.

With that said, if you chose to hold your coins, store the funds on a non-custodial wallet. and if you can afford it, I'd definitely pay for a VPN service for my crypto-related activity on the web. While they might not ban the bitcoin-related websites, I definitely would use VPN just to be sure. Even if the government doesn't have proof that you hold bitcoin, they can know that you're still affiliated with bitcoin by using your internet data through your ISP.

Its all about choices in this life. You have to power to choose whatever you want to do with your tokens in cryptocurrency business. Holding is as important as selling here but the most important thing depends on you. Whether to keep holding or selling your tokens.therefore, you need to make the right choice and take wise decision because decisions have great influence on our investment.

The government of India banning the use of cryptocurrencies has no specific influence on the entire crypto space and ecosystem and moreover, people can easily use cryptocurrencies even if the government ban the use of it publicly. People were using cryptocurrency (Bitcoin) for a while before even governments and other officials became aware of what cryptocurrency was. 

Yes, make sure your transactions are secure. Better be safe than sorry. But I guess, sooner or later, they will realize that banning the usage of bitcoin is not a wise decision. All the other parts of the world are accepting it, so what is so special with them that they are banning it? They will be left behind by this great invention in crypto.

There's  have a lot of news indian government hate bitcoin and banned, well if of indian bitcoin holders knows the importance of bitcoin they keep it and hold, because there was a time that the leaders in india will become replace and in that way possible bitcoin become legal.
If not wrong before one of the most popular country banned bitcoin but now that country reopen and adopt bitcoin currency now that country treated bitcoin as real money.

If I were those guys at India who have bitcoins and are afraid of being jailed, I would just keep it a secrete and hold their coins unless the ban is lifted  if ever that may happen. No one would know that they have Bitcoin, it is anonymous and they could just withdraw it outside the country if they wanted too, a country that is legalizing Bitcoin and trading for it.

It's real sad and this ban is ridiculous, but if I were you I would sell, but fighting with another people to government liberate BTC

My liberty is worth more than anything, more than BTC and money, I would not risk, take care my friend

I believe in bitcoin, and if I were an Indian citizen being oppressed by the government, I'd still hold and trade with it even if the repercussions are severe. There are no finalizations whatsoever in the bill and only 'proposed' ban with no legal framework backing it yet, so legally and technically, I won't be jailed for anything yet. After receiving backlash from the global community based on what they have done, now they are trying to disassociate themselves with the people who proactively suggested to ban cryptocurrencies just so the people would still trust them. This is a shame from the Indian government, and NASSCOM are trying to keep the slate clean just so they can gain some form of relevance from the issue.

In the long run, India will legalize cryptocurrency. If you are only thinking of selling because of the ban, don't do it. No one will know if you have BTC or not.
In my local, we are facing the same issue, cryptocurrency is banned here. As a result, it's very much risky to buy/sell bitcoin. Although I barely sell BTC, if I do, I do with my own networks and chance of getting noticed by the authority is low.

I have no personal knowledge of the actual situation in your country. What I have are little surface knowledge based on what I've read in online crypto magazines. From what I've read and understood so far, this situation in your country is very temporary. I think that sooner or later the stance of India regarding cryptocurrency is going to change in favor of people like you. What you are going to have is basically a policy which is influenced by certain personalities in your government who happen to be against or at least ignorant about crypto. The good thing is that these personalities are always replaced or could be enlightened.

Jail time is always included in government policies if only to provide teeth to them. As to whether they are actually meted, especially on crypto owners, is most unlikely for me. And so, if I were you, I would continue to HODL my Bitcoins. 

      My advice is to hold your bitcoin and wait for the time it will be settled down like what happened in China which they totally banned crypto currency but what happens now is the government itself promoting crypto currency .

I am not sure how the Indian government will be able to trace that you or any individual are still holding coins. Many will stay away for sure and sell their coins or crypto currency especially if they like to avoid any problems in the future and worse being jailed.

But the question here, is whether the Indian government have jailed already some individuals because of this reason? If not, I guess they will have difficulties in tracing those individuals who are still holding coins.

How exactly is nasscom adding to the fuel? I'm actually grateful that established body like nasscom is against banning of cryptocurrency.

Also, 'India is going to ban cryptos soon' — don't be so confident in your statement.

it's a draft and until it has passed, stop sweating over it.

Exactly. I believe that "India" is a government meaning word while "Crypto currencies" is non-governmental word.

Maybe if they do not withdraw funds they cannot be tracked by the Indian government, the government has all the information from where their funds are obtained. If their funds are obtained from an crypto service or exchange, it means that the Indian government will suspect anyone involved in it. One of the right ways for me is to ask a friend from another country to withdraw our funds and then transfer them to our bank account, I think it can't be traced. Or better hold bitcoin for a long time and wait for the Indian government to remove the ban.

I would advise you to hold your bitcoin in secret places with the hardware wallet and wait for a good time to sell your bitcoin. You could still use bitcoin using a VPN connection in the future. And you don't have to tells other people if you have bitcoin in your home. Keep that secretly for you and even don't tell your family if you don't want. Soon, the Indian government will change their statement about bitcoin, and they will allow bitcoin if they realize the benefits of bitcoin to their people.

This is somewhat a ridiculous plan by the Indian Government which is synonymous to banning the use of pirated movies and music which of course is very

difficult task to do! Even the U.S. Government recognizes it as a very difficult task to implement and only promotes it adoption over time.

Well, they could trace us here with our IP's but never if we make our transactions offline with bitcoin.
Some may have been cashed out using an exchange but we could still mix it so that they will never find it again.
I guess our history cannot be used for us to be judged by the law.
We could just say we used it once.

Now, for India. I hoped some of the bitcoin holders there have made some move to make themselves safe again.
I still hope this ends well.

I read the post carefully and i see that the issue was mainly targeted on indian country but im not from india so i dont have to worry on ny coins .

 there are users here that i think not also from india but why they alarm too much ?  The banning news wasnt also new because there are other countries that banned cryptos before up until now but hey cryptos are still alive and kicking.

I will put my BTC in my cold wallet, Bitcoin is here to stay

On this time, you can still actually use bitcoin with some various software like VPN to avoid being caught.

If the Indian Government ban the cryptocurrency then Bitcoin will still going to the sky, it doesn't affect too much. There's a lot of countries who adopt Bitcoin as a payment and I'm proud to say that my country is one of them.  :D

The problem is, how will you transfer or convert your cryptocurrency into fiat in your country?

Banning Bitcoin as such is pretty much impossible, sure. But you see, people still need to exchange their BTC for fiat if they want to make use of the money. And this requires online exchanges or a very good system of interpersonal direct exchanges of money. The government can track such exchanges and pretend to be Bitcoin buyers to learn who the sellers are, thus covering both ways of selling Bitcoins, and it can impose serious sentences like imprisonment or huge fines. This would be enough to discourage the vast majority of users.
Op, if it's clearly a crypto ban in India, and there's not much hope for a change of heart, and you're not planning to move to another country, I wouldn't risk holding something i can go to jail for, while you still can legally sell your BTC and get your money (if you can).

There is a huge crowd in India that is into crypto trading. How many of them will they arrest. All the criminals will have to leave if all the Indian crypto users are sent to jail.

Do not you guys think so?

Who are the people criticizing bitcoin all over the world? Government or regular people? Not sure we have come to that stage yet? I guess it was people grumbling during bear markets...

Why would governmente jail people for holding crypto? Would they jail people for holding any fiat currency, precious metals or for bartering goods? This can only happen in full-blown dictatorship... I honestly would rather go to jail. My conscience does not feel bad about Bitcoin.
It is just like any other currency . Could be very important to those escaping lawlessness, rogue and evil governments.

No society that depends solely on central government will be free of oppression, lawlessness, harmful secrecy and possibly destruction

Wasn't it another fake news that india will ban bitcoin? For 2 years now, anyone publish that bitcoins going to be banned in india.
Just in case it will happen anytime, would it really affect the crypto economy? How many trading volume is caused by india?

Not all proposed legislation will be effectively realized and while its not too late yet, maybe the whole Indian crypto-community would spearhead a

movement forming a coalition to appeal its cause for the purpose of stopping that proposal by the Government to take into effect so that hopefully, the

Indian Government will reconsider it plans about it.

It could be the case since some Governments are quite hesitant to adopt this emerging technology but sooner or later they will eventually embraced it

and yes, hodling their coin would be the wise thing to do and they should not panic and do things that they might regret later. Imho.

Well, I think Indian government are really ridiculous, remember, in the previous year they confiscated gold from their citizen.  I think the government is only up to enriching themselves disregarding its citizens hardwork in acquiring these assets.  Lucky I am not from that country, and the one I am living is friendly to bitcoin so I guess, it does not concern me much about what OP is telling us. 





Well, depends on the situation, as long as there is no immediate need for money, I will keep on holding my Bitcoin.

Due to the management issue and security factors, the Indian government is taking quite safe steps towards Bitcoin and other cryptocurrencies and, therefore, for now, if you have BTC hodl it and situations will change soon.

I am not a citizen of India but I rather see it disappointing that they fail to see the potential of bitcoin and the positive effects it may bring to their country, community and economy. But we cannot blame the government since they are not yet ready with this kind of innovation in finance. Though for bitcoin users and holders in India the only thing they can do is to either hold their bitcoin in their cold wallets or if they hold a huge amount of bitcoin they can migrate to a bitcoin friendly country.

Yes, definitely holding is one the best option and then leaving the country is another choice. But the latter will be difficult. It's just sad to hear that India, with it's young and dynamic IT sector will suddenly go to full extend to ban crypto in general. No one wants to go to jail here, but if our friends in that country is willing to take the risk, then so be it.

I think this is just a proposed bill but I wonder what is the development of this.  Short sighted people behind the government positions are the one thinking that cryptocurrency is a bad thing for a country.  They are the unknowledgeable pretending to be a wise one.


I think this one is universal, either we are living in a central or decentralized environment, there is always people who bully and opress others.  It also happen in the people behind the development of cryptocurrency.



Well it is their decision to take the risk and we cannot do anything about it.  The sad part of this is the  banning of crypto, they are missing a huge tool for their country's development.

All I have heard is that many committees,  groups of people, politicians, bankers and whosoever talking about banning crypto in India.
They have been talking about banning crypto in India since years now but I have seen a real ban yet or even an official announcement on this regard from a trusted source.
I don't know why people keep bothering about such FUDs. I have been a hodler since years without worrying about such FUDs because I know what I am doing is not illegal.
The money I earn is from my hardwork and not from by selling drugs or guns on the darkweb. People have to be optimistic about the new developing technology instead of listening to some person you don't know telling you what to do.

When governments put tough laws on something, breaking this law can have severe implications for the lives of those who break the law. Let's suppose that in India they pass a law that says anyone with bitcoin will be sentenced to 10 years in prison. Are you ready for pass 10 years  in prison? Do you feel confident that someone in this world will help you get out of jail?


And how the hell do you know if a lot of people in india are holding bitcoin or not? People will be afraid of being arrested

World has never changed  in a day.So must keep this words in our mind.Bitcoin was the ruler of digital crypto currencies and still it is developing  than the previous times.So we should be patient and be with bitcoin to get the  success and improve our economic situation.we should remember that"where there is a will,there is a way."

One thing that you have to know is that cryptocurrency has come to stay, and if I were you, I would just ignore that and hold on to your bitcoin, there are many areas where you would need to use bitcoin, there might not be local exchanges that would change it to your country’s currency right now.

If you ignore this  and keep accumulating the bitcoin and it worth so much money in future, is it not for you to travel first to another country that uses dollars where you can get a local exchange to change your bitcoin to solar, and then look for an establishment in that country to invest your money to that would give you very legal reason when you start taking the money back to your country gradually to become one of the riches there lol.

Don’t sell, but just play very safe, this rule will only affect you changing your bitcoin through local exchanges.

Guys, I’m sure that no one can forbid the inhabitants of India to use cryptocurrency, especially trade on cryptocurrency exchanges and earn good income.  The fact is that even if there is a ban at the legislative level, then with the help of certain software everyone will be able to use foreign resources for trade.  Of course, it will be necessary to cash out cryptocurrency into fiat funds in other ways, so as not to attract the attention of the government.  But using Bitcoin or another cryptocurrency as a means of payment will be prohibited.  And as I understand it, almost all Indian citizens who work in the cryptocurrency market are trying to earn income in order to become financially independent, and not in order to use cryptocurrency to buy goods or pay their bills.

Most of the country ban bitcoin and add money laundering case who uses it. Bitcoin price never follows any rule so it prices up anytime and down. So the government tries to ban bitcoin because most of the governer thought that bitcoin use for crime and gambling as result crime increase day by day and people can hide their black money. When china bans cryptocurrency exchanger this time bitcoin price down so huge..I think one-day bitcoin will more popular and payment method and legal all over the world.

There is really nothimg illegal about hodling bitcoin or other cryptocurrencies, and seeing that the transactions are usually anonymous, I think that you should go ahead and hodl your bitcoin. The governent are aiming to ban crypto without considering those who already have huge investments and interest for it, and I think that's just absurd. People should be allowed to make whatever choices they want to make with their money.

Hold on to it of course. Try as they may, they'll never find me, unless I give up my location. Besides, even if India banned it, what could that do? It's not like all traders live in India. And neither would those people who live there give up and say I OWN BITCOIN when that happened. Holding coins isn't really a bad thing, I don't know why they waste resources in trying to group up the people whom own coins and put them into jail. They should just probably put those resources into proper use and jail people who are really supposed to go to jail like drug users, traders, etc, etc. Besides, there's a lot of other countries out there, India isn't the whole world.

that was before when btc is not popular .the use of it are mainly on the deepweb for buying illegal service and stuffs but now that btc have grown alot . btc is popular for investment in which people dont sold thier btc but they only hodl it  . the reputation of btc is now clean  so i dont like the point that they ban btc because of its bad history  .  they only ban btc for other reason but we cant do if thats what our government wants  , lets only hope that what  your saying is true that they might change thier minds in the future  .

From reading the article and with some knowledge of the blockchain, its cryptographic nature makes it quite impossible to track who transacts on the platform. The government bans it because it's not regulated to their terms. What they want is for people to stick to a centralized system for easier tracking of your activities. But just to be sure, you could use premium VPNs to conceal your online activities, on top of the encryption blockchain provides. Also do note to pick trusted VPNs only as other cheap/free VPN might sell your data since it passes through their servers.

As for this issue,i do not really know what advice would be good, because it's under a probability.if you dont sell and the government bans, you lose your money, if you sell and the govt doesnt ban,then you're at a loss.  Advice though, follow up the news closely and if you see they aren't giving on what they are saying,sell

I never thought if in my country banned cryptocurrency and withheld everything, because if it happened in my country, maybe I would keep it until it was really allowed with the country, or sell it secretly with cryptocurrency exchanges that are widely seen in other countries. this is my opinion of what happened to the country you mentioned.

If you hold your coins it is your own decision and if I am in your shoes I better do the same way, hold it for you don’t have any choice nevertheless. If you’re from India, I think the banning of cryptocurrencies in your country is already implemented, correct me if I am mistaken. Selling and purchasing coins in your country is strictly prohibited and it is really distressing why they decide to expelled the cryptocurrencies, it’s like closing more opportunity and advancement to your realm. Better to learn to wait to be legalized because Supreme Court of India filed for a petition for banning issue. However, your government maybe also has valid reason why they decide to ban altcoins like avoiding scammers.

But have big effect for every country banned bitcoin, maybe India have small person using and active with cryptocurrency. We can't mind how China banned bitcoin will all over because China is greatest country have support bitcoin from an ICO until mining project, they have thousand mining of bitcoin project but have to close.

No one will know that he is holding the bitcoin as long as he hold it on his wallet. but is that enough? unless he will travel outside India for him to sell the token.

if you have the guts to hold and you believe that BItCOIN will be legal and will welcome again to India then this is the best investment in your life you will ever have.

#HODLWORLD #HAVEFREEDOM #NOTODEBTWORLDWIDE

If the law is already signed and having such hashtag will put him in danger and might be a center of attraction!

I would be hopeful that the government of India would have a changed mind as to banning cryptocurrency over there the  country has been part of cryptocurrency and this would cause a mass arrest if it happens

Probably for those who's been suppressed in terms of using crypto, they will find ways to continue using the system. After enjoying the benefits, taking the risk is worthy for people who already experienced the potential growth from this market. There's still open services online where you can continue dealing with your trading or investing with cryptocurrency or you can also use vpn to hide your activity. It's tough to decide, but if you understand the possible opportunities and benefits, it will be worth taking the risk.

I think that if the ban on cryptocurrencies continues in many countries, then its use will decrease very much. We are not happy with the drop in cryptocurrency prices anyway! And many have left the market over the past 2 years.

Basically this will be determine by the holder, the holder choose what to do with his or her coins. Haven said that; many years ago, there where rumors that the same India wanted to ban bitcoin and some other countries, but till date they haven't ban bitcoin. Am not seeing this ban happening in any where because, even the government have feel in love with digital currency, some countries have agreed to create own cryptocurrency for the citizens. If you are a resident in India, be calm and hold your coins.

It has been more than 2 months since this news circulated in India and nothing happened as reported. no one is jailed for bitcoin transactions. I think this news is just a speculation from the government to scare bitcoin holders in India. so my advice is if you remain confident with bitcoin, don't pay attention to this bad news

Manipulating bitcoin's price, it's normal.
The government wanted to hold cryptocurrency into their hands, announcing about banning bitcoin into their country then its price will drop, then they will make a move to become closer to their goal.

This looks like bad news, but we should keep holding onto our coins.

If it is about the regulations then we can't help. There are governments who does not favor on regulations of cryptocurrencies because of its disadvantages. I'm lucky because my government is favor to bitcoin and they regulate it.

Frankly, it is not that easy to calm your mind when your Government is starting to warn all of you or face the consequences, yes they should consider the plan of moving out of their country and live on countries which legalize cryptocurrency, but the adjustment that you will put on yourself will be a burden (I mean, you need to study other languages for example) of where you are planning to move.

The volatility of bitcoin is enough to shake your system to have second thoughts about moving out (if you don't have enough capital) in your wallet.

I think the best decision is to keep, because selling involves using a known intermediary and then they can ask you where did you get that money? And you're going to have to say it was the sale of Bitcoin, which can get you in trouble.

If there is a ban, perhaps it is best to keep or perhaps identify a way to sell or buy goods and services without compromising your privacy, the market is wide and that opportunity exists, but there are always risks.

Never hear any one want to ask you sell your bitcoin because they want to make you panic and sell your bitcoin, they know how to make you want to sell your bitcoin, they are giving bad information and make you worried to sell your bitcoin then they get chance to buy bitcoin with lower price, after you selling your bitcoin with lower price than back again to higher price and you just see what have you do with your bitcoin.

They are spreading fud just to decrease the price of bitcoin, they are trying to manipulate the market to have an opportunity to buy. in that case they may be able to buy lots of bitcoin, they wanted to control the flow of the market and make it work under their palms.
The best way for now is to hold our crypto, dont ever sell it to counter their tricks.

Sad that they are manipulating the price that are causing panic to people, but we cannot blame them as this is their strategy for them to be able to accumulate more Bitcoin at cheap price. And after they bought BTC, they will spread good news that will cause the price wise  and people will start to panic buy again.

I don't think you need to do anything hard for you to do, let the government do it because we all know that no bitcoin circulation can control or even the government will not be able to, just follow the flow because I am sure one day bitcoin will be able to be Thank to many people including the government.

Been reading about this a few months back or maybe a year ago, I thought this issue is done or had been resolved. In regards to selling or holding, I guess people from India have no choice, if it is illegal then they should abode, not unless you'll try to hide or get jailed if you got caught. Let's hope that the Indian government will reconsider this and try to consider or even review what convenience and opportunities can crypto bring.

just wait，do nothing

If you do not want to go to jail, you must obey the law of your government. But to my knowledge no one knows if you have a hidden wealth because bitcoin is anonymous. And even if you do not follow the rules of your country, you will not be caught by the authorities.

India has one of the biggest market for Bitcoin in the same level as that of China but its present leadership seems to be not enamored to cryptocurrency and is planning for a total ban instead of a strict regulation. Let's hope that cooler and better heads prevail on this issue as it can be a disgrace to see India go in the way of China.

I think there is a chance of seeing good growth by next years. There is a lot of positive news on btc. It is clear that BTC is interesting for investors. Platforms for attracting capital from big investors are opening. If you are going to hold on for a long time then you will eventually win. exactly no one will tell you when it will be to the moon. just be patient and keep accumulating BTC. but right now the bitcoin price its a crazy volatile, means you can get some profits and holding it's not a best idea, I recommend trading if you are professional.

You sound like someone who would snitch on a neighbour for potentially not having paid any tax or whatever.... what people do isn't your problem and you shouldn't just think that what the government's law tells you that it is justified to obey.

A lot of laws are beyond ridiculous IMHO, and I find it encouraging to see people try to avoid them. If you want to turn yourself into a slave of the system, then by all means, go ahead and feed them your hard earned money.

Bitcoin empowers people and that's what I like about it.... for the first time there is a convenient way for people to not be the suckers they have always been. It's just fear that makes a lot people obey the law, not because they love the government.