Bitcoin Forum

Bitcoin => Legal => Topic started by: Bitcoinmoon12 on June 12, 2020, 07:32:52 AM



Title: India Is Looking To Introduce A Law To Ban Bitcoin, Imprisonment Of Up To 5 Year
Post by: Bitcoinmoon12 on June 12, 2020, 07:32:52 AM
India is looking to introduce a law to ban Bitcoin and cryptocurrencies, as the government sees a legal framework as being more effective than a circular from the Reserve Bank of India (RBI) in this regard. “A note has been moved (by the finance ministry) for inter-ministerial consultations,” a senior government official told ET.

According to the India Time on June 12, the spur for the draft cabinet note was the March 4 decision of the Supreme Court to quash the April 2018 circular from the RBI that prevented banks from providing services in support of cryptocurrencies, said the official cited above.

As per the draft law, a repeat offense will be punishable by imprisonment of up to 5 years, which could extend to 10 years with a fine. The fine could be three times the loss or harm caused by the person, three times the gain made by a person, or up to Indian Rupee 25 crore (3,29 million USD).

Source:  India Is Looking To Introduce A Law To Ban Bitcoin, Trader Will Be Punishable By Imprisonment Of Up To 5 Years, Which Could Extend To 10 Years With A Fine (https://azcoinnews.com/india-is-looking-to-introduce-a-law-to-ban-bitcoin-trader-will-be-punishable-by-imprisonment-of-up-to-5-years-which-could-extend-to-10-years-with-a-fine.html)


Title: Re: India Is Looking To Introduce A Law To Ban Bitcoin, Imprisonment Of Up To 5 Year
Post by: eaLiTy on June 12, 2020, 02:16:08 PM
As per the draft law, a repeat offense will be punishable by imprisonment of up to 5 years, which could extend to 10 years with a fine. The fine could be three times the loss or harm caused by the person, three times the gain made by a person, or up to Indian Rupee 25 crore (3,29 million USD).
There is a lot going on in India, the Supreme court just overturned the ban imposed by the RBI on cryptocurrency exchanges and i was expecting the government to come out and do something outrageous and if not for the Corona virus they would have already made some headlines by now in relation to BTCitcoin.

The draft bill was ready for a long time and now the reports are coming out that the government will push the bill and since the cabinet is filled with senseless individuals who does not care about the repercussions when they implement certain laws the example is CAA and NRC and even with protect all around they tried to shut everyone and many died protesting against it, you need to be skeptical on what will happen in the future.


Title: Re: India Is Looking To Introduce A Law To Ban Bitcoin, Imprisonment Of Up To 5 Year
Post by: Darker45 on June 13, 2020, 04:58:03 AM
Well, it seems this issue is still far from over in India.

Earlier, it was the RBI which banned Bitcoin and cryptocurrency through a circular. Later on, the Supreme Court struck the same circular down as illegal.

I am not familiar with India's law, but here in my country a Supreme Court decision is supreme as far as legality is concerned. As such, it forms part of the country's law. It will become a legal precedence and all other courts shall abide by it, being part of the country's jurisprudence.

If this is the same principle that applies in India's legal system, I don't know how a bill would argue against a Supreme Court decision. And if this will pass and becomes a law, how it will overrule a Supreme Court decision.


Title: Re: India Is Looking To Introduce A Law To Ban Bitcoin, Imprisonment Of Up To 5 Year
Post by: Upgate on June 30, 2020, 09:14:59 AM
Today's news, you will hear that bitcoin is now legal in India. The next day you will hear another storyline of bitcoin illegality in India. In this case, the final verdict passed by the Supreme Court stands and it can not be overruled by any group or organization. The India's government are confused, they don't know what they want. They should set their laws straight about bitcoin, so that her citizens will know the status of bitcoin whether legal or not


Title: Re: India Is Looking To Introduce A Law To Ban Bitcoin, Imprisonment Of Up To 5 Year
Post by: palle11 on July 05, 2020, 12:06:40 PM
Today's news, you will hear that bitcoin is now legal in India. The next day you will hear another storyline of bitcoin illegality in India. In this case, the final verdict passed by the Supreme Court stands and it can not be overruled by any group or organization. The India's government are confused, they don't know what they want. They should set their laws straight about bitcoin, so that her citizens will know the status of bitcoin whether legal or not

I'm expecting that India will now have a focus about there stand about bitcoin as they have organized there election. They have been up and down about there decision for long but with new government in place, maybe we can start seeing a refocus in the crypto business.


Title: Re: India Is Looking To Introduce A Law To Ban Bitcoin, Imprisonment Of Up To 5 Year
Post by: coolcoinz on July 05, 2020, 01:01:20 PM
If they really start putting people in jail for using Bitcoin they're going to show they world they're a totalitarian regime. What are they going to do next? Put street vendors in jail?
They already were hitting people with batons for leaving their homes during quarantine, so I bet they're going to at some point send the army to shoot protesters, just like it was done in the good old Soviet Union and China.


Title: Re: India Is Looking To Introduce A Law To Ban Bitcoin, Imprisonment Of Up To 5 Year
Post by: Findingnemo on July 05, 2020, 04:03:25 PM
Today's news, you will hear that bitcoin is now legal in India. The next day you will hear another storyline of bitcoin illegality in India. In this case, the final verdict passed by the Supreme Court stands and it can not be overruled by any group or organization. The India's government are confused, they don't know what they want. They should set their laws straight about bitcoin, so that her citizens will know the status of bitcoin whether legal or not
Actually if government wants to change the laws then it is possible, all they need to do is to get the majority of members to support them from total number of minister or whatever.But this is not going to happen in days, at least it will take years in that time next election will come so ruling party will hesitate to bring such laws because it can backfire on their election results.


Title: Re: India Is Looking To Introduce A Law To Ban Bitcoin, Imprisonment Of Up To 5 Year
Post by: avikz on July 06, 2020, 11:13:37 AM
Today's news, you will hear that bitcoin is now legal in India. The next day you will hear another storyline of bitcoin illegality in India. In this case, the final verdict passed by the Supreme Court stands and it can not be overruled by any group or organization. The India's government are confused, they don't know what they want. They should set their laws straight about bitcoin, so that her citizens will know the status of bitcoin whether legal or not

Yes, that's true! The current situation is very dynamic and we don't yet know what's going to happen! But looking at the current government, I don't see anything positive really! Modi runs a cabinet full with criminals and uneducated ministers so I don't think crypto will ever be legal in India, or until the current government stays in power.

Right now, we don't have a specific legal framework around cryptos. The finance ministry is now trying to create a law that will ban bitcoin. But that will take years to come into effect and an exit period will be given. At this moment, we are just speculating about what's gonna happen!


Title: Re: India Is Looking To Introduce A Law To Ban Bitcoin, Imprisonment Of Up To 5 Year
Post by: Harlot on July 06, 2020, 03:10:53 PM
For any news related to the legal status of crypto in India I would really steer clear away from this as we will always see conflicting news in a weekly basis about this one. It's like the news we always here in China last 2 or 3 years ago. Right now crypto news media outlets are either recycling old news or explaining badly the local news from India that's why we will see news that is more opinionated in nature rather than saying directly what the news really is. I know that people see the legality of the crypto industry in India is important to the crypto market in terms of demand but I won't really use any unofficial news about India as basis on my trades.


Title: Re: India Is Looking To Introduce A Law To Ban Bitcoin, Imprisonment Of Up To 5 Year
Post by: YOSHIE on July 18, 2020, 04:24:56 AM
As per the draft law, a repeat offense will be punishable by imprisonment of up to 5 years, which could extend to 10 years with a fine. The fine could be three times the loss or harm caused by the person, three times the gain made by a person, or up to Indian Rupee 25 crore (3,29 million USD).
I think the law made by the Indian government is too burdensome for its own people, there is no country that has laws like India that will be planned.

Inexhaustible india, making rules about banning crypto, yesterday the illegal news is different now, this is really nonsense that india is doing.
I'm not sure the Indian government does it all, I know many of the government circles who use crypto now, this law is a rule that doesn't make sense.


Title: Re: India Is Looking To Introduce A Law To Ban Bitcoin, Imprisonment Of Up To 5 Year
Post by: aioc on July 21, 2020, 12:03:23 PM


Yes, that's true! The current situation is very dynamic and we don't yet know what's going to happen! But looking at the current government, I don't see anything positive really! Modi runs a cabinet full with criminals and uneducated ministers so I don't think crypto will ever be legal in India, or until the current government stays in power.

Right now, we don't have a specific legal framework around cryptos. The finance ministry is now trying to create a law that will ban bitcoin. But that will take years to come into effect and an exit period will be given. At this moment, we are just speculating about what's gonna happen!
India with millions involved in Cryptocurrency will make a big impact in the market, if they are allowed to participate and legalize Cryptocurrency, but anyway even the government of India can stop or hinder the progress of Cryptocurrency, they are the one who will be left behind in this technology.


Title: Re: India Is Looking To Introduce A Law To Ban Bitcoin, Imprisonment Of Up To 5 Year
Post by: Ozero on July 21, 2020, 08:18:00 PM
Today's news, you will hear that bitcoin is now legal in India. The next day you will hear another storyline of bitcoin illegality in India. In this case, the final verdict passed by the Supreme Court stands and it can not be overruled by any group or organization. The India's government are confused, they don't know what they want. They should set their laws straight about bitcoin, so that her citizens will know the status of bitcoin whether legal or not
Cryptocurrency has never been legalized in India. After the recent decision of the Supreme Court of India in this country, the cryptocurrency was and remains absolutely unregulated, and even less legalized. There is a complete legal vacuum in India with regard to cryptocurrency. Therefore, we must expect what regulations will finally be adopted in India by legislators or at least by the government.


Title: Re: India Is Looking To Introduce A Law To Ban Bitcoin, Imprisonment Of Up To 5 Year
Post by: Jating on August 17, 2020, 09:59:13 PM
Today's news, you will hear that bitcoin is now legal in India. The next day you will hear another storyline of bitcoin illegality in India. In this case, the final verdict passed by the Supreme Court stands and it can not be overruled by any group or organization. The India's government are confused, they don't know what they want. They should set their laws straight about bitcoin, so that her citizens will know the status of bitcoin whether legal or not
Cryptocurrency has never been legalized in India. After the recent decision of the Supreme Court of India in this country, the cryptocurrency was and remains absolutely unregulated, and even less legalized. There is a complete legal vacuum in India with regard to cryptocurrency. Therefore, we must expect what regulations will finally be adopted in India by legislators or at least by the government.

Never legalised so everyone is free to own, trade crypto. But the current government wanted to have a hard line stance against it. So regulations won't be effective it they issue a blanket ban. What would you regulate if there is none in the first place?

So the first thing the country do is define what crypto is, put a clear framework. But India legislators are too busy that most of the time we will hear contradictory news.


Title: Re: India Is Looking To Introduce A Law To Ban Bitcoin, Imprisonment Of Up To 5 Year
Post by: poyiscus on August 27, 2020, 09:41:04 AM
if that happen it's not good at all because india has huge market and opportunity for this.


Title: Re: India Is Looking To Introduce A Law To Ban Bitcoin, Imprisonment Of Up To 5 Year
Post by: SoulMortal on August 27, 2020, 06:16:24 PM
India is a very large market if government legalize it then we may see some pump in the prize of bitcoin but I doubt indian government will legalize it anytime soon. Government wants ban it while supreme court doesn't so lets see whats happens.


Title: Re: India Is Looking To Introduce A Law To Ban Bitcoin, Imprisonment Of Up To 5 Year
Post by: teosanru on August 27, 2020, 07:39:02 PM
India is looking to introduce a law to ban Bitcoin and cryptocurrencies, as the government sees a legal framework as being more effective than a circular from the Reserve Bank of India (RBI) in this regard. “A note has been moved (by the finance ministry) for inter-ministerial consultations,” a senior government official told ET.

According to the India Time on June 12, the spur for the draft cabinet note was the March 4 decision of the Supreme Court to quash the April 2018 circular from the RBI that prevented banks from providing services in support of cryptocurrencies, said the official cited above.

As per the draft law, a repeat offense will be punishable by imprisonment of up to 5 years, which could extend to 10 years with a fine. The fine could be three times the loss or harm caused by the person, three times the gain made by a person, or up to Indian Rupee 25 crore (3,29 million USD).

Source:  India Is Looking To Introduce A Law To Ban Bitcoin, Trader Will Be Punishable By Imprisonment Of Up To 5 Years, Which Could Extend To 10 Years With A Fine (https://azcoinnews.com/india-is-looking-to-introduce-a-law-to-ban-bitcoin-trader-will-be-punishable-by-imprisonment-of-up-to-5-years-which-could-extend-to-10-years-with-a-fine.html)

This thing or this law drafting to be particular is going from a long time. I even wrote a thread in the Indian section which discussed about the synopsis of the draft regulation which the committee has forwarded to the ministry. Here is that thread.

So you all must have heard or seen the news bulletin that Indian Government is deciding to ban cryptocurrency but none of them shows why and how? Moreover what would be the meaning of such a ban? Will this mean you will be fined for using cryptocurrencies? or you would be jailed for using Cryptocurrency? Here is the synopsis of how Indian Government is trying to ban Cryptocurrencies:

It started in 2017 when the Department of Economic Affairs made a recommendation committee headed by Shri Subhash Chandra Garg, Secretary, DEA which would study the aspects of cryptocurrencies and suggest government some legal measures related to it. So the committee finally submitted it's report in February 2019. It's on the basis of this report that Indian government is deciding to ban Cryptocurrencies.

Before reading keep it in your mind that these were merely the recommendations given by the committee and it's not necessary that the original law would come and would match the aspects of report. This is basically a summary of what was written the report.

Report on Virtual Currencies


Characteristics of Virtual Currencies which make it necessary to regulate them:

i. They don't have any intrinsic value and therefore are subject to huge fluctuations.
ii. They are decentralized networks regulated by no central authority.
iii. The transactions in cryptocurrencies are irreversible therefore scams and frauds cannot be reversed.
iv. They carry a degree of pseudonymity, although can't be said to be completely anonymous for participants.



Key Concerns
1. Protecting the consumers from fraud: There have been various frauds in cryptocurrencies. Moreover forking is also done where network protocol is changed for personal benefit of earning money.
2. Protecting financial system and economy: RBI wouldn't be able to regulate the supply of money in the Economy.
3. Need to Prevent Criminal Activity: As law enforcement and seizure of asset becomes difficult in decentralized blockchains


How to make Ban possible?
Here they have taken inspiration from our very good Friend (Sarcasm Intended) China. Example was cited that post ban in China the use of RMB in global transactions fell from 90% to less than 1%. Just like China India would also use a big firewall to ban such sites. Most probably just like the way they banned Porn  ;D . Moreover no place will be allowed to host cryptocurrency related events. They also have agreed that use of VPN could be possible in such cases but would still be traceable as to who is using the website.



Key Recommendations in the Report
Quote
1. The Committee notes with serious concern mushrooming of cryptocurrencies almost invariably issued abroad and numerous people in India investing in these cryptocurrencies. All these cryptocurrencies have been created by non sovereigns and are in this sense entirely private enterprises.
2. There is no underlying intrinsic value of these private cryptocurrencies. These private cryptocurrencies lack all the attributes of a currency.There is no fixed nominal value of these private cryptocurrencies i.e. neither act as any store of value nor they are a medium of exchange. Since their inceptions, cryptocurrencies have demonstrated extreme fluctuations in their prices. Therefore, the Committee is of clear view that the private crytocurrencies should not be allowed. These crytocurrencies cannot serve the purpose of a currency. The private cryptocurrencies are inconsistent with the essential functions of money/currency,hence private cryptocurrencies cannot replace fiat currencies.
3. A review of global best practices also shows that private cryptocurrencies have not been recognized as a LEGAL tender in any jurisdiction.
4. The Committee recommends that all private cryptocurrencies, except any cryptocurrency issued by the State, be banned in India.
5. The Committee endorses the stand taken by the RBI to eliminate the interface of institutions regulated by the RBI from cryptocurrencies. The Committee
also recommends that all exchanges, people, traders and other financial system participants should be prohibited from dealing with cryptocurrencies.
6. Accordingly,the Committee has recommended a law banning the cryptocurrencies in India and criminalizing carrying on of any activities connected with
cryptocurrencies in India.
It's pretty evident from the text that Government is a sketchy regarding a lot of cryptocurrencies have arrived in the marketplace where everyone is creating their own currency. Thing is that they call themselves are currencies yet they have no underlying intrinsic value. Moreover as per traditional economics Money must have 4 necessary attributes:
1. Store of Value
2. Medium of Exchange
3. Fixed Nominal Value
4. Divisibility

Now as per the committee Bitcoin cannot have a store of value because it's price is merely a bubble of demand and nothing else. But I don't know why they said it can't be medium of exchange. But then I found the reason they were giving was the high transaction times involved in transferring hinders it's ability to act as medium of exchange here is the quote

Quote
"Since these cryptocurrencies are backed by trust and consensus-based algorithms, processing transactions is time-consuming due to validation procedures and network
latency. The large gap in transaction processing speed between cryptocurrencies (especially Bitcoin), and other electronic payment methods, hinders their ability to
be used as medium of exchange"
Thirdly they said it doesn't has a fixed nominal value which is true it is subject to extreme volatility. This is why they are recommending ban of cryptocurrencies altogether.

Now comes the most important Part Banning of Cryptocurrency and Regulation of Official Digital Currency Bill was suggested by the committee which gave the following law.


Banning of Cryptocurrency and Regulation of Official Digital Currency Bill.


GENERAL PROHIBITION


"(1) No person shall mine, generate, hold, sell, deal in, issue, transfer, dispose of or use Cryptocurrency in the territory of India.
(2) Nothing in this Act shall apply to any person using technology or processes underlying any Cryptocurrency for the purpose of experiment or research, including imparting of instructions to pupils provided that no cryptocurrency shall be used for making or receiving payment in such activity.
(3) Nothing in this Act shall apply to the use of Distributed Ledger Technology for creating a network for delivery of any financial or other services or for creating value, without involving any use of cryptocurrency, in any form whatsoever, for making or receiving payment."



LIST OF OFFENCES

1. 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 such as raising of money, investment, as payment system, related services, basis of credit etc. shall be punished with fine and imprisonment of not less than 1 year extended upto maximum of 10 years .

2. Whoever directly or indirectly promotes, issues any advertisement, solicits, abets or induces any participation in any activity involving the use of Cryptocurrency for any of the purposes or for purposes generally prohibited above shall be punishable with fine or imprisonment which may extend up to seven years or both.

3.  Whoever directly or indirectly acquires, stores or disposes of Cryptocurrency or any combination thereof with an intent to use it for any of the purposes prohibited on a non-commercial basis shall be punishable with a fine.



MAXIMUM AMOUNT OF FINE
For the purposes of Sections 8 and 9 , the maximum amount of fine that may be imposed upon a person for an offence shall be as follows:
(a) the higher of, –
      (i) three times the loss or harm caused by the person; or
      (ii) three times the gain made by the person.
(b) If the loss caused or the gain made by the person cannot be reasonably determined, the maximum amount of fine that may be imposed on such persons shall be as specified in First Schedule as against each of the offences under Sections 8 and 9.

First Schedule:

Offence Maximum Fine Limits
Under section 8(1)-Buying/selling/mining/dealing/disposing/issuing for Commercial purposes Upto Rs. 25 crores
Under section 8(2)-Using it as crowdfunding/payments sytem Upto Rs. 25 crores
Under section 8(3)- Promoting/ Advertising Upto Rs. 25 lakhs
Under section 8 (4)- Using for Non-Commercial purposesUpto Rs. 1 lakh
Under section 9 (1)- Convicted for the Second time under this actUpto Rs. 50 crores

NON-BAILABLE OFFENCES
All the offences under this act are Bailable. Except when Cryptocurrency is mined/used/generated/disposed/held for purposes of raising money / as a means of investment or offering financially related products. This offence is Non-Bailable and Cognizable. Cognizable basically means a serious crime where you can be arrested without an arrest warrant.



Also all this would apply to all the persons including Individuals/HUFs/Firms/BOI/AOP/Body Coroporates/Trust etc.

So this was the basic draft law prepared by the committee and as submitted in it's report to Department of Economic Affairs, Ministry of Finance. Moreover it must be noted that in this very same report the Committee has praised the Distributed Ledger Technology a lot and is saying that Blockchain is the future and will be used in various segments of government. Non of this law would be applicable on usage of blockchain in financial systems or other systems. But creating of virtual currencies using these blockchain systems is not allowed.

PS: It must be noted that this is a draft Bill and a recommendation. Do not get into any FUD on basis of this. This is still to be finalized as a bill and then would be presented in Parliament after approval of which and President it would become a Law this thing could take week, Months or even years. Moreover Chances are that Government might quash these recommendations and might order a new committee on the basis of the Status-Quo. This is merely for Educational purposes and Not a Legal Opinion.

I hope you guys like it. Feel free to ask for any query or thing that you don't understand from the text. Would this ban be sustainable?

Reference Document: https://dea.gov.in/sites/default/files/Approved%20and%20Signed%20Report%20and%20Bill%20of%20IMC%20on%20VCs%2028%20Feb%202019.pdf

However I have recently come to know that this draft was sent back for modification. So Actual law might end up being a bit different from this draft.


Title: Re: India Is Looking To Introduce A Law To Ban Bitcoin, Imprisonment Of Up To 5 Year
Post by: smyslov on August 28, 2020, 01:39:51 PM
India is a very large market if government legalize it then we may see some pump in the prize of bitcoin but I doubt indian government will legalize it anytime soon. Government wants ban it while supreme court doesn't so lets see whats happens.

Not really a god time to ban Cryptocurrency, they are hard on pandemic they need cashless transactions which is why Cryptocurrency is such a good option to take, and besides it's an investors safe haven now that stocks all over the world are falling including theirs, let them help investors and businessman save their business by trading Cryptocurrency.


Title: Re: India Is Looking To Introduce A Law To Ban Bitcoin, Imprisonment Of Up To 5 Year
Post by: dansus021 on August 29, 2020, 12:50:36 AM
why some threads says ban and some say legal https://bitcointalk.org/index.php?topic=5230499.0


Title: Re: India Is Looking To Introduce A Law To Ban Bitcoin, Imprisonment Of Up To 5 Year
Post by: teosanru on August 30, 2020, 07:39:24 AM
why some threads says ban and some say legal https://bitcointalk.org/index.php?topic=5230499.0
Let me give you the time line
In 2018- RBI banned bitcoin transactions from banking channels. Therefore even though bitcoin wasn't illegal exchanges can't open a bank account therefore were shut down. P2P was working
In 2019- government made a committee to know the shortcomings in cryptocurrency and therefore were considering to ban it (have not banned it are just considering to ban it)
In 2020- Supreme court of India lifted the ban of RBI and exchanges have reopened

Now once again there are speculations that it will be banned again. But it's Not yet banned it's just in consideration of being banned.


Title: Re: India Is Looking To Introduce A Law To Ban Bitcoin, Imprisonment Of Up To 5 Year
Post by: dansus021 on August 30, 2020, 11:51:45 PM
Let me give you the time line
In 2018- RBI banned bitcoin transactions from banking channels. Therefore even though bitcoin wasn't illegal exchanges can't open a bank account therefore were shut down. P2P was working
In 2019- government made a committee to know the shortcomings in cryptocurrency and therefore were considering to ban it (have not banned it are just considering to ban it)
In 2020- Supreme court of India lifted the ban of RBI and exchanges have reopened

Now once again there are speculations that it will be banned again. But it's Not yet banned it's just in consideration of being banned.

oh i see, its look like the government confuse about ban or not the bitcoin


Title: Re: India Is Looking To Introduce A Law To Ban Bitcoin, Imprisonment Of Up To 5 Year
Post by: sunsilk on August 31, 2020, 11:57:55 AM
why some threads says ban and some say legal https://bitcointalk.org/index.php?topic=5230499.0
Let me give you the time line
In 2018- RBI banned bitcoin transactions from banking channels. Therefore even though bitcoin wasn't illegal exchanges can't open a bank account therefore were shut down. P2P was working
In 2019- government made a committee to know the shortcomings in cryptocurrency and therefore were considering to ban it (have not banned it are just considering to ban it)
In 2020- Supreme court of India lifted the ban of RBI and exchanges have reopened

Now once again there are speculations that it will be banned again. But it's Not yet banned it's just in consideration of being banned.
This is an informative summary what actually happened in India with this news. And it's good to hear someone who's living there can finally give a thought about this topic because it's confusing what is actually the status for this matter.

We only rely from the news if it's an actual ban but now that you have mentioned that it's still a speculation that a new ban will be imposed, those articles that I've read just after the lifting of the ban which tells about banning it were misleading.


Title: Re: India Is Looking To Introduce A Law To Ban Bitcoin, Imprisonment Of Up To 5 Year
Post by: Jating on August 31, 2020, 04:43:20 PM
why some threads says ban and some say legal https://bitcointalk.org/index.php?topic=5230499.0
Let me give you the time line
In 2018- RBI banned bitcoin transactions from banking channels. Therefore even though bitcoin wasn't illegal exchanges can't open a bank account therefore were shut down. P2P was working
In 2019- government made a committee to know the shortcomings in cryptocurrency and therefore were considering to ban it (have not banned it are just considering to ban it)
In 2020- Supreme court of India lifted the ban of RBI and exchanges have reopened

Now once again there are speculations that it will be banned again. But it's Not yet banned it's just in consideration of being banned.
This is an informative summary what actually happened in India with this news. And it's good to hear someone who's living there can finally give a thought about this topic because it's confusing what is actually the status for this matter.

We only rely from the news if it's an actual ban but now that you have mentioned that it's still a speculation that a new ban will be imposed, those articles that I've read just after the lifting of the ban which tells about banning it were misleading.

Yes, it is just a speculation that a new ban might be forthcoming because it not just involves RBI or the IDC, but the parliament is also playing a big role. And we all know how this politicians are very influential that's why there are a wildly believed that maybe an imminent ban is coming to India.

But it might take some time because the parliament will pass a law to put a heavy regulations (5 year imprisonment) for everything that is related to bitcoin.


Title: Re: India Is Looking To Introduce A Law To Ban Bitcoin, Imprisonment Of Up To 5 Year
Post by: Harlot on August 31, 2020, 08:57:47 PM
why some threads says ban and some say legal https://bitcointalk.org/index.php?topic=5230499.0
Let me give you the time line
In 2018- RBI banned bitcoin transactions from banking channels. Therefore even though bitcoin wasn't illegal exchanges can't open a bank account therefore were shut down. P2P was working
In 2019- government made a committee to know the shortcomings in cryptocurrency and therefore were considering to ban it (have not banned it are just considering to ban it)
In 2020- Supreme court of India lifted the ban of RBI and exchanges have reopened

Now once again there are speculations that it will be banned again. But it's Not yet banned it's just in consideration of being banned.

This is about right but the problem here is really RBI since even if the Supreme Court had made a decision about the ban they are now using their power in pushing their lawmakers to create a law banning crypto overall in the country which really is a disgrace in their justice system. It's like they don't want the SC's decision and will now go another route just to be "right" on banning crypto which isn't really sensible. I don't know why RBI wants to push this kind of law but I hope their lawmakers are actually smarter than them and see that the crypto industry is more beneficial to their country rather than be harmful to them.


Title: Re: India Is Looking To Introduce A Law To Ban Bitcoin, Imprisonment Of Up To 5 Year
Post by: sunsilk on September 01, 2020, 03:37:01 AM
This is an informative summary what actually happened in India with this news. And it's good to hear someone who's living there can finally give a thought about this topic because it's confusing what is actually the status for this matter.

We only rely from the news if it's an actual ban but now that you have mentioned that it's still a speculation that a new ban will be imposed, those articles that I've read just after the lifting of the ban which tells about banning it were misleading.

Yes, it is just a speculation that a new ban might be forthcoming because it not just involves RBI or the IDC, but the parliament is also playing a big role. And we all know how this politicians are very influential that's why there are a wildly believed that maybe an imminent ban is coming to India.

But it might take some time because the parliament will pass a law to put a heavy regulations (5 year imprisonment) for everything that is related to bitcoin.
Yes, alas we've got confirmation coming from the people who are from there. It's just misleading to believe and read that when there are articles that publishes "India has banned bitcoin".

I hope that it will end well and things will go easy for RBI and they don't have to look at bitcoin the way they're looking at it. The justification from the higher court (SC) should be recognized by them.  :-\


Title: Re: India Is Looking To Introduce A Law To Ban Bitcoin, Imprisonment Of Up To 5 Year
Post by: akram143 on September 04, 2020, 09:30:52 PM
This is an informative summary what actually happened in India with this news. And it's good to hear someone who's living there can finally give a thought about this topic because it's confusing what is actually the status for this matter.

We only rely from the news if it's an actual ban but now that you have mentioned that it's still a speculation that a new ban will be imposed, those articles that I've read just after the lifting of the ban which tells about banning it were misleading.

Yes, it is just a speculation that a new ban might be forthcoming because it not just involves RBI or the IDC, but the parliament is also playing a big role. And we all know how this politicians are very influential that's why there are a wildly believed that maybe an imminent ban is coming to India.

But it might take some time because the parliament will pass a law to put a heavy regulations (5 year imprisonment) for everything that is related to bitcoin.
Yes, alas we've got confirmation coming from the people who are from there. It's just misleading to believe and read that when there are articles that publishes "India has banned bitcoin".

I hope that it will end well and things will go easy for RBI and they don't have to look at bitcoin the way they're looking at it. The justification from the higher court (SC) should be recognized by them.  :-\
Supreme court doesn't made the bitcoins legal in India because they don't have such power to do that but they removed the RBI's restrictions so banks cannot question anyone who is dealing with cryptos, but now the ruling party is trying to bring a law to ban cryptos based on the reports submitted by the committee but the hilarious thing is the leader of that committee doesn't even have basic knowledge about cryptos but still working in such higher position.For now there is no restrictions and even if there is any people will find the loopholes for sure because in India everything is possible.