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Title: Indian Govt Planning Ban on Crypto Post by: Wapinter on April 26, 2019, 12:00:17 PM A committee under the Indian Government has drafted a bill the “Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019” which seeks to ban cryptocurrency transactions within the country entirely. Reportedly, discussions and consultations on the draft bill are being held between the various portfolios of the Government.
https://www.coingape.com/indian-lawmakers-call-ban-bitcoin-cryptocurrency/amp/ Title: Re: Indian Govt Planning Ban on Crypto Post by: erikalui on April 26, 2019, 12:38:08 PM No clue on what's going to happen but looks like with the current Government, cryptos would be possible banned or may be restricted till the case is still pending in the court. They kept delaying in regulating the currency because they did not want to regulate it. Postponing the case was just an excuse.
Title: Re: Indian Govt Planning Ban on Crypto Post by: Wapinter on April 26, 2019, 01:03:49 PM No clue on what's going to happen but looks like with the current Government, cryptos would be possible banned or may be restricted till the case is still pending in the court. They kept delaying in regulating the currency because they did not want to regulate it. Postponing the case was just an excuse. I think ban in inevitable.Now the questio is how will we liquidate our crypto assets.Should we abondon them?Disclosing it may lead to us in jail ;DTitle: Re: Indian Govt Planning Ban on Crypto Post by: erikalui on April 26, 2019, 04:11:56 PM No clue on what's going to happen but looks like with the current Government, cryptos would be possible banned or may be restricted till the case is still pending in the court. They kept delaying in regulating the currency because they did not want to regulate it. Postponing the case was just an excuse. I think ban in inevitable.Now the questio is how will we liquidate our crypto assets.Should we abondon them?Disclosing it may lead to us in jail ;DLet them be banned first. Many countries have banned cryptos and then lifted the ban like Russia. Title: Re: Indian Govt Planning Ban on Crypto Post by: Wapinter on April 26, 2019, 10:13:38 PM No clue on what's going to happen but looks like with the current Government, cryptos would be possible banned or may be restricted till the case is still pending in the court. They kept delaying in regulating the currency because they did not want to regulate it. Postponing the case was just an excuse. I think ban in inevitable.Now the questio is how will we liquidate our crypto assets.Should we abondon them?Disclosing it may lead to us in jail ;DLet them be banned first. Many countries have banned cryptos and then lifted the ban like Russia. Title: Re: Indian Govt Planning Ban on Crypto Post by: deadley on April 28, 2019, 08:14:36 PM No clue on what's going to happen but looks like with the current Government, cryptos would be possible banned or may be restricted till the case is still pending in the court. They kept delaying in regulating the currency because they did not want to regulate it. Postponing the case was just an excuse. I think ban in inevitable.Now the questio is how will we liquidate our crypto assets.Should we abondon them?Disclosing it may lead to us in jail ;DBanning doesn't means you can't hold crypto, it will means you will not trade anyhow in India. So there will be option, you will have to sell your crypto out of India and take funds from wire WU/MG and pay tax for those amounts. It's not that hard to selling your crypto even govt. impose ban. What I think there won't be any ban, it's just rumor, last I heard Govt. panel were setting rule for crypto. So just chill, and there won't be any directive about crypto until election over. So you have more than month to sell your crypto if you are really worry. Title: Re: Indian Govt Planning Ban on Crypto Post by: erikalui on April 29, 2019, 11:52:00 AM Banning doesn't means you can't hold crypto, it will means you will not trade anyhow in India. So there will be option, you will have to sell your crypto out of India and take funds from wire WU/MG and pay tax for those amounts. It's not that hard to selling your crypto even govt. impose ban. What I think there won't be any ban, it's just rumor, last I heard Govt. panel were setting rule for crypto. So just chill, and there won't be any directive about crypto until election over. So you have more than month to sell your crypto if you are really worry. So you mean that if you have a foreign bank account (that allows crypto withdrawals) and you sell your crypto currency via that bank account and then transfer it to your Indian bank account? Will that still be considered legal? Title: Re: Indian Govt Planning Ban on Crypto Post by: Crypto_Sassy on April 29, 2019, 01:37:34 PM It is fud. We are in mid of election and nobody know right now who is going to form government.
But on side note, if you just have crypto as only source of income then time to find other ventures. Title: Re: Indian Govt Planning Ban on Crypto Post by: deadley on April 29, 2019, 02:34:35 PM Banning doesn't means you can't hold crypto, it will means you will not trade anyhow in India. So there will be option, you will have to sell your crypto out of India and take funds from wire WU/MG and pay tax for those amounts. It's not that hard to selling your crypto even govt. impose ban. What I think there won't be any ban, it's just rumor, last I heard Govt. panel were setting rule for crypto. So just chill, and there won't be any directive about crypto until election over. So you have more than month to sell your crypto if you are really worry. So you mean that if you have a foreign bank account (that allows crypto withdrawals) and you sell your crypto currency via that bank account and then transfer it to your Indian bank account? Will that still be considered legal? If you do anything outside India where it's legal, you are doing legal thing. If govt. ban in India it doesn't means whole world banned. Like gambling in India is banned but if you go other countries, where it's legal you can play there easily without any problem. Same with crypto, you can sell outside India and when you get fund in your account, show that amount your earning and pay your taxes on that earning. No one will going to ask you anything, how you earn that income if you are paying taxes. Title: Re: Indian Govt Planning Ban on Crypto Post by: avikz on April 29, 2019, 03:11:49 PM A committee under the Indian Government has drafted a bill the “Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019” which seeks to ban cryptocurrency transactions within the country entirely. Reportedly, discussions and consultations on the draft bill are being held between the various portfolios of the Government. https://www.coingape.com/indian-lawmakers-call-ban-bitcoin-cryptocurrency/amp/ What else can be expected from a government who are more interested in promoting cow urine and cow dung as a remedy to cancer?? I don't usually write such things but the level of non sense is happening in India, is really making me worried because we are actually going backwards with this! Title: Re: Indian Govt Planning Ban on Crypto Post by: newIndia on April 29, 2019, 04:59:58 PM Banning doesn't means you can't hold crypto, it will means you will not trade anyhow in India. So there will be option, you will have to sell your crypto out of India and take funds from wire WU/MG and pay tax for those amounts. It's not that hard to selling your crypto even govt. impose ban. What I think there won't be any ban, it's just rumor, last I heard Govt. panel were setting rule for crypto. So just chill, and there won't be any directive about crypto until election over. So you have more than month to sell your crypto if you are really worry. So you mean that if you have a foreign bank account (that allows crypto withdrawals) and you sell your crypto currency via that bank account and then transfer it to your Indian bank account? Will that still be considered legal? Title: Re: Indian Govt Planning Ban on Crypto Post by: Wapinter on April 30, 2019, 06:38:51 AM Banning doesn't means you can't hold crypto, it will means you will not trade anyhow in India. So there will be option, you will have to sell your crypto out of India and take funds from wire WU/MG and pay tax for those amounts. It's not that hard to selling your crypto even govt. impose ban. What I think there won't be any ban, it's just rumor, last I heard Govt. panel were setting rule for crypto. So just chill, and there won't be any directive about crypto until election over. So you have more than month to sell your crypto if you are really worry. So you mean that if you have a foreign bank account (that allows crypto withdrawals) and you sell your crypto currency via that bank account and then transfer it to your Indian bank account? Will that still be considered legal? If you do anything outside India where it's legal, you are doing legal thing. If govt. ban in India it doesn't means whole world banned. Like gambling in India is banned but if you go other countries, where it's legal you can play there easily without any problem. Same with crypto, you can sell outside India and when you get fund in your account, show that amount your earning and pay your taxes on that earning. No one will going to ask you anything, how you earn that income if you are paying taxes. Title: Re: Indian Govt Planning Ban on Crypto Post by: deadley on April 30, 2019, 10:29:55 AM Banning doesn't means you can't hold crypto, it will means you will not trade anyhow in India. So there will be option, you will have to sell your crypto out of India and take funds from wire WU/MG and pay tax for those amounts. It's not that hard to selling your crypto even govt. impose ban. What I think there won't be any ban, it's just rumor, last I heard Govt. panel were setting rule for crypto. So just chill, and there won't be any directive about crypto until election over. So you have more than month to sell your crypto if you are really worry. So you mean that if you have a foreign bank account (that allows crypto withdrawals) and you sell your crypto currency via that bank account and then transfer it to your Indian bank account? Will that still be considered legal? If you do anything outside India where it's legal, you are doing legal thing. If govt. ban in India it doesn't means whole world banned. Like gambling in India is banned but if you go other countries, where it's legal you can play there easily without any problem. Same with crypto, you can sell outside India and when you get fund in your account, show that amount your earning and pay your taxes on that earning. No one will going to ask you anything, how you earn that income if you are paying taxes. Lol no, how they will when you will pay taxes, you are showing all those as a income and paying taxes on that. Do you know what is Anti Money laundering rule? And where it's applicable? Title: Re: Indian Govt Planning Ban on Crypto Post by: Wapinter on April 30, 2019, 11:09:18 AM Banning doesn't means you can't hold crypto, it will means you will not trade anyhow in India. So there will be option, you will have to sell your crypto out of India and take funds from wire WU/MG and pay tax for those amounts. It's not that hard to selling your crypto even govt. impose ban. What I think there won't be any ban, it's just rumor, last I heard Govt. panel were setting rule for crypto. So just chill, and there won't be any directive about crypto until election over. So you have more than month to sell your crypto if you are really worry. So you mean that if you have a foreign bank account (that allows crypto withdrawals) and you sell your crypto currency via that bank account and then transfer it to your Indian bank account? Will that still be considered legal? If you do anything outside India where it's legal, you are doing legal thing. If govt. ban in India it doesn't means whole world banned. Like gambling in India is banned but if you go other countries, where it's legal you can play there easily without any problem. Same with crypto, you can sell outside India and when you get fund in your account, show that amount your earning and pay your taxes on that earning. No one will going to ask you anything, how you earn that income if you are paying taxes. Lol no, how they will when you will pay taxes, you are showing all those as a income and paying taxes on that. Do you know what is Anti Money laundering rule? And where it's applicable? Title: Re: Indian Govt Planning Ban on Crypto Post by: erikalui on April 30, 2019, 01:22:36 PM Wont they ask you to disclose the source of your income? You can show that you sold crypto in another country and the money will all be legal as bitcoins are not banned in that country. I feel it will be same as having a business in another country and paying taxes in your home country. Title: Re: Indian Govt Planning Ban on Crypto Post by: webtricks on April 30, 2019, 05:27:28 PM A committee under the Indian Government has drafted a bill the “Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019” which seeks to ban cryptocurrency transactions within the country entirely. Reportedly, discussions and consultations on the draft bill are being held between the various portfolios of the Government. https://www.coingape.com/indian-lawmakers-call-ban-bitcoin-cryptocurrency/amp/ Supreme Court asked for Committee suggestion before making final verdict on Crypto ban. The Committee decision is never the final one. It is only consider as suggestion which the decisive authority can accept or reject on its discretion. I read lots of cases daily undertaken by MCA and different courts (part of my job). Among them in 30-40% cases, authority rejects committee recommendations for one reason or the others. So this is still too early to be worried about complete crypto ban. It can easily take year or two for a bill to become a law (not to forget this Committee was formed in 2017 and they spent 2 years just to draft a bill :D). Title: Re: Indian Govt Planning Ban on Crypto Post by: deadley on April 30, 2019, 06:39:25 PM Banning doesn't means you can't hold crypto, it will means you will not trade anyhow in India. So there will be option, you will have to sell your crypto out of India and take funds from wire WU/MG and pay tax for those amounts. It's not that hard to selling your crypto even govt. impose ban. What I think there won't be any ban, it's just rumor, last I heard Govt. panel were setting rule for crypto. So just chill, and there won't be any directive about crypto until election over. So you have more than month to sell your crypto if you are really worry. So you mean that if you have a foreign bank account (that allows crypto withdrawals) and you sell your crypto currency via that bank account and then transfer it to your Indian bank account? Will that still be considered legal? If you do anything outside India where it's legal, you are doing legal thing. If govt. ban in India it doesn't means whole world banned. Like gambling in India is banned but if you go other countries, where it's legal you can play there easily without any problem. Same with crypto, you can sell outside India and when you get fund in your account, show that amount your earning and pay your taxes on that earning. No one will going to ask you anything, how you earn that income if you are paying taxes. Lol no, how they will when you will pay taxes, you are showing all those as a income and paying taxes on that. Do you know what is Anti Money laundering rule? And where it's applicable? Normally they don't ask your source of income, if you want to tell something about your income, you can show you earn those from outside India for doing consultancy work like you do bounty management and you got fund from that. Title: Re: Indian Govt Planning Ban on Crypto Post by: vennali on May 02, 2019, 08:23:52 AM I doubt a bank would be coming in anytime soon. Crypto is used around the world by a majority of political parties for black money. While they might be pushing for a ban, it will likely not happen.
Title: Re: Indian Govt Planning Ban on Crypto Post by: legendster on May 09, 2019, 06:23:48 PM I doubt a bank would be coming in anytime soon. .... Ban, not bank, right? The way I see it, once our old pal Putin-wa legalizes crypto and creates a proper framework, India would be soon to follow suit. It won't be banned outright. Title: Re: Indian Govt Planning Ban on Crypto Post by: Saint-loup on May 09, 2019, 08:06:57 PM According to the official, the draft bill named “Banning Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019” is currently being discussed by several ministers from a number of government divisions.
Although the draft bill has yet to be written into law, it appears that it is already garnering support from various groups attached to the government. A committee formed of — but not limited to — the Department of Economic Affairs (DEA), the Central Board of Direct Taxes (CBDT), the Central Board of Indirect Taxes and Customs (CBIC), along with the Investor Education and Protection Fund Authority (IEPFA) has allegedly aligned with the decision to outright ban the sale, purchase and the issuance of cryptocurrencies in all their forms. In addition to the 2019 draft bill, the committee is reportedly exploring options to ban digital currencies under the auspices of the Prevention of Money Laundering Act (PMLA). Despite the reporting conducted by The Economic Times, not all members of the crypto community are convinced that the ban is likely to take place at all. Mohammed Danish, a lawyer representing crypto-fraud victims in Indian courts and legal advisor to the crypto news content site Crypto Kanoon, notes that there has not yet been any official government statement regarding the alleged bill: “The discussion about banning crypto in India' finds its source in few news articles and the same has not been confirmed by any official press release till date. However, let's assume that the news is absolutely correct and the inter-governmental committee is inclined to propose a ban on Crypto. The Committee appears to have based its ban proposal mainly on two major grounds viz. 'money laundering' and 'investor protection.” https://cointelegraph.com/news/indias-complex-relationship-with-crypto Edit: bold Title: Re: Indian Govt Planning Ban on Crypto Post by: jack_jack on May 17, 2019, 03:46:36 PM current govt even banning tik tok .. there is nothing new in it they ban any thing that they dont like
Title: Re: Indian Govt Planning Ban on Crypto Post by: savioroshan on May 17, 2019, 11:57:52 PM This is really a bad news for Indian crypto users. Lets hope the government wont ban crypto in India.
Title: Re: Indian Govt Planning Ban on Crypto Post by: endlasuresh on May 18, 2019, 10:38:36 AM current govt even banning tik tok .. there is nothing new in it they ban any thing that they dont like Do you like to spoil kids life? how many are playing PUBG?Tiktok is a time waste for youngsters. May be after election we can see if Bitcoin gets legal. Title: Re: Indian Govt Planning Ban on Crypto Post by: savioroshan on May 18, 2019, 02:18:42 PM current govt even banning tik tok .. there is nothing new in it they ban any thing that they dont like Do you like to spoil kids life? how many are playing PUBG?Tiktok is a time waste for youngsters. May be after election we can see if Bitcoin gets legal. I think congress wont ban bitcoin if they come to power but if its BJP, then definitely they will ban crypto. Title: Re: Indian Govt Planning Ban on Crypto Post by: SaShiRaJaVu on May 19, 2019, 03:16:50 PM Do you like to spoil kids life? how many are playing PUBG? It is better to be someone spending time playing those rather than doing something illegal, yes it might be bad for the generation if they are not using the technology wisely, that can be said about everything not just these platforms.Tiktok is a time waste for youngsters. May be after election we can see if Bitcoin gets legal. I think congress wont ban bitcoin if they come to power but if its BJP, then definitely they will ban crypto. The exit poll shows that NDA might come back to power which is not a great thing if you are looking at harmony, these exit polls might not be always true and the UPA was not even a strong opposition to make any changes to the current structure.I have not seen a legit knowledgeable person in NDA who has a progressive thinking to take the country to the next level, all i hear is how you can differentiate people when it comes to religion. Title: Re: Indian Govt Planning Ban on Crypto Post by: legendster on May 20, 2019, 01:54:11 AM The exit poll shows that NDA might come back to power which is not a great thing if you are looking at harmony, these exit polls might not be always true and the UPA was not even a strong opposition to make any changes to the current structure. I have not seen a legit knowledgeable person in NDA who has a progressive thinking to take the country to the next level, all i hear is how you can differentiate people when it comes to religion. You say that but you are wearing a saffron signature. :o :o ;D ;D But that's true, just look at the turmoil here in bengal, bjp has successfully polarized people enough that people resorted to violence and grenades yesterday. That kind of shit is okay for a place like Venezuela, but when shit hits the fan right under your nose like this - it is only then when you realize what kind of communal fire this BJP / NDA is stoking. Shame on modi! current govt even banning tik tok .. there is nothing new in it they ban any thing that they dont like Do you like to spoil kids life? how many are playing PUBG?Judging by that, you two are a complete waste of time as well. Your parents should have used condoms. Title: Re: Indian Govt Planning Ban on Crypto Post by: sujonali1819 on May 20, 2019, 05:31:12 PM current govt even banning tik tok .. there is nothing new in it they ban any thing that they dont like Quote Quote And yea government can do anything what they want and people are bound to accept it. Really I also don't support when government take any decision without thinking about people opinion. But when Gov take any decision we became quite helpless and we have not do anything against Gov. For that I told this buddy. Title: Re: Indian Govt Planning Ban on Crypto Post by: SaShiRaJaVu on May 21, 2019, 06:48:22 AM You say that but you are wearing a saffron signature. After the exit polls thought of wearing the saffron signature so that they do not attack me for not supporting them :D.:o :o ;D ;D But that's true, just look at the turmoil here in bengal, bjp has successfully polarized people enough that people resorted to violence and grenades yesterday. That kind of shit is okay for a place like Venezuela, but when shit hits the fan right under your nose like this - it is only then when you realize what kind of communal fire this BJP / NDA is stoking. When they came to power i thought we could really see some changes on the positive side and lift India to the future, they advertised really well and they never talked about religion when they were looking for support to get into power and they acted they really had a vision to move India forward from the corrupt government we had during that time, but after getting into power, they just followed what the UPA government was following and then communal violence and others started popping up and all the promise they said never fulfilled and they just took the growth a decade back.Shame on modi! I really hope the exit polls are wrong. Title: Re: Indian Govt Planning Ban on Crypto Post by: eaLiTy on May 21, 2019, 07:20:54 AM Personally I think tiktok ban was right things because it has no need for the society but on the other hand people wasting their time on it very much. No one can dictate what anyone should do in a democracy if it is not breaking any law, if you start banning things that you have an opinion that it is not good for the society, then there are a ton of things that should be banned, for argument sake what benefit does the movie industry gives you other than the entertainment part, would you opt for a ban because it spoils kids and students, if i come up with that argument will you accept it :P. And yea government can do anything what they want and people are bound to accept it. In a democracy the people have the ultimate power, show your power during election time and every single vote counts.But that's true, just look at the turmoil here in bengal, bjp has successfully polarized people enough that people resorted to violence and grenades yesterday. That kind of shit is okay for a place like Venezuela, but when shit hits the fan right under your nose like this - it is only then when you realize what kind of communal fire this BJP / NDA is stoking. This is the case in majority of the place in India, they spread hate and violence against each other for their vote bank and it is true, until some shit hit us, we will see them as news and forget the next day and that is the biggest problem.Shame on modi! Title: Re: Indian Govt Planning Ban on Crypto Post by: legendster on May 22, 2019, 02:34:17 AM current govt even banning tik tok .. there is nothing new in it they ban any thing that they dont like Personally I think tiktok ban was right things because it has no need for the society but on the other hand people wasting their time on it very much. What the fuck are you talking about? Why should this app be banned? Do you have any idea how revolutionary this app has been in the Indian mobile market? People that didn't understand the concept of the internet were buying mobile phones with a camera just to share videos of themselves lypsyncing to their fav. bollywood tunes. Your statement "It has no need for the society" is just as wrong in thought as it is in sentence construction & grammar. Quote And yea government can do anything what they want and people are bound to accept it. Fuck no! Government is made by the people and for the people, they are not rulers. Get some help dude. Your viewpoints are as skewed as Modi's finger in a jar full of Kingfisher money. Title: Re: Indian Govt Planning Ban on Crypto Post by: vennali on May 22, 2019, 04:35:27 AM current govt even banning tik tok .. there is nothing new in it they ban any thing that they dont like Personally I think tiktok ban was right things because it has no need for the society but on the other hand people wasting their time on it very much. And yea government can do anything what they want and people are bound to accept it. The time of the people doesn't belong to the government. People should be free to do what they want. I believe this ban was revoked and so was the one on pubg in Gujarat. Title: Re: Indian Govt Planning Ban on Crypto Post by: sunilnagaraja1996 on May 26, 2019, 04:59:28 PM Still Indian government didn't announce officially and didn't update any new news about crypto banning so I think it will take long time.
Title: Re: Indian Govt Planning Ban on Crypto Post by: SaShiRaJaVu on May 27, 2019, 09:34:15 PM Still Indian government didn't announce officially and didn't update any new news about crypto banning so I think it will take long time. There are a lot of promising news coming up from India, i am not sure whether the government will see those and make any decisions as they are loosing the opportunity to make India to have a competitive market space when it comes to the world market in the virtual market as majority will be shutting their doors and looking elsewhere that favors these innovative start ups.Tech lobby urges central bank to favor bitcoin start ups (https://www.ccn.com/powerful-india-tech-lobby-urges-central-bank-bitcoin) The article looks promising but whether it will make any changes is another question. Title: Re: Indian Govt Planning Ban on Crypto Post by: avikz on May 30, 2019, 03:10:57 PM Still Indian government didn't announce officially and didn't update any new news about crypto banning so I think it will take long time. There are a lot of promising news coming up from India, i am not sure whether the government will see those and make any decisions as they are loosing the opportunity to make India to have a competitive market space when it comes to the world market in the virtual market as majority will be shutting their doors and looking elsewhere that favors these innovative start ups.Tech lobby urges central bank to favor bitcoin start ups (https://www.ccn.com/powerful-india-tech-lobby-urges-central-bank-bitcoin) The article looks promising but whether it will make any changes is another question. Can you please summarize what good news are coming up from India? I don't see any good news coming from India that can cheer up the Indian crypto community. While India is not against the blockchain development, but turning a blind eye for cryptocurrencies. Ministers and economists are even categorizing it as a ponzi scheme! RBI had thrown out cryptocurrency related business from their regulatory sandbox. Finance Ministry has no clue what cryptocurrency is and people are more interested in building Ram Mandir! So I reiterate, NO GOOD NEWS IS COMING FROM INDIA THAT CAN CHEER INDIAN CRYPTO ENTHUSIASTS!! Title: Re: Indian Govt Planning Ban on Crypto Post by: D1v4c on June 05, 2019, 03:18:05 PM India is a country that can benefit a lot from cryptocurrencies, but the country's central bank has sought to end all trading activities. It also prevents smaller local banks from doing business with cryptocurrency companies. This has greatly hindered the innovation and technological development of the country.
Title: Re: Indian Govt Planning Ban on Crypto Post by: baristor on June 08, 2019, 06:19:40 AM Guys came upon this disturbing news article... What do you think ?
https://www.moneycontrol.com/eye-on-india/videos/eye-on-india-performance-of-infrastructure-sector-3896371.html Title: Re: Indian Govt Planning Ban on Crypto Post by: playboy654 on June 08, 2019, 07:01:15 PM Guys came upon this disturbing news article... What do you think ? Its about the election right? There is no description or title related to crypto so I am not bothered to click the video anymore.https://www.moneycontrol.com/eye-on-india/videos/eye-on-india-performance-of-infrastructure-sector-3896371.html Title: Re: Indian Govt Planning Ban on Crypto Post by: gullu on June 08, 2019, 11:01:35 PM https://economictimes.indiatimes.com/news/economy/finance/draft-law-proposes-10-year-jail-term-for-dealing-in-cryptocurrency/articleshow/69693984.cms
Guys , did anyone read this? Indian government is going to impose 10 years jail for holding , mining or trading in cryptocurrencies. This is not fair. Title: Re: Indian Govt Planning Ban on Crypto Post by: playboy654 on June 09, 2019, 05:36:11 PM https://economictimes.indiatimes.com/news/economy/finance/draft-law-proposes-10-year-jail-term-for-dealing-in-cryptocurrency/articleshow/69693984.cms Its just a proposal,but there is no official related thing released related to this news.Guys , did anyone read this? Indian government is going to impose 10 years jail for holding , mining or trading in cryptocurrencies. This is not fair. So until now you can do whatever you want in India with crypto currencies. Title: Re: Indian Govt Planning Ban on Crypto Post by: gullu on June 09, 2019, 10:09:41 PM https://economictimes.indiatimes.com/news/economy/finance/draft-law-proposes-10-year-jail-term-for-dealing-in-cryptocurrency/articleshow/69693984.cms Its just a proposal,but there is no official related thing released related to this news.Guys , did anyone read this? Indian government is going to impose 10 years jail for holding , mining or trading in cryptocurrencies. This is not fair. So until now you can do whatever you want in India with crypto currencies. Yeah I know that its just a proposal. But just imagine, one fine morning when you get up from bed and find this news in the headlines of the newspaper then what will you do. How will you dispose your crypto assests in a short span of time? Anything can happen in our country. Do you remember how government announced demonetisation of 500 and 1000 rs notes ,all of a sudden? Title: Re: Indian Govt Planning Ban on Crypto Post by: soyalmomin75 on October 29, 2019, 07:17:00 AM Indian government should regulate….
2 possibilities as follows… If Govt bans the Bitcoin or Crypto in any way then a black market(cash) will start in parallel and Govt/regulator will never track the transaction…. If regulates then each transaction will be tracked properly from Exchanges that who is earning/investing in crypto. And if investor is earning profit he/she has to pay taxes as per regulation of short/long term investment return…. Title: Re: Indian Govt Planning Ban on Crypto Post by: webtricks on October 29, 2019, 11:33:32 AM Indian government should regulate…. 2 possibilities as follows… If Govt bans the Bitcoin or Crypto in any way then a black market(cash) will start in parallel and Govt/regulator will never track the transaction…. That's true. If regulates then each transaction will be tracked properly from Exchanges that who is earning/investing in crypto. And if investor is earning profit he/she has to pay taxes as per regulation of short/long term investment return…. Since exchanges are not allowed to work in India, I don't agree with you on this one. Even if government issues some regulations regarding Bitcoin, it doesn't mean government can actually track all transactions done by traders. It can only give guidelines and it's up to traders whether they follow those or not. There will be very minute chances that government could actually catch the frauds in crytpo transactions. Title: Re: Indian Govt Planning Ban on Crypto Post by: akhjob on October 29, 2019, 01:27:05 PM If regulates then each transaction will be tracked properly from Exchanges that who is earning/investing in crypto. And if investor is earning profit he/she has to pay taxes as per regulation of short/long term investment return…. Since exchanges are not allowed to work in India, I don't agree with you on this one. Even if government issues some regulations regarding Bitcoin, it doesn't mean government can actually track all transactions done by traders. It can only give guidelines and it's up to traders whether they follow those or not. There will be very minute chances that government could actually catch the frauds in crytpo transactions. [/quote] Actually, they can track the payments if they decided to. All they need to do is ask the exchanges to collect PAN details of the customers and the list of trades. If India is going to regulate Crypto transactions, exchanges will welcome the decision considering the current scenario. Title: Re: Indian Govt Planning Ban on Crypto Post by: pawanjain on October 29, 2019, 01:58:25 PM Actually, they can track the payments if they decided to. All they need to do is ask the exchanges to collect PAN details of the customers and the list of trades. If India is going to regulate Crypto transactions, exchanges will welcome the decision considering the current scenario. That's the limit which they cannot exceed. The governments will not be able to track the source of the deposits/withdraws and trades that are done outside of the exchange and even if they do try to track the trades then all they will get is a long chain of transactions. Besides that, if the trader uses a mixer then it will be really tough for governments to track the source. Title: Re: Indian Govt Planning Ban on Crypto Post by: Clement Kaliyar on October 29, 2019, 05:55:23 PM Since exchanges are not allowed to work in India, I don't agree with you on this one. Even if government issues some regulations regarding Bitcoin, it doesn't mean government can actually track all transactions done by traders. It can only give guidelines and it's up to traders whether they follow those or not. There will be very minute chances that government could actually catch the frauds in crytpo transactions. If there is a regulation in India and if exchanges have to function in a proper manner they need to comply with all the KYC/AML regulation and even without any regulation all the exchanges were complying with those policies and if you are using fiat currency to purchase the coins then you need to use bank account and all the transactions are accounted for, so the only transaction that cannot have a record is face to face transaction and it has its own risk.Title: Re: Indian Govt Planning Ban on Crypto Post by: libert19 on October 30, 2019, 02:54:17 AM Actually, they can track the payments if they decided to. All they need to do is ask the exchanges to collect PAN details of the customers and the list of trades. If India is going to regulate Crypto transactions, exchanges will welcome the decision considering the current scenario. It's about transactions where user converts crypto to inr, no government has means to track down every crypto or every transaction. Title: Re: Indian Govt Planning Ban on Crypto Post by: webtricks on October 30, 2019, 09:15:57 AM Since exchanges are not allowed to work in India, I don't agree with you on this one. Even if government issues some regulations regarding Bitcoin, it doesn't mean government can actually track all transactions done by traders. It can only give guidelines and it's up to traders whether they follow those or not. There will be very minute chances that government could actually catch the frauds in crytpo transactions. If there is a regulation in India and if exchanges have to function in a proper manner they need to comply with all the KYC/AML regulation and even without any regulation all the exchanges were complying with those policies and if you are using fiat currency to purchase the coins then you need to use bank account and all the transactions are accounted for, so the only transaction that cannot have a record is face to face transaction and it has its own risk.It is very easy to do bank-to-bank transactions without using exchange sites. There are escrows out there who can help you to carry out anonymous trading without any need to meet face-to-face. There is no track that the amount you received in bank or the amount you paid out is linked to Bitcoin buy/sell transaction. Even there are few P2P Exchanges which don't have KYC requirement. So no-one can relate transactions with any specific user there too. |