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The Dept of Electronics & IT has issued a draft policy doc on encryption calling for inputs by Oct 16.
http://deity.gov.in/sites/upload_files/dit/files/draft%20Encryption%20Policyv1.pdf
"On demand, the user shall reproduce the same Plain text and encrypted text pairs using the software / hardware used to produce the encrypted text from the given plain text. All information shall be stored by the concerned B / C entity for 90 days from the date of transaction and made available to Law Enforcement Agencies as and when demanded in line with the provisions of the laws of the country."
"Algorithms and key sizes for Encryption as notified under the provisions in this Policy only will be used by all categories of users."
- This could directly mean bitcoin becoming illegal since it's encryption is not registered and prescribed by Indian govt.
- You would become obligated by law to reveal your private keys. You become a criminal if you don't.
We need to speak up against this.
At the very least, let the govt know your opinion my mailing them on the address given in the document.
http://deity.gov.in/sites/upload_files/dit/files/draft%20Encryption%20Policyv1.pdf
"On demand, the user shall reproduce the same Plain text and encrypted text pairs using the software / hardware used to produce the encrypted text from the given plain text. All information shall be stored by the concerned B / C entity for 90 days from the date of transaction and made available to Law Enforcement Agencies as and when demanded in line with the provisions of the laws of the country."
"Algorithms and key sizes for Encryption as notified under the provisions in this Policy only will be used by all categories of users."
- This could directly mean bitcoin becoming illegal since it's encryption is not registered and prescribed by Indian govt.
- You would become obligated by law to reveal your private keys. You become a criminal if you don't.
We need to speak up against this.
At the very least, let the govt know your opinion my mailing them on the address given in the document.
If the Government starts to take like this steps to stop growing Bitcoins in India, then its a very bad sign for bitcoin development in india.
This will force the Peoples who are trying to go for bitcoins as their payment for business.
Granted the stance of the government is not one that serves towards the best interest of individuals and their rights, this move from the government will have zero impact on the possibilities of businesses accepting Bitcoin as a payment. On the contrary, I believe this serves towards the best interest of both the government and corporations. Think about the number of businesses that keep two books of accounts - one for personal record keeping, and the other for mandatory disclosures with necessary "adjustments" made for officials to look at. Imagine, all these records were actually on the block-chain and stake-holders and shareholders alike could verify the flow of money. I believe that would work towards the vision Satoshi Nakamoto had for currency. Corporations and individuals alike tend to engage in "funny business" when they know they are beyond the 'eyes" of people. Bitcoin made it possible for transactions to be verified by just about anyone and businesses should embrace the same and be more transparent about how it handles its money.
I run a start-up with 200,000 users and we have all our finances open to all our team members, verifiable on the blockchain. Everything from payment of salary to payment for hosting or other ancillary requirements happen on the blockchain. This makes accounting a lot more easier for those within the team.
Also, these encryption laws have lasted for long. Its just that it has been bought to the limelight off late.
