The country with the highest demand for gold just outlawed gold. Shit got real.

[lerredit]

The country with the highest demand for gold (India), just outlawed gold. Shit just got real. Citizens homes will be searched and 85% of wealth will be confiscated.

http://timesofindia.indiatimes.com/india/No-tax-on-jewellery/gold-purchased-out-of-disclosed-income-Finance-Ministry/articleshow/55724734.cms

Looks like India currently requires Digital Gold for many in order to avoid permanent seizure in the amount of 85% of their assets as "TAX"... Bitcoin demand is going to rocket. Expecting record demand. Killer app activated.

Many analysts predicted such a move would likely occur and thus dampen gold demand in India. However this demand will likely shift to other products like bitcoin.

India is the second most populous country (with over 1.2 billion people), and the most populous democracy in the world.

The country with the highest demand in the world for gold, just outlawed gold. Shit just got real.

"Your gold is safe. 500 grams per married woman will not be seized..."

http://indiatoday.intoday.in/story/gold-jewellery-married-lady-income-tax-raids-demonetisation/1/824321.html

"During search operations, conducted by I-T Department, there would be no seizure of gold jewellery and ornaments to the extent of 500 grams per married women, 250 grams per unmarried women as also 100 grams per male member of the family, it said.

The Bill, which is currently under consideration of the Rajya Sabha, will amend Section 115BBE of the Income Tax Act to provide for a steep 60 per cent tax and a 25 per cent surcharge on it (total 75 per cent) for black money holders.

Another section inserted provides for an additional 10 per cent penalty on being established that the undeclared wealth is unaccounted or black money, taking the total incidence of levies to 85 per cent."

[Milkduds]

How are they going to achieve this and 500 grams would be a lot for most rural Indians I woul presume.
The interesting part for me, is Indias push in the financial dynamics. Its a big issue to rope in, if they do its going to really change India.

[maku]

INDIA JUST BANNED GOLD...

Looks like India currently requires Digital Gold for many in order to avoid permanent seizure in the amount of 85% of their assets as "TAX"... Bitcoin demand is going to rocket. Expecting record demand. Killer app activated.

Many analysts predicted such a move would likely occur and thus dampen gold demand in India. However this demand will likely shift to other products like bitcoin.

India is the second most populous country (with over 1.2 billion people), and the most populous democracy in the world.

The country with the highest demand in the world for gold, just outlawed gold. Shit just got real.

"Your gold is safe. 500 grams per married woman will not be seized..."

http://indiatoday.intoday.in/story/gold-jewellery-married-lady-income-tax-raids-demonetisation/1/824321.html

"During search operations, conducted by I-T Department, there would be no seizure of gold jewellery and ornaments to the extent of 500 grams per married women, 250 grams per unmarried women as also 100 grams per male member of the family, it said.

The Bill, which is currently under consideration of the Rajya Sabha, will amend Section 115BBE of the Income Tax Act to provide for a steep 60 per cent tax and a 25 per cent surcharge on it (total 75 per cent) for black money holders.

Another section inserted provides for an additional 10 per cent penalty on being established that the undeclared wealth is unaccounted or black money, taking the total incidence of levies to 85 per cent."

Seriously this news about China and India curbing export/trading of gold is amazing for bitcoin. It will raise bitcoin demand like crazy.
Soon we will see market shock so high that new ATH might be possible.

https://cointelegraph.com/news/india-to-ban-gold-importation-bitcoin-price-rally-market-shock-imminent

[talks_cheep]

If they can ban gold, don't you think they will also ban btc? Why would you want to invest in something that you know is going to be banned?

[lerredit]

If they can ban gold, don't you think they will also ban btc? Why would you want to invest in something that you know is going to be banned?

You cant ban bitcoin. Russia already tried and failed. It doesnt work like that.

They can search your house all day but they wont find your bitcoins.

[jbreher]

Subject title is bullshit. India did not outlaw gold. As always was the case, gold can be purchased with after-tax money.

The new thing is that the gov is now demanding that all gold be shown to be purchased with after-tax money. And, apparently, resorting to draconian measures to determine if each person's gold above some threshold has been purchased accordingly.

But it has not made gold illegal.

[JayJuanGee]

INDIA JUST BANNED GOLD...

Your spamming of this across the board does not make it true. For it is false. See the bullshit thread you created for why.

I almost thought that this was true.. so I will take the information with a grain of salt, if it is not confirmed down the road.

[jbreher]

INDIA JUST BANNED GOLD...

No. India did not ban gold. Quit spamming this nonsense.

[lerredit]

Subject title is bullshit. India did not outlaw gold. As always was the case, gold can be purchased with after-tax money.

The new thing is that the gov is now demanding that all gold be shown to be purchased with after-tax money. And, apparently, resorting to draconian measures to determine if each person's gold above some threshold has been purchased accordingly.

But it has not made gold illegal.

This sounds like Civil forfeiture in the USA, but on a much larger scale.

Call it what you like, but if you have gold, you now have to prove that it is clean or you lose it. They are going to rob their citizens blind...

[lerredit]

INDIA JUST BANNED GOLD...

Your spamming of this across the board does not make it true. For it is false. See the bullshit thread you created for why.

I almost thought that this was true.. so I will take the information with a grain of salt, if it is not confirmed down the road.

This sounds like Civil forfeiture in the USA, but on a much larger scale (legal theft of property for no reason).

Call it what you like, but if you have gold, you now have to prove that it is clean or you lose it. They are going to rob their citizens blind...

[coolcoinz]

Subject title is bullshit. India did not outlaw gold. As always was the case, gold can be purchased with after-tax money.

The new thing is that the gov is now demanding that all gold be shown to be purchased with after-tax money. And, apparently, resorting to draconian measures to determine if each person's gold above some threshold has been purchased accordingly.

But it has not made gold illegal.

If it happened in Europe we'd have panic and people digging holes in their yards to hide wealth. If Indians are normal people, which I don't doubt, they'll look for alternatives like platinum, gems and electronic goods, bitcoin included.

[JayJuanGee]

INDIA JUST BANNED GOLD...

Your spamming of this across the board does not make it true. For it is false. See the bullshit thread you created for why.

I almost thought that this was true.. so I will take the information with a grain of salt, if it is not confirmed down the road.

This sounds like Civil forfeiture in the USA, but on a much larger scale (legal theft of property for no reason).

Call it what you like, but if you have gold, you now have to prove that it is clean or you lose it. They are going to rob their citizens blind...

I agree that if what you are saying is true, then that would be a very big deal, and probably have a considerable impact on bitcoin.  I remain a bit unclear, at the moment, regarding whether you are communicating accurately about the situation.

[lerredit]

INDIA JUST BANNED GOLD...

Your spamming of this across the board does not make it true. For it is false. See the bullshit thread you created for why.

I almost thought that this was true.. so I will take the information with a grain of salt, if it is not confirmed down the road.

This sounds like Civil forfeiture in the USA, but on a much larger scale (legal theft of property for no reason).

Call it what you like, but if you have gold, you now have to prove that it is clean or you lose it. They are going to rob their citizens blind...

I agree that if what you are saying is true, then that would be a very big deal, and probably have a considerable impact on bitcoin.  I remain a bit unclear, at the moment, regarding whether you are communicating accurately about the situation.

Just read the news: http://indiatoday.intoday.in/story/gold-jewellery-married-lady-income-tax-raids-demonetisation/1/824321.html

[isov]

I think you have to keep in mind its saying that 500grams is ok for a married woman. 500g is worth like, what, ~20k$? I doubt too many indian people have that much to put in gold since they're pretty poor usually...

[talks_cheep]

If they can ban gold, don't you think they will also ban btc? Why would you want to invest in something that you know is going to be banned?

You cant ban bitcoin. Russia already tried and failed. It doesnt work like that.

They can search your house all day but they wont find your bitcoins.

How do you know "Russia already tried and failed"? China "banned" bitcoin a few times and each time it crashed the bitcoin price. Yes, I understand that you can't ban bitcoins but they can coerce people into panic selling, which is what they intended anyway.

And yes, they can find bitcoin you stashed away in your computer, paper wallet, cloud, or exchanges.

[~Bitcoin~]

If they can ban gold, don't you think they will also ban btc? Why would you want to invest in something that you know is going to be banned?

Bigger question will be how they gonna ban bitcoin? Shut down local bitcoin trading platform or limit the number of bitcoin that can be exchanged per person yearly or monthly?

Both of the above will just force indians to send those bitcoin out of the country and exchange them out of their country. They will be happy to hold USD in foreign banks rather than holding INR in local banks.

[MingLee]

That's a surprising move, definitely not something that I would expect from India.

This does set an interesting president, though. It looks like India might be learning from the Chinese and they're going to be looking at getting their own piles of gold while the rest of the world ignores the seemingly coming fiat financial crisis.

When did it get to the point where China and India were more focused on their economy for the future than the western world?

[The Sceptical Chymist]

Subject title is bullshit. India did not outlaw gold. As always was the case, gold can be purchased with after-tax money.

The new thing is that the gov is now demanding that all gold be shown to be purchased with after-tax money. And, apparently, resorting to draconian measures to determine if each person's gold above some threshold has been purchased accordingly.

But it has not made gold illegal.

I can't even read the damn article, because I have an ad blocker which precludes me from doing so.  I am unwilling to disable it just for this site.  And yeah, I doubt there's much that's going to become of this. 

If India were to pull some shit like this, then yes bitcoin might benefit.  Don't know how many Indians actually use bitcoin--does anyone know?

[amacar2]

The country with the highest demand for gold (India), just outlawed gold. Shit just got real. Citizens homes will be searched and 85% of wealth will be confiscated.

http://timesofindia.indiatimes.com/india/No-tax-on-jewellery/gold-purchased-out-of-disclosed-income-Finance-Ministry/articleshow/55724734.cms

Looks like India currently requires Digital Gold for many in order to avoid permanent seizure in the amount of 85% of their assets as "TAX"... Bitcoin demand is going to rocket. Expecting record demand. Killer app activated.

Actually where indians spend those big amount of Gold ? = Marriage and as gift on several occassions and also most of the black money are stored in gold.

As price of bitcoin was already surging due to high demand triggered by banned of bigger notes earlier this month and now this can push the price of bitcoin in indian local trading platform further. Good for indian bitcoin holders atleast...

[freshman777]

If they can ban gold, don't you think they will also ban btc? Why would you want to invest in something that you know is going to be banned?

They can ban gold, but they will not be able to enforce this ban. Doesn't mean they won't try.

They can ban and enforce ban on Bitcoin in its current form, because in its current form it has a critically centralized mining design. If Bitcoin doesn't change its design, it is not dangerous to them. This means they probably won't ban it, also means it won't get much adoption due to its limitations.

A cryptocurrency that they can't enforce a ban on should operate in a more stealthy mode, not mined in gigantic datacenters with a target on their back like this:
https://cointelegraph.com/news/worlds-third-most-powerful-data-center-to-be-used-for-bitcoin-mining

It must be a) either an asic resistant proof of work preventing industrial concentration of mining b) or some kind of proof of stake. Whatever design, it should prevent formation of gigantic datacenters and factories producing asic gear. If Bitcoin were to survive the race, it should adopt something like what Theymos proposed here: https://bitcointalk.org/index.php?topic=1654457