India to make possession of "unapproved" Cryptocurrency a punishable offence

[pakhitheboss]

Till 2019 General election I do not think any decision would be taken by the government. I also doubt this is possible. They cannot ban Bitcoin and allow ALTs. Still it is in discussion that means plenty of amendment are to come.
It is better to wait and watch rather coming into any conclusion.

[cryptohunter]

they can allow pow but ban icos

although i suspect that they will ban all except their centralised version/copy of bitcoin

if that happens then they get even further behind with things

[stayeduptolate]

Here's the link from which I gleaned this particular nugget:

https://qz.com/india/1418897/after-strangling-bitcoin-india-may-launch-its-own-cryptocurrency/amp/

The particularly relevant part runs as follows:

“The panel is also discussing amendment of the Currency Act to make possession of any cryptocurrency, not approved by the government, a punishable offence,” said the government official.

Happy days ahead for Bitcoin if it ends up on the "approved" list, as I guess it well might. Reason: too many Bitcoin hodlers in the political class and the bureaucracy!

We all know that bitcoin is a decentralised crypto currency and thus there is no such proper authentic regulating body over the bitcoin and only those governments can regulate the activities of bitcoin who has legalised its transactions in their nation and I think this thing needs to understand by entire world that to stop the illegal use of bitcoin the only way is the centralised it all over the world and India is one of the country who is in against of bitcoin and still making laws against bitcoin.

[Dmitry.Vastov]

Here's the link from which I gleaned this particular nugget:

https://qz.com/india/1418897/after-strangling-bitcoin-india-may-launch-its-own-cryptocurrency/amp/

The particularly relevant part runs as follows:

“The panel is also discussing amendment of the Currency Act to make possession of any cryptocurrency, not approved by the government, a punishable offence,” said the government official.

Happy days ahead for Bitcoin if it ends up on the "approved" list, as I guess it well might. Reason: too many Bitcoin hodlers in the political class and the bureaucracy!

I still remember the date,03/04/2018, it is the day when the reserve bank of India has issued a notice that from now the use of crypto currency is illegal in India and those who are using it has 3 months duration, in which they can withdraw their money that they had invested into crypto and after that they will be responsible for the losses and then exactly after 3 months in the month of July they has banned crypto currency but there are assumptions that there could be some amendments in this notice.