INDIA: Draft Law Proposes 10-year Jail Term for Dealing in Cryptocurrency

[wozzek23]

Sad news for Indian friends who make cryptocurrencies sources of their income. Theres a lot of Indian individuals that are in crypto. I wonder what would be the purpose of their would be Crypto Rupee if they will not eliminate paper Rupee totally. The government must want to clean the country of any other cryptocurrency to circulate before they launch  their own. 

India is not a very rich country, and a large portion of the population lead a hand-to-mouth existence. For millions of such people, cryptocurrencies are the source of passive income or additional income. You may not believe this, but an amount as small as $30 per month can make a lot of difference to many Indians. It is sad that the government is taking away this opportunity from such people.

India is not poo man, far richer than lots off countries,the problem with India is just their population. India GDP is 11 trillion dollars for a population of over a billion, don’t you think they are really trying. If India population was not up to that, then they would have been among world leading nation in terms of economy.

I guess they are trying to protect their economy, which is why they banned Bitcoin thinking it could do damage to their finances, but I know that with time, they will get better understanding, and see the benefit of cryptocurrency to their economy and to their citizens too especially in terms of job creation.

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[emmybd]

These days, there hasn't been many good news from India and this is one of those. I believe this type of law wouldn't be helpful for a country like India. Hope the government would soon realize it.

[Ucy]

So. how is this law going to be enforced?  Will they be scanning through peoples devices for cryptocurrency (people's digital property)? or will they always search the devices physically? After this what next? Ban people from holding gold and silver or even ban bartering.
What a "modern" world we are living in.

[yusupjatigumilar]

When many countries begin to adapt to the blockchain and crypto currencies, but this country will instead give punishment to anyone who is related to bitcoin, I think that is something that reflects the government's inability to adapt to technology, like stepping back in a civilization. If the fear is about taxes, why don't they try to make tax regulations related to this, instead of banning the use of bitcoin.

[joseafonso123az]

Hopefully this law wont get approved, or else other countries might follow this, making BTC illegal, and maybe only usable in the dark web. With that said, the price might become low, but it will have some power still.
Everyone creating their own cryptos or digital coin, thinking that BTC will disappear are purely mistaken. The real question here is, are they only thinking about money laundering because they dont have good mechanisms to find that out? Security should also grow with every new piece of technology, After that you may reap the fruits of it!

[bitgolden]

I think this is a wrong decision by the government of India. I am not sure if its just a proposal or this law has been implemented. Whatever is the case, this will give negative message to the people who are dealing in bitcoins and crypto. People may find a back door if the government implements this and ban the bitcoins.

I am a resident of India, and this is a draft proposal which is about to be tabled in the parliament. The parliament summer session started from yesterday onward and we can expect this bill to be tabled at the lower hosue anytime soon. The government has been giving "negative messages" to cryptocurrency users for quite long. Back in 2014, they issued a warning saying that Bitcoin is a ponzi and everyone should stay away. When no one listened to them, they started threatening the users.

Do you think we all need to go on fasting and prayer for this bill not to see the light of the day? LOL, because we really need you guys to record a success story for cryptocurrency. I am sure that this bill will be passed not to favor those who are using cryptocurrency illegally, but for those who will use it for legal means, there will still be a level of regulations for them.

In the parliament, any smart person should brief the house about the goal of blockchain technology, I think this is what they need to emphasized on more and not the cryptocurrency part of it, if they emphasize on crypto, it might really discourage them more as we really have some of these stupid projects that is making crypto look like Ponzi scheme now.

[Vishnu.Reang]

Sad news for Indian friends who make cryptocurrencies sources of their income. Theres a lot of Indian individuals that are in crypto. I wonder what would be the purpose of their would be Crypto Rupee if they will not eliminate paper Rupee totally. The government must want to clean the country of any other cryptocurrency to circulate before they launch  their own. 

India is not a very rich country, and a large portion of the population lead a hand-to-mouth existence. For millions of such people, cryptocurrencies are the source of passive income or additional income. You may not believe this, but an amount as small as $30 per month can make a lot of difference to many Indians. It is sad that the government is taking away this opportunity from such people.

India is not poo man, far richer than lots off countries,the problem with India is just their population. India GDP is 11 trillion dollars for a population of over a billion, don’t you think they are really trying. If India population was not up to that, then they would have been among world leading nation in terms of economy.

I guess they are trying to protect their economy, which is why they banned Bitcoin thinking it could do damage to their finances, but I know that with time, they will get better understanding, and see the benefit of cryptocurrency to their economy and to their citizens too especially in terms of job creation.

Obviously the uncontrolled explosion of population have been the no.1 curse of India. And the worst part is that it is the illiterate slum dwellers who seems to be producing children, as the educated people are having maximum one or two kids each. The current government policies encourage child production among the uneducated by offering them everything for free, at the same time discouraging the same among the educated by imposing various direct and indirect taxes which takes away a major part of their earning.