Indian Govt Planning Ban on Crypto

[Wapinter]

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/

[erikalui]

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.

[Wapinter]

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 

[erikalui]

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 

Let them be banned first. Many countries have banned cryptos and then lifted the ban like Russia. 

[Wapinter]

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 

Let them be banned first. Many countries have banned cryptos and then lifted the ban like Russia. 

Yes lets hope they dont ban it in the first place 

[deadley]

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 

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.

[erikalui]

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?

[Crypto_Sassy]

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.

[deadley]

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.

[avikz]

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!

[newIndia]

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?

Definitely.

[Wapinter]

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.

They can still frame you in Anti money laundering act.

[deadley]

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.

They can still frame you in Anti money laundering act.

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?

[Wapinter]

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.

They can still frame you in Anti money laundering act.

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?

Wont they ask you to disclose the source of your income?

[erikalui]

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.

[webtricks]

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 ).

[deadley]

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.

They can still frame you in Anti money laundering act.

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?

Wont they ask you to disclose the source of your income?

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.

[vennali]

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.

[legendster]

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.

[Saint-loup]

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