Indian Govt. committee is proposing 10 years jail for dealing in crypto

[manav24]

Probably A hoax but it will be nightmare if true.

https://www.bloombergquint.com/bq-blue-exclusive/exclusive-india-proposes-10-year-jail-for-cryptocurrency-use-may-introduce-its-own-digital-currency


may only be a cheap trick to gather eyeballs as this is really regressive.

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[Vishnu.Reang]

^^^ It is not a hoax. Bloomberg is a reputed mainstream media channel and they will never print a story without ascertaining the facts. And Bloomberg was not the only media channel to publish this news. I saw this in other websites as well.

If you remember, even when Raghuram Rajan was the RBI governor there were talks about banning the crypto-currency. At that time, the government decided against it citing the difficulty in implementing the measure. But now it looks like they have taken a hardline approach.

[DeltaForce103]

https://twitter.com/Nikunj_Ohri/status/1136984201876557824

The journalist behind the Bloomberg article posted these photos of the so-called draft bill. I find it extremely shady that he didn't just leak the whole bill, or at least the entirety of the sections relevant to the ban, that is, if this bill is even real to begin with. 

[Vikhy]

India banning crypto for the nth time, it's another clickbait article to stir the community sentiments.
Only wait for the Supreme court ruling.

[cuddaloreappu]

If the government passes a bill that bans the images of M.S.Dhoni and anyone who possess his image could  be jailed ..

how will it be implemented..

as per the draft someone holding crypto is liable to be jailed for 10 years, what if someone airdrops  a token or sends millibits of btc to large scale mail, therby half population reciveves bitcoins..therfore all of them hold btc and hence should be jailed for 10 years.

[sgk]

I read somewhere that current crypto holders will be given 90 days to "dispose-off" their crypto. What does that mean? We have to either sell our holdings or destroy our private keys. Given that all Indian holders will be in same position and there will be no buyers, the only option remains is to destroy the private keys. If something like that comes up, I'd choose to donate my crypto to someone instead of destroying it.

[baristor]

  Show's the current state of India & it's politics.

[kabit9]

anyway it is a draft bill, not approved. likely will take many more months and revisions before something reasonable surfaces.

[radhekrishna]

similar news on money control - https://www.moneycontrol.com/news/eye-on-india/videos/10-year-jail-for-buying-selling-cryptocurrency-in-india-report-4073451.html

similar news on bussiness today = https://www.businesstoday.in/current/policy/draft-anti-cryptocurrency-law-10-year-jail-bitcoin/story/354334.html

economics times - https://economictimes.indiatimes.com/news/economy/finance/draft-law-proposes-10-year-jail-term-for-dealing-in-cryptocurrency/articleshow/69693984.cms

[webtricks]

It's funny how news are sold on internet. These online media manipulate the content and add spices and flavors from their end. This is the picture of draft that was circulated over internet and the reason of this news:



You can clearly read that the punishment is based on the condition. The drafters have used the words 'any of the activities mentioned in clause (e), (g) and/or (h) of sub-section (1) of Section 8'. Hence, drafters are proposing only selective ban, not conclusive one. Trading or holding cryptocurrencies will be considered as offence only if used for activities mentioned under those clauses. Moreover, this is just a proposed draft, final bill comes to effect after passing from Houses of Parliament which is subject to several changes in the draft. So it is too early to fear anything.

[patrick.dane]

Well, I'm not from India but this clearly sucks if true. When developed countries like US, Japan & Europe are positively adopting this new tech, India is joining the likes of third world countries.

[eaLiTy]

Well, I'm not from India but this clearly sucks if true. When developed countries like US, Japan & Europe are positively adopting this new tech, India is joining the likes of third world countries.

India is a developing country or in other words it is a third world country trying to come up with a regulation for more than a year and yet did not finally decided what to do with the market even if they destroy all the companies that invested money, it is a really pathetic situation.

this is just a proposed draft, final bill comes to effect after passing from Houses of Parliament which is subject to several changes in the draft. So it is too early to fear anything.

It might be a draft but till now and there is no clarity on how the market will be and now another exchange koinex shut their doors because of the terms of jail sentence proposed in the draft bill and these stance by the government will drive the market outside of the country because of these hostile situation.

[legendster]

What the government SHOULD be doing is jail the person for 10 years that is spreading all such bullshit rumor.

A proposal for a bill is not law. And even then, a law is not set in stone! Especially if it is unconstitutional. If they do ban it, the very next day it would be challenged on the basis of unconstitutionality and that case will be pending for another half decade (like Aadhaar)

[SaShiRaJaVu]

The problem with these sort of drama is that it creates uncertainty to all the investors and the business who invested money in the market depend on the government decision on how they are going to deal with the market in the future and the losses they encounter because of these situations will drive all the potential businesses abroad and we already saw what Zebpay did with their business by shifting to crypto friendly country and we will see more companies shifting their focus outside the country.

[CoinFellow]

anyway it is a draft bill, not approved. likely will take many more months and revisions before something reasonable surfaces.

It might only be a draft bill, but you would appreciate the negative sentiments it sends out related to cryptos when this kind of news is prominently covered in the media. We all have seen Koinex shutting down their operations. The whole crypto space is in its infancy, and instead of regulating it and subsequently using the power of decentralized technology, you are trying to kill the whole thing.

Its no secret the over a period of time, world will move to decentralization and cryptos in some form will play an important part in it. So, instead of taking a proactive approach when other developed countries are trying to figure out how to handle it, coming up with this regressive ideas is not a good thing.

[sgk]

[kabit9]

anyway it is a draft bill, not approved. likely will take many more months and revisions before something reasonable surfaces.

It might only be a draft bill, but you would appreciate the negative sentiments it sends out related to cryptos when this kind of news is prominently covered in the media. We all have seen Koinex shutting down their operations. The whole crypto space is in its infancy, and instead of regulating it and subsequently using the power of decentralized technology, you are trying to kill the whole thing.

Its no secret the over a period of time, world will move to decentralization and cryptos in some form will play an important part in it. So, instead of taking a proactive approach when other developed countries are trying to figure out how to handle it, coming up with this regressive ideas is not a good thing.

in what sphere except corruption has the indian government taken a proactive approach in the last 60 years?

would you expect your pet dog (who has never flown before) to suddenly fly now?

[jayguar]

There was news about introducing a law on cryptocurrency in the Parliament's winter session. Not sure what happened or is happening on that front?

[Clement Kaliyar]

There was news about introducing a law on cryptocurrency in the Parliament's winter session. Not sure what happened or is happening on that front?

There was a rumor that they will be having the session about crypto in the parliament but they changed that last month i think as they delayed that in Lok Sabha and the lower house of India’s parliament and in hindsight it is a good decision as the lobbying parties are trying to convince the stupid government about the merits of the new market and they have to view this with an open mind rather than shutting an innovation that cannot be shut down.

[akhjob]

The latest news is that Subramaniya Swamy has reported that "Cryptocurrency Is Inevitable". He'll be chairing a conference at the UN India’s headquarters next week, where issues surrounding cryptocurrency in the country will be discussed.

It's happy to see that atleast one politician has got some brains. But we can't jump into any conclusions now. Let's see how this conference goes.