Breaking News! Third world nation bans BTC. 10 years in jail for holding crypto

[Duzter]

India is getting more users over the period with its market getting widening. Earlier several legal issues have taken place relative to the usage of bitcoin and other cryptocurrencies. Over the days the appeal was delayed and it keeps on getting delayed. Probably this time also same thing is gonna happen in my view. As an user mentioned, even if it was imposed with a law market won't get disturbed.

[RodeoX]

I'll just add it to the list of laws I do not obey. 

[bitcoinfuck]

India has decided to completely ban the possession, sale and purchase of Bitcoin or any other form of crypto-currency.

According to the mainstream media, the measures will be implemented this month, with a 90-day waiting period. Anyone who don't "dispose off" their crypto holding within this time period will be charged with non-bailable criminal offenses, which can be punished by up to 10 years in jail.

What makes this measure different from others is that while countries such as Nepal and Bangladesh have arrested random individuals for trading in cryptocurrency (or for exchanging crypto for fiat), none of the authorities anywhere in the world have arrested users just for the possession of crypto-currency.

There are an estimated 100,000 crypto-traders in India, and there are another 5,000,000 individuals who have dealt with crypto at some point of time.

Sources:

https://www.bloombergquint.com/bq-blue-exclusive/exclusive-india-proposes-10-year-jail-for-cryptocurrency-use-may-introduce-its-own-digital-currency
https://www.moneycontrol.com/news/business/cryptocurrency/10-year-jail-for-buying-selling-cryptocurrency-in-india-report-4073451.html
https://entrackr.com/2019/06/crypto-users-india-may-face-10-year-jail-term/
https://www.ccn.com/bitcoin-india-anti-crypto-bill-imprisonment
https://www.fxstreet.com/cryptocurrencies/news/indias-crypto-ban-draft-bill-suggests-10-year-jail-term-for-those-dealing-in-cryptocurrencies-201906071050

Let's not get ahead of ourselves. This is a proposed bill - it has not been put into law just yet. If it becomes law, it will be a global embarrassment, because it will keep India behind economically.

exactly to the stone ages

[kryptqnick]

India has decided to completely ban the possession, sale and purchase of Bitcoin or any other form of crypto-currency.

According to the mainstream media, the measures will be implemented this month, with a 90-day waiting period. Anyone who don't "dispose off" their crypto holding within this time period will be charged with non-bailable criminal offenses, which can be punished by up to 10 years in jail.

What makes this measure different from others is that while countries such as Nepal and Bangladesh have arrested random individuals for trading in cryptocurrency (or for exchanging crypto for fiat), none of the authorities anywhere in the world have arrested users just for the possession of crypto-currency.

There are an estimated 100,000 crypto-traders in India, and there are another 5,000,000 individuals who have dealt with crypto at some point of time.

Sources:

https://www.bloombergquint.com/bq-blue-exclusive/exclusive-india-proposes-10-year-jail-for-cryptocurrency-use-may-introduce-its-own-digital-currency
https://www.moneycontrol.com/news/business/cryptocurrency/10-year-jail-for-buying-selling-cryptocurrency-in-india-report-4073451.html
https://entrackr.com/2019/06/crypto-users-india-may-face-10-year-jail-term/
https://www.ccn.com/bitcoin-india-anti-crypto-bill-imprisonment
https://www.fxstreet.com/cryptocurrencies/news/indias-crypto-ban-draft-bill-suggests-10-year-jail-term-for-those-dealing-in-cryptocurrencies-201906071050

This is very sad and tough. It will affect a lot of people in India, and set a bad precedent. But others are right that for now, it's just a dangerous possibility, not reality. It's only a draft bill, so it is yet to be passed and after that perhaps signed by the head of the government (I don't know how it works in India, but in my country, the president has a right to veto a law, and in that case only 3/4 of votes in the parliament can overrule the president's decision). I hope that India will choose wisely and that if it does not, people will not put up with it and will make a petition or peaceful protests for reconsideration.

[Vishnu.Reang]

I am from India, and I need to say that this is a very worrying development.

As many of the users have posted here, it is true that this is just a proposal. But the plans have been finalized and this draft bill is supported by the members of the ruling party. The opposition is also likely to support this bill, as I can't find a reason why they should oppose. Anyway the ruling party is having an outright majority and they can easily pass the bill in the two houses of the parliament. Till now, not a single one out of the 543 parliamentarians have spoken out against this bill.

The next step is getting the approval of the president. And here, the president is a member of the ruling party, and the chances of him refusing to sign is virtually zero.

The only step that is left now is to challenge this bill in the Supreme Court of India. But there is no guarantee that the judges will side with the Bitcoin users. And also, any such litigation can take at least a few years time. And that duration is enough for the authorities to harass the million+ crypto users in India.

[Kakmakr]

This kind of thing will happen more and more as corrupt governments wants to eliminate their competition. They need 100% control over their cititzens and when a technology like this emerge, then it pose a threat to their control.

The problem is that a government like this will never survive if they are elected officials, because the voters will turn against them if they do not serve their purpose and the mandate that the majority of the citizens wants.

Advice : Use your vote and get rid of governments like this. 

[automaticmoney]

India country proposed bill one of the cluase of banning crypto now going like wild wire all over the world but in reality  still surpme court should give hearing about crypto in the month of July

[rdluffy]

This is only a proposal, not defined yet.
But guys, do you really believe governments will close their eyes forever about BTC and cryptos?
You're so naive, today the BTC does not represent a real threat, but soon or when BTC reaches some real high levels, we should be worried (or not  , BTC purpose is to fight against governments and banks in general)

[Pipdips]

It is only a proposal and I do not think India will execute the ban.

[enhu]

This is only a proposal, not defined yet.
But guys, do you really believe governments will close their eyes forever about BTC and cryptos?
You're so naive, today the BTC does not represent a real threat, but soon or when BTC reaches some real high levels, we should be worried (or not  , BTC purpose is to fight against governments and banks in general)

Nope. It must work side by side with the government since we all want the adoption to happen. I don't think it will be approved though knowing most countries today and even banks are now into developing thier own chain. Their government should realize that. If imposed though, we might be seeing a slight decline again.

[lohladex]

Though this is just a proposal , not been fully implemented into law and not enforceable yet . I believe if this proposal could become a reality it will keep India economy  behind so much because the future is obviously  very bright . I also believe Government of a nation should always respect every human right and interest. Formulating or proposing such principle is  just like infringement on their citizens right though i do not know the kind system of  Government  they are running . I believe the Banks are the  architect behind this and if this could become a reality more countries who does not want to embrace the world of transparency are likely to follow the suit . Personally, i do not see cryptocurrency as a threat to any nation economy .

[Cheesus]

So, India is going to ban the cryptocurrency entirely, which is a very bad news for the crypto community! India is one of the large countries and it has millions of bitcoin supporters but this 10 years jail attempt will create chaos into the Indian crypto community! About a month ago, my Bengali friend told that his friend got arrest by the police in money laundering case because he was a regular crypto buyer. So, these news you can't ignore. At least I want to see the crypto freedom flag in India!

[arpon11]

Maybe India government has decided to keep its citizens from the future of money and what will determine the international monetary policy in ten to twenty years to come. I have pity for traders living in India and this is seriously going to affect bitcoin and crypto currency in general because many of the India holders are going to dump the coins in their possession in others not to be cut-up with this laws. However, I do believed that since this is a proposal, this laws may not seal through at the end as reason is going to prevail on them at the end.

[mr.robot8]

i am sorry that India is against bitcoin and has introduced such strict laws but it is their choice and we must respect it

[TimeBits]

They cannot force you to give up your password, Like they did with gold back in the day in America, They went into peoples houses and stole the gold, they cannot take your bitcoins, fuck your bills India and Mr Sherman.

[BL46K 7193R]

This is really bad news for the Indian crypto user. In many countries of Asia, Bitcoin has not been legally validated by the government of Bitcoin. Yes, news has been heard in Bangladesh, now in India. I think the government of these countries should think about the crypto currency.

[seoincorporation]

These are bad news, i don't think it will affect the bitcoin price or the markets but always to have a gov vs technology is like make a back step on evolution. And is crazy when for a government put on the same place assassins, corrupts and traders, like if they were all the same bad guys.

[Artemis3]

India has decided to completely ban the possession, sale and purchase of Bitcoin or any other form of crypto-currency.

According to the mainstream media, the measures will be implemented this month, with a 90-day waiting period. Anyone who don't "dispose off" their crypto holding within this time period will be charged with non-bailable criminal offenses, which can be punished by up to 10 years in jail.

What makes this measure different from others is that while countries such as Nepal and Bangladesh have arrested random individuals for trading in cryptocurrency (or for exchanging crypto for fiat), none of the authorities anywhere in the world have arrested users just for the possession of crypto-currency.

There are an estimated 100,000 crypto-traders in India, and there are another 5,000,000 individuals who have dealt with crypto at some point of time.

And how exactly the Indian authorities are going to enforce this? Their stupidity is infinite.

Boot Tail OS live linux iso, make cold wallet with Electrum, write your seed words, share your wallet addresses online or whatever, shut off pc.

Where is the money? In the blockchain. People don't "possess" bitcoin, or wallets for that matter...

Now they would have to "prove" an individual could control a group of coins, how are you going to do that? The seed words are perfect for stenography, just pick a random book and mark some words, etc.

India should take a look at its neighbor China to see how well they ended enforcing things like that, ie. quite the opposite result.

Indian people might take it underground, but stopping it is impossible, it is designed to prevent this,

If you are Indian make your cold wallet now and keep your coins safe until those old fools making this "law" leave this plane of existence. Banning Bitcoin is a perfect way to keep wealth away from your country, don't be surprised one of your neighbors adopt it and become rich while you continue the misery for your people.

Please OP, don't say "Third world country", spell it correctly: India wants to impoverish their people even more by banning Bitcoin.

[d5000]

I wonder why "Bloomberg Quint" is the only source that had access to the proposed law. All the other sources listed in the OP are citing it as a source, and in the case of Money Control it even says:

Moneycontrol could not independently verify the story.

Also interesting:

https://www.coindesk.com/reserve-bank-of-india-denies-involvement-in-draft-bill-to-ban-cryptocurrencies

That would mean that while there are government agencies in favour of a ban, the draft seens to be still in an early stage.

Found also this older article from April 26:

https://economictimes.indiatimes.com/news/economy/policy/government-department-discuss-draft-bill-to-ban-cryptocurrencies/articleshow/69048480.cms

[royalfestus]

I was so surprised to know they got over 5m people involved because the country had always been against cryptocurrency. This could deprive alot of indian as country with high number of technology human resource. I also wonder how they monitor country men's involvement to keep such stats, so it could be dangerous to dare this news.