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

[Rooster101]

Each country has its own view on cryptocurrencies and their lawmakers' views may be different but the decision to sign the law is still in the of head of state. If the head of state did not like the proposed bill to be enacted, he will not sign it and if he/she signs it, the cryptocurrencies will find their way to the underground exchanges. Since the cryptocurrencies existed only in the web, people will always find ways to buy and sell virtual currencies even there is law that restrict them.

[SaShiRaJaVu]

Black money scare has scared India. I think USA has allowed Bitcoin to function as a digital asset.

Bitcoin is the most transparent form of money and there is nothing you can hide from the blockchain and yet you think that the Indian government is scared of black money if there is every recorded transaction ever done in bitcoin and if that is the reason they are coming up with for passing the bill, the world will laugh at them for their lack of knowledge about the entire bitcoin infrastructure, if they ban the use entirely people will still trade away from government eyes because the no one can stop the market.

[Vishnu.Reang]

Each country has its own view on cryptocurrencies and their lawmakers' views may be different but the decision to sign the law is still in the of head of state. If the head of state did not like the proposed bill to be enacted, he will not sign it and if he/she signs it, the cryptocurrencies will find their way to the underground exchanges. Since the cryptocurrencies existed only in the web, people will always find ways to buy and sell virtual currencies even there is law that restrict them.

The political system in India is different. The effective head of the state is the Prime Minister, who is a part of the ruling party. The president has only nominal powers and he is also a member of the NDA (ruling alliance whose members proposed the measure to ban Bitcoin). The proposed bill in all probability will be passed in both the houses of the parliament, and then signed by the president. It may face legal challenges in the top most court, but I am not very optimistic about this scenario. The mindset of the supreme court judges in India is not very different from that of the lawmakers.

[jakelyson]

The political system in India is different. The effective head of the state is the Prime Minister, who is a part of the ruling party. The president has only nominal powers and he is also a member of the NDA (ruling alliance whose members proposed the measure to ban Bitcoin). The proposed bill in all probability will be passed in both the houses of the parliament, and then signed by the president. It may face legal challenges in the top most court, but I am not very optimistic about this scenario. The mindset of the supreme court judges in India is not very different from that of the lawmakers.

Does this mean that even though this is just a proposal, it is most likely will be approved and become a law in India? Do we expect another dump because of this law?

[pundit]

Yes, India has many crypto users. With such a proposal, I think the best way for Indians is to take a safe path. That is by selling their coins while waiting for the final decision from the government. This kind of news is certainly very stifling and I am afraid if this action will be imitated by the lawmakers in my country.

Lol. This whole topic is hilarious. Firstly, as others have mentioned already, this is just a stupid proposal and nothing more which may or may not pass at the end of the day. Lets just assume that it passed. What happens next?

The RBI banned crypto completely many months ago and people still actively trade crypto. This is a similar situation. People will find some way or another to continue trading crypto since you cannot actually ban crypto entirely.

The Indian government has banned porn completely at present, but people found workarounds. Torrents are banned, but people still use proxies and VPNs to view them.

Completely agreed. 10years jail term for just trading cryto and that too in India which has most flexible law seems ridiculous, even if it is implemented people will find other ways around. Forex trading is banned in India since beginning but still you can find forex broker in every city, they can accept paymet in INR and can credit your account in USD. Moreover current Indian govt is focused on digitization so I don't think they will ban thing like cryptocurrency.

[Eildosa]

Why are they doing this? People want to improve their lives with bitcoin, why the government won't let them do it. They do not want to see the positive side of bitcoin and it is very sad.

[gentlemand]

Why are they doing this? People want to improve their lives with bitcoin, why the government won't let them do it. They do not want to see the positive side of bitcoin and it is very sad.

Why did they restrict gold imports? Why did they trip up their population by deleting their banknotes?

It's about driving money into bank accounts so they can tax, surveil and control it plus preventing capital flight. Widely adopted crypto would be a nightmare in that scenario so if they don't do it this time around they'll certainly try again in future.

[SaShiRaJaVu]

The political system in India is different. The effective head of the state is the Prime Minister, who is a part of the ruling party. The president has only nominal powers and he is also a member of the NDA (ruling alliance whose members proposed the measure to ban Bitcoin). The proposed bill in all probability will be passed in both the houses of the parliament, and then signed by the president. It may face legal challenges in the top most court, but I am not very optimistic about this scenario. The mindset of the supreme court judges in India is not very different from that of the lawmakers.

Thank you for bringing this up here, it shows the failure of democracy to the whole world and India is the largest democracy and it is showing its flaws here, the president is a set up of the ruling party and he is a mere dummy to play according to their plans which sucks, i am from a state where the ruling party is not even having one seat in their entire history and they will never win a single seat because of their ideology, literacy is a major factor why these sort of parties are still ruling India in 2019, people will be happy to get money and free goods in order to cast their votes.

[miropp]

I think this is a very strict law. 10 years in jail for trading crypto is a lot. I would like to have a good future with cryptocurrency, so that all countries have a positive attitude to it. I hope I will can see that.

[Sithara007]

The political system in India is different. The effective head of the state is the Prime Minister, who is a part of the ruling party. The president has only nominal powers and he is also a member of the NDA (ruling alliance whose members proposed the measure to ban Bitcoin). The proposed bill in all probability will be passed in both the houses of the parliament, and then signed by the president. It may face legal challenges in the top most court, but I am not very optimistic about this scenario. The mindset of the supreme court judges in India is not very different from that of the lawmakers.

Thank you for bringing this up here, it shows the failure of democracy to the whole world and India is the largest democracy and it is showing its flaws here, the president is a set up of the ruling party and he is a mere dummy to play according to their plans which sucks, i am from a state where the ruling party is not even having one seat in their entire history and they will never win a single seat because of their ideology, literacy is a major factor why these sort of parties are still ruling India in 2019, people will be happy to get money and free goods in order to cast their votes.

I think you are from Southern states such as Andhra and Kerala, where the NDA failed to win any seats. This is one of the flaws of democracy. In a democratic system, if a particular group increases its population, it gets more votes and thereby more power. The Southern states have very low population growth and are therefore becoming insignificant in the Indian politics. On the other hand, the states of UP and Bihar are home to almost 30% of the Indian population (the proportion is increasing every year due to huge population growth), and they are having a stranglehold over the Indian politics now. NDA won 103 out of 120 seats from UP/Bihar this time.

[Clark05]

It is not good for indian citizens because they will be affected on that. I do not know the reason why they do that because crypto is good opportunity and people in India will forcing to sell their coins they have right now to not punish by the government I hope this law will be abolish it is not fair for everyone.  Crypto is legit and they did not do this. 

[umbara ardian]

Don't worry, in the long run, this will stop. Banning BTC is not the solution.

yeah, BTC banning every country when they sold out at top price, and they give us bad news to dump btc price and buyback at down price. It's classic news

[BuxCoin]

yh there are lot of crypto traders in india and investors too , i saw the article there is no official conformation from ministries or rbi but big stop for crypto traders in india 10years jail thats big too 

[xWolfx]

Lol. This whole topic is hilarious. Firstly, as others have mentioned already, this is just a stupid proposal and nothing more which may or may not pass at the end of the day. Lets just assume that it passed. What happens next?

The RBI banned crypto completely many months ago and people still actively trade crypto. This is a similar situation. People will find some way or another to continue trading crypto since you cannot actually ban crypto entirely.

The Indian government has banned porn completely at present, but people found workarounds. Torrents are banned, but people still use proxies and VPNs to view them.

That's truth, seems like they are not so effective at enforcing their laws like practically any third-world country especially. Even the developed ones had problems when it comes to something banned.

Now, they are not completely useless i'm sure and the few ones who get caught will pay a fine and face up to 1 year of jail if it pass so they will be together with criminals for doing something harmless. That sounds like a complete injustice for me.

Leaving that place would sound like a better idea if the thing passes out. The ones who stay it's their decision but they know what they're playing with.

[quarkfx]

Yes, India has many crypto users. With such a proposal, I think the best way for Indians is to take a safe path. That is by selling their coins while waiting for the final decision from the government. This kind of news is certainly very stifling and I am afraid if this action will be imitated by the lawmakers in my country.

Lol. This whole topic is hilarious. Firstly, as others have mentioned already, this is just a stupid proposal and nothing more which may or may not pass at the end of the day. Lets just assume that it passed. What happens next?

The RBI banned crypto completely many months ago and people still actively trade crypto. This is a similar situation. People will find some way or another to continue trading crypto since you cannot actually ban crypto entirely.

The Indian government has banned porn completely at present, but people found workarounds. Torrents are banned, but people still use proxies and VPNs to view them.

well said yes people will search for alternative and this laws keep on going either they should ban completely or they should let crypto trading legal , this type of statements don't have value 

[muratsink]

there are at least five million crypto users who actively create charts of crypto trade, investment and mining.  the aim of the central bank of India's decision to provide security for public transactions. 
the Indian government's decision to make BTC fall.  I think this is a bad decision.  and it would be better if each country to control the circulation of each crypto transaction with regulation.

[BitHodler]

I think this is a very strict law. 10 years in jail for trading crypto is a lot. I would like to have a good future with cryptocurrency, so that all countries have a positive attitude to it. I hope I will can see that.

I think that in every country there are certain government officials or politicians who put down a proposal that is extremely harsh and meant to specifically target a certain industry or group of people.

The thing here is that just because it concerns crypto, it's suddenly worldwide news. Crypto has been the hottest topic for years now and what's better to leverage this and spread a bunch of nonsense to generate clicks and views?

This proposal is so ridiculous that even for a country as India (which has been quite negative towards crypto for a long time now), it's likely going to be rejected by a majority vote.

[veleten]

India has been sitting on a fence regarding cryptocurrencies for a long time
and now they decided that if they cannot control something , they will ban it
its a shame if the news is true and they are starting a witch hunt
but i'd wait some time and see if it is enforced or not , we all know that the news from India and Russia about crypto are controversial

[candra raditya]

A condition that is not favorable for crypto owners, and if such regulations are really implemented in your country it is better to sell than to have to deal with the law.

[Indrawan77]

there are at least five million crypto users who actively create charts of crypto trade, investment and mining.  the aim of the central bank of India's decision to provide security for public transactions. 
the Indian government's decision to make BTC fall.  I think this is a bad decision.  and it would be better if each country to control the circulation of each crypto transaction with regulation.

I agree that its a bad decision, even proposing the banning already a big mistake I don't understand why the government need to take so harsh decision, bitcoin is not totally used for criminal things, I believe there are some people making a living using bitcoin in that country, if btc really being adopted in a lot of countries then India will be left behind, it's such a shame that the government got a negative perspectives on bitcoin