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

[bryant.coleman]

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

[1714908606]

1714908606

[pushups44]

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.

[CryptoBry]

In case this proposal can come into law, it would be a sad day for many Indians who believe in the use and advantages of cryptocurrency. Now, I am wondering how will the government determine if one has a bitcoin or any type of cryptocurrency? Will they be searching the computer files of someone suspected to "possess" such an asset? This is insane because this measure would virtually equate cryptocurrency with that of possessing an illegal drug or paraphernalia thereof. This is insanity at its best but once this can be the law there is nothing we can do to counter such a move from the government but to follow or maybe just hide.


It would be interesting how the cryptocurrency community in India will be reacting to this proposal. I am hoping that this can be the fire that can ignite them to fully unite and have their voices get heard. I am still hoping though that soon a better climate for cryptocurrency in India will ensue.

[Bttzed03]

The Title is misleading. Just state India Lawmakers Proposes 10 year.....

It is likely that the government will support this proposal and is likely to be approved by the lawmakers. I do hope their local court invalidates this if it ever becomes a law.

[creeps]

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.

There’s still a chance that this will not become a law but Indian people will panic because of this not good suggestion. I don’t understand why India have to do this, i know they are a religious country but I hope they won’t stop their people to grow and help them, educate them not to remain poor. India will be left behind if they continue to stop their people from adopting, hope this wont succeed and never become a law.

[Slow death]

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.

look at the government of India, is a government that wants to have full control of its people and the caste problems that exist in India only prove that they are long overdue on basic issues as equal rights for all citizens. hardly a country like this can live very well with bitcoin as long as it has a government like what they have. governments that seek control over their people will hardly accept decentralized things

[Ailmand]

It's not confirmed yet because it's still undergoing a certian process but it will affect the market somehow. India has a huge number of users and it will be a big lost if they will ban cryptocurrency completely. Users will surely do a panic selling which may affect the prices as well.

[vv181]

~governments that seek control over their people will hardly accept decentralized things

another thing that reasonable for such kind of governments is to make a centralization within a decentralized system. forcing KYC/AML verification, and taxing it. Is such of option to make it possible, to take away the decentralization. although the pseudo-nym nature of Bitcoin in addition to privacy and anonymity tools are enough to prevent us from being tracked. It is necessary to use a decentralized exchange like Bisq to convert into FIAT in case of such governments condition.

[gentlemand]

It's not confirmed yet because it's still undergoing a certian process but it will affect the market somehow. India has a huge number of users and it will be a big lost if they will ban cryptocurrency completely. Users will surely do a panic selling which may affect the prices as well.

Going on the calibre of people involved there's a high chance this is going to happen.

India does not have a huge number of users. Prices will not be affected.

The whole of India has 29 full Bitcoin nodes and Localbitcoins volume was less than $2 million last week. It's nowhere and it's staying nowhere.

[dothebeats]

This is not finalized according to the sources you yourself have mentioned. If this would actually be the case for India, it would be a complete miss on their economy knowing so well that the crypto industry has been moving forward lately. Also, if this would be the ultimate end of crypto development on the said country, imagine how much jobs would have crypto services created had it been opened and supported by the government. It's quite unfortunate really but if that's what they wanted, no one can ever change that.

[Genemind]

It's a risk for most Indian users. We know how crypto works and how it makes every individual's financial status better.
It will be a disadvantage for most holders if India will ban it.
India is a developing country and cryptocurrency contributes a lot in their development. It's just sad news that their government is really against it.

[uneng]

No, nothing was banned. There is a proposal to ban crypto currency and arrest its users. That would be a very arbitrary measure worthy of the most tyrannical countries of the world. I don't think India wants to be seen this way by other countries.
Especially a country that is so famous for its technology interest and labour. Now indians need to raise their voices against this absurd, do you live in a democracy or not?

[Wayan_Pedjeng]

It's a risk for most Indian users. We know how crypto works and how it makes every individual's financial status better.
It will be a disadvantage for most holders if India will ban it.
India is a developing country and cryptocurrency contributes a lot in their development. It's just sad news that their government is really against it.

Being a resident of Indonesia, I can understand the frustration and helplessness being faced by Indian nationals. Even here the government was quite hostile to crypto sometime back. Only recently did they changed their approach to the cryptocurrency. Hold strong guys, it is just a matter of time before the government realizes its mistake and reverses this policy.

[Beerwizzard]

I don't really care about that. A huge part of minor crypto users is coming from different shitholes like Venezuela or India and this part of users  deal absolutely nothing on the entire crypto ecosystem and at the same time they are holding or shilling a huge amount of crypto scams.
To make cryptocurrencies somehow established we need normal people to use it.

[eaLiTy]

Being a resident of Indonesia, I can understand the frustration and helplessness being faced by Indian nationals. Even here the government was quite hostile to crypto sometime back. Only recently did they changed their approach to the cryptocurrency. Hold strong guys, it is just a matter of time before the government realizes its mistake and reverses this policy.

I really doubt if there will be any change from the proposed bill, i really do not understand the concept behind people who are possessing bitcoin too will be jailed, earlier they were saying that these things are done to protect its users from fraudsters, but now it is clear what they are really aiming for, to have a dictatorship level control over its citizens and the moment the old government got re elected i knew something like this was coming as majority of the people in that party does lack common sense. There is a court system and i hope will have some justice and the proposed bill will not get passed as drug peddlers and rapist are not getting this kind of sentence in India, which part of the brain they came to a conclusion to give this kind of punishment  .

[pundit]

This news looks surprising to me, indian law is very flexible and it cannot impose 10 years jail. I doubt the publishers publishing this. This is a proposed bill and should not come into existence. Such hard punishment only to trade/hold crypto is not at all justified in the country with such a flexible law. Indian govt is focusing on digitization and such ban on crypto will surely set them back. I hope govt will realize it and avoid bringing such baseless law into mainstream.

[Sithara007]

If this legislation is confirmed by the parliament, then Indian Bitcoin users will be having very few options. Let me check the options one by one:

1. "Dispose off" the coins and report past holdings to the authorities: You can't "sell" your coins, so you need to give it to someone for free. How practical is this?

2. Moving to another country: For the ultra-rich, getting a new passport and emigrating out of India may be an option. But 99.99% of the Indian Bitcoin users can't afford this.

3. Hiding your Bitcoin holdings: Very risky. As we all know, Bitcoins are not 100% anonymous. It is not impossible for the authorities to trace the wallet holdings to you. And once that happens, you will be jailed and in addition to the prison term, you will be slapped with a crippling monetary fine. All of your assets may get seized by the government and by the time you manage to get out of the prison, you may not be having a roof over your head.

Right now, these are the only viable options available to the users. And their small size means that they will be unable to exert any influence on the government. India is a country of 1400 million people and the total number of Bitcoin users may constitute around 0.1% of this number.

But can the authorities arrest 1 million people and send them to jail? And that too just for the possession of some codes.

[Minarchist2311]

Why the misleading title? There are bills in the US to ban crypto. It’s all proposals, not law.

[partysaurus]

The Title is misleading. Just state India Lawmakers Proposes 10 year.....

It is likely that the government will support this proposal and is likely to be approved by the lawmakers. I do hope their local court invalidates this if it ever becomes a law.

its very likley it will get passed, but agree the title is a bit missleading its like its already in effect and that people got jailed for holding btc lol

[coolcoinz]

Why the misleading title? There are bills in the US to ban crypto. It’s all proposals, not law.

Exactly. Any party or even a single MP can write a bill. Bulls are voted every single day and usually they have to go through 2 chambers of parliament and then be signed by the president. If any of these 3 parties don't agree with the bill it gets reset and has to be revised and be presented again to the first chamber.
10 years in jail is too extreme it's not going to be approved, although a normal ban is possible if not likely. India is a weird country.