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

[Stargazer]

Just finished reading this news from the moneycontrol website! It is wired! When India finalized this rule? They banned cryptocurrency, it's ok! But they should not arrest people for dealing bitcoin in the p2p method! I hope that guys will release very soon. Buying bitcoin is not a sin, and 10 years in jail is enough to destroy a man's life. India should reconsider its step about cryptocurrency.

[Clement Kaliyar]

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

Majority of the people who invested in bitcoin will not obey those rules, they will just take the bitcoin market underground and that is what they are doing if that proposed bill becomes a reality, they are not capable of sorting the general problems of the common citizen and yet they are coming up with a bill which will be impossible to track if we trade smartly and there will be new P2P based markets coming up just because of the situation.

[Shenzou]

There are a lot of people that are users and holder of bitcoin in India, and if this proposition passes through it won't just be bad for the Indians but it will be catastrophic, if this goes through how will they exchange all the crypto they have, I think that this is not going to be happening simply because the government does not have the ability to track the people that posses cryptos, they can monitor ips that go popular crypto sites but people can just use VPN, and 10 years is a lot for possessing crypto it is hire than possessing and dealing drugs, all of this seems dumb.

[samycoin]

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.

That's true how they can trace the people who using crypto, it's sad for India if they regulate that kind of law. That's why some people of don't want government enter to crypto because of this. Maybe they have reason to do this but some are want to currupted it.

[Stedsm]

Give proofs or STFU because it's just a proposed draft and not a bill that has come into execution already. Wait for a decision to come out and we'll see. I'm from India too and I know what kind of media do we have here. They hear something, they add a lot of spice into the debate to make it the talk of the Town. So, let's not just come to a conclusion here and wait for final results.

[Mike Mayor]

You can propose any law. You can propose wearing red underwear on fridays. It doesn't mean it goes into law. Noone will listen to this bs. Lol being arrested for doing something that doesn't hurt anyone.
Great way to start a war with your own people. If someone threatened my way of life or my assests in anyway I will defend myself. I worked for it, it is mine to do as I wish to.

If any law like this ever passes then its own obligation to break those laws because...

When law becomes injustice then rebellion becomes duty.

[sushil7045]

I am India and this title is totally misleading. The news is that this is a draft bill. This can be rejected or can be changed . No one is going jail for holding crypto as of now. This is a just a new article that this is a draft bill and this might happen. And we all know how much FUD news come in crypto market. So personally i will wait for official government bill.

[XFlowZion]

I am India and this title is totally misleading. The news is that this is a draft bill. This can be rejected or can be changed . No one is going jail for holding crypto as of now. This is a just a new article that this is a draft bill and this might happen. And we all know how much FUD news come in crypto market. So personally i will wait for official government bill.

We all know that those news agencies work dirty and will put misleading title so just people will click them. But I  agree with you man, you have 5M of your people involved in crypto and that is a  lot. Your number will definitely change their mind and you guys better start doing a campaign in India and how blockchain could help your economy to make them on your side.

[marcbitcoins]

Many crypto users specially Indians will be disappointed by this move as this will not favor the market which is starting to recover from bearish trend. Expect many Indians crypto users will protest to this and will do counter measures just to make their government to not to support this proposed law like in South Korea that after the people protest on banning of Bitcoin their government decided to support Bitcoin.

[Wayan_Pedjeng]

A total of 51 posts in this thread and not a single user has proposed a solution in case the Indian parliament passes this draft bill.

I am not an Indian. But here is what I have to say: rather than fighting among ourselves, we need to act quickly against this measure. Legal avenues needs to be explored, and at the same time awareness campaigns must be taken out so that ordinary people are educated about the fallacy of this measure. Bitcoin users in India needs to make a plan, so that anyone facing legal issues from this new measure is provided adequate support.

I am not sure about the total number of Bitcoin users in India, but it may be in millions. It is time to stand united and if there is no unity, then things will get easier for the dictatorship. And don't wait for the government to implement this measure. Start taking precautions from today itself. Most likely, the government is likely to arrest a few random Bitcoin users and use their detention to create a fear psychosis in the mind of the remaining users. The Indian Bitcoiners need to think about the action plan, in case such a measure is taken from the part of the government.

[figmentofmyass]

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...

of course they can't effectively enforce it, but such a blanket ban would deter a lot of users. people are generally fearful of their governments and the police. if they selectively enforce it and publicly throw a few traders in prison, it will destroy the market. obviously black markets will still exist but they will pale in comparison to previously legal markets.

[kissme09]

This is one of the worst information in 2019. India has begun to act against Bitcoin and Crypto, which will be the dumbest thing the government does. The ban starts to implement, but this will not eliminate investors in this country. Cryptocurrency is always an anonymous platform, so the government in this country cannot control all investors.

[emberbekas]

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.

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. I wish there will be a win win solution for india citizens in regard with crypto currency.

[pushups44]

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

It is my understanding that the caste system has been weakening over time as India moves to modernity. I believe deep down the Indian government wants India to become a leading nation, but it fears that the rupee will be abandoned in favor of bitcoin. Possibly, the Indian government fears being rendered useless by decentralized systems as well.

[kaya11]

Is this some kind of strategy? When I remember correctly it was China and India way back 2017, and other big populated countries are into something like this, banning crypto and other related to it. And yet the price plummet and after that the price reach to certain heights. Is it just their tactic to bring down the price of Bitcoin and the buy more? What do you think, anyways if the country India would totally ban it another country would take it's place anyway so there is no big deal.

[phamminhtan]

Many countries prohibit bitcoin, but it only stops at the proposal, because they still worry that bitcoin will become a global trend, when their economy will be left behind.

[Leh-Meh]

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

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

[Haunebu]

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.

[Leh-Meh]

The owner of bitconnect.com was arrested in India for $14 billion ponzi scheme using Bitcoins. India has all the scammers and "billionaire frauds"

[Sithara007]

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.

ROFL. It was a retarded step to ban porn. And you are right. In today's world these sort of bans don't work as VPNs can be purchased for as little as $5 per month. This is what happens when we have uneducated and illiterate people as the lawmakers. So this does not come as a surprise. India is a country that has banned porn. And the lawmakers are retarded enough to propose a ban on crypto as well.