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

[indrakusumaindra]

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

Its quiet serious condition there in india. You will be jailed just because you have a bitcoin and i do hear its really hard to cash out your cryptocurrency into fiat money in india right now.

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.

Yes i believe many people in india are thought to sell all their cryptocurrency cause the regulations, i dont know why goverments i so afraid with it, and i dont think india have such a great influence in world economy, maybe they are afraid that some parties would use bitcoin to do fraud and hidden transactions that not suppose to happen.

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[FlightyPouch]

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.

And you selling your bitcoin can affect the price of it in the market, that would be bad but some says India doesn't have that much bitcoin investors so I think despite the effect of it, it would not be that big. Also, we should not be scared of it for now since it is still in the process, it is still just proposed. Still not implemented and regulated.

[smyslov]

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 headlines in the crypto community, I consider this a big blow in Cryptocurrency but hoping that no country will follow India's very harsh law, it's like a capital punishment to me, because it's non-bailable I feel sorry for our Indian brothers they don't deserve this, they are one of the contributors in promoting Cryptocurrency.

[abstractednerve]

This is a very bad move from the India government. After so much drama, in the end, they come with this solution! 10 years of jail is just an insane punishment for this activity! Where developed countries appreciating crypto technology, at the same time India is capturing crypto supporters! I thought India will accept cryptocurrency this time, I really fed up by reading this news!

[veleten]

having spoken to the locals ,I was sent a link to a video that busts it as fake
in short , the media took one abstract from the draft and presented it as if you get punished even for watching a bitcoin gif picture or typing bitcoin in your search window
this is far from the truth , actually it says that the particular use of bitcoin , described in subsections 1,2,3 etc. is punishable , not just possessing it
in any case , watch the video and decide yourself who to believe

https://www.youtube.com/watch?v=PV-drIodJEQ

[RomanPetrush]

That's really bad news. India is so many people what could be involved and rise cryptocurrency capitalization. But after some time I completely confident that any banning in India will be canceled. Cmon, facebook make it's own crypto.

[Naginiya]

Don't worry.India never will do that.There is a little chance to ban bitcoin in India.Lot of people using bitcoin in India.Indian government is welcoming cryptos. There are few meetings about crypto currency with the support of government.This is fake news don't caught for this and don't loose your valuable bitcoins and cryptos.

[DaddyMonsi]

Its just a proposal and its not yet final. Everyone can make and submit a proposal like that but not every proposal gets signed and makes it a law. So as for now sit back and relax, maybe someone will oppose this proposal and create a better proposal to protect Bitcoin holders from scammers. This is the reason why such proposals are created.

[audaciousbeing]

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

Since its still a proposal, I don't think there is need to jump the gun for whatever reason. Even though India is a being regarded as a third world country, it does not means every of their law makers are people who don't have the knowledge and exposure to know what is right and thereafter decides what is best for the country. I expect there would be changes and some reasonable amendments before it becomes law and ultimately binding on every citizens of the country.

[roosbit]

Why do these people always want to make the wrong news when they should be promoting it instead
AFAIK Indians are quite talented people in many fields and we need their freelance services and other professional services which is now possible with cryptocurrencies as the means of payment. The government alone that side can't provide jobs for its people and should find a way to embrace this as a way to support it's people.

[Leonardo7]

It's just a proposal and has not been signed into law, this may take another time for it to be pass and implemented. India is different from China, the price of bitcoin will happily shot up as a result of this news. An average India who has tested the good side of bitcoin will find a way around this government fiasco.

[Apes]

the number of crypto users in India is very much if refer to the OP data that provides above. if this rule really implemented there will be a major crypto dump from india user. what I'm sad about is that many people will lose crypto earnings, and i believe many india people depend life from crypto.

[Sithara007]

the number of crypto users in India is very much if refer to the OP data that provides above. if this rule really implemented there will be a major crypto dump from india user. what I'm sad about is that many people will lose crypto earnings, and i believe many india people depend life from crypto.

The OP has given an imaginary number of 5 million users, but gave no source for this information. Due to the lack of legality of cryptocurrency in India, quantifying the user-base is very difficult. But I remember ZebPay (one of the Indian exchanges) claiming that they had more than half a million users when they closed down. Now only the serious users would be registering to an exchange by undergoing the KYC process. Therefore I would assume there are between 1 million and 2 million serious users in India.