Indulging with cryptocurrencies could send you to jail in India

[fiulpro]

Hey
Have you guys heard about the news where the court decided to not only make the cryptocurrencies illegal and banning bank accounts from dealing with them they also decided to make another rule.
Now if you have some Bitcoins and you are holding them , or selling them or even buying them , you could be jailed for almost 10 years.
Isn't this the most ridiculous thing ever ?
Like come on people it's really not done , what is the government doing and why ?
There was a time when India was supporting cryptocurrencies , now it's becoming more like China , or I would say even worse in this matter.
I don't think this is something that should be well accounted for all the people residing there.
So would you still hold them ? And do transactions ?

To be honest I have heard the case where a child molester was given a sentence of 6 years , it's bigger than that !

Where is the sanity here ?

[AB de Royse777]

~snip~
Now if you have some Bitcoins and you are holding them , or selling them or even buying them , you could be jailed for almost 10 years.

This gone too far. There were no need for that.
These governments will always try to stop their citizens to have their freedom or how are they going to roll?

I hope they do reconsider this new law.

[CryptoBry]

This draconian harsh law that can severely penalized people who are into cryptocurrency is still in the proposal stage and the way I am seeing it is that this may have a less chance of making it. Putting cryptocurrency ownership almost equal to that of possessing and distributing illegal narcotics is to me so irrational and uncalled-for. I am wishing that this move can galvanize the cryptocurrency community in India so they can unite and present a one big voice against this very unnecessary move.

[Ailmand]

This draconian harsh law that can severely penalized people who are into cryptocurrency is still in the proposal stage and the way I am seeing it is that this may have a less chance of making it. Putting cryptocurrency ownership almost equal to that of possessing and distributing illegal narcotics is to me so irrational and uncalled-for. I am wishing that this move can galvanize the cryptocurrency community in India so they can unite and present a one big voice against this very unnecessary move.

I think that Indian government is over reacting on implementing regulations and penalties to those who are engaging in cryptocurrency. They are scared of the risk of crypto being used in fraudelents acts, money laundering, funding terrorists and such, however they are over looking on a point that cryptocurrency can bring opportunities and convenience to those who use and utilize it. Let's hope this will not be implemented.

[Leh-Meh]

The owner of bitconnect.com was arrested in India for $14 billion ponzi scheme using Bitcoins.

[acroman08]

~snip~
Now if you have some Bitcoins and you are holding them , or selling them or even buying them , you could be jailed for almost 10 years.

This gone too far. There were no need for that.
These governments will always try to stop their citizens to have their freedom or how are they going to roll?

I hope they do reconsider this new law.

I agree, this is just disheartening. but I think the government is just looking into a broader picture which might expose their
citizen to more scams which is rampant in India and other criminal criminal activities like laundering, black market transactions etc..
which are valid concerns but I still think they is just over reacting with these punishments.

[Haunebu]

~snip~
Now if you have some Bitcoins and you are holding them , or selling them or even buying them , you could be jailed for almost 10 years.

This gone too far. There were no need for that.
These governments will always try to stop their citizens to have their freedom or how are they going to roll?

I hope they do reconsider this new law.

You guys are overthinking this. This is nothing more than a scare tactic. So many threads related to this topic are cropping pointlessly. The truth is that this is just a stupid proposal and nothing more at the moment.

Even if it becomes a law, people will simply find alternative means to deal with crypto. They banned porn, but people are still watching it. They banned torrents(Punishable offence), but people still use proxies and VPNs without even hesitating. Pointless proposal indeed.

[Genemind]

It's disappointing that they will punish people who are holding cryptocurrency like criminals. I think that's too much but if it's the only way for them to stop terrorism and fraudulent in their country then we can't do anything about it if it's really their rule. However, it isn't final yet and there will still be future announcements about it.

[davis196]

Hey
Have you guys heard about the news where the court decided to not only make the cryptocurrencies illegal and banning bank accounts from dealing with them they also decided to make another rule.
Now if you have some Bitcoins and you are holding them , or selling them or even buying them , you could be jailed for almost 10 years.
Isn't this the most ridiculous thing ever ?
Like come on people it's really not done , what is the government doing and why ?
There was a time when India was supporting cryptocurrencies , now it's becoming more like China , or I would say even worse in this matter.
I don't think this is something that should be well accounted for all the people residing there.
So would you still hold them ? And do transactions ?

To be honest I have heard the case where a child molester was given a sentence of 6 years , it's bigger than that !

Where is the sanity here ?

Where did you heard such news?Can you post a link to the news source?
Going in jail just for owning cryptocurrencies is ridiculious,but if the guy bought crypto with stolen money,he most likely deserves to go to jail.

[MIner1448]

How ambiguous is the decision of the government of India, because 10 years is a huge period , I hope they will reconsider their position, because I do not think that in India users of cryptocurrencies will be less from this.

[fiulpro]

Hey
Have you guys heard about the news where the court decided to not only make the cryptocurrencies illegal and banning bank accounts from dealing with them they also decided to make another rule.
Now if you have some Bitcoins and you are holding them , or selling them or even buying them , you could be jailed for almost 10 years.
Isn't this the most ridiculous thing ever ?
Like come on people it's really not done , what is the government doing and why ?
There was a time when India was supporting cryptocurrencies , now it's becoming more like China , or I would say even worse in this matter.
I don't think this is something that should be well accounted for all the people residing there.
So would you still hold them ? And do transactions ?

To be honest I have heard the case where a child molester was given a sentence of 6 years , it's bigger than that !

Where is the sanity here ?

Where did you heard such news?Can you post a link to the news source?
Going in jail just for owning cryptocurrencies is ridiculious,but if the guy bought crypto with stolen money,he most likely deserves to go to jail.

https://www.news18.com/news/tech/dealing-in-cryptocurrency-in-india-could-soon-land-you-in-jail-for-10-years-2177445.html

Here ,

To be honest people here are saying thats it's a bill and stuff but let's be honest no one can just make a bill right sitting here at there homes. It needs proper documentation , people supporting it , support by the parties who are responsible for doing good for the country.

They are going too great depths for something that is harmless , it's going over the top as how people who uses cryptocurrencies are belittled , they are thought of someone who is in here to just use it illegally !

Man really ? It's because if this that people are able to do some descent online jobs , it's providing global exposure.

This is what happens when Parliament only comprises of people who supports the conservative society.

They don't do things who actually need to be looked after.

Even if it's is a bill , it's a big thing.the fact that it is a bill means it's going to be proposed and maybe accepted or rejected but thus is a mirror of what government thinks of cryptocurrencies , what government thinks of us.

[xvids]

~snip~
Now if you have some Bitcoins and you are holding them , or selling them or even buying them , you could be jailed for almost 10 years.

This gone too far. There were no need for that.
These governments will always try to stop their citizens to have their freedom or how are they going to roll?

I hope they do reconsider this new law.

I agree why would they even try to take away their people's freedom?
They are making their people slave ,
I had read once that we people nowadays are modern slave ,
Those people who works 9 to 5 jobs are slave working their whole life without freedom of what they want.
Most of them are force due to their needs to provide but crypto is their way to earn more and be free from this slavery and they would take it away from them.

[dr.cheema]

Few months ago I heard that india will legalize bitcoin for their folks but now news arrived that bitcoin dealing in india can send you jail for 10 years.
Even holders also can face jail for 10 years but how they will trace bitcoin holders!! I don't think this news really effect on BTC price.
https://gadgets.ndtv.com/internet/news/bitcoin-ban-india-cryptocurrency-law-10-year-jail-2049939

[Payme21]

It is indeed ridiculous and anti human in my opinion and I don't think that law will be implemented. At a point, the authorities will have no other choice but to bow to public pressure and do the needful

[Adriano2010]

But people who travel there and have bitcoin on phone wallets or a card which is loaded with bitcoin and pay with card on shops or on hotels will be arrested?

[Julunguul]

~snip~
Now if you have some Bitcoins and you are holding them , or selling them or even buying them , you could be jailed for almost 10 years.

This gone too far. There were no need for that.
These governments will always try to stop their citizens to have their freedom or how are they going to roll?

I hope they do reconsider this new law.

You guys are overthinking this. This is nothing more than a scare tactic. So many threads related to this topic are cropping pointlessly. The truth is that this is just a stupid proposal and nothing more at the moment.

Even if it becomes a law, people will simply find alternative means to deal with crypto. They banned porn, but people are still watching it. They banned torrents(Punishable offence), but people still use proxies and VPNs without even hesitating. Pointless proposal indeed.

Yep, and on average they do this only to divert the issues and politics of the previous country and things like this are only temporary. As if this news was made intentionally and finally disappeared without any further action from the government. They say to be banned for bitcoin, the news appeared on television and then a week later the issue disappeared and never realized.

[AjithBtc]

Hey
Have you guys heard about the news where the court decided to not only make the cryptocurrencies illegal and banning bank accounts from dealing with them they also decided to make another rule.
Now if you have some Bitcoins and you are holding them , or selling them or even buying them , you could be jailed for almost 10 years.
Isn't this the most ridiculous thing ever ?
Like come on people it's really not done , what is the government doing and why ?
There was a time when India was supporting cryptocurrencies , now it's becoming more like China , or I would say even worse in this matter.
I don't think this is something that should be well accounted for all the people residing there.
So would you still hold them ? And do transactions ?

To be honest I have heard the case where a child molester was given a sentence of 6 years , it's bigger than that !

Where is the sanity here ?

Where did you heard such news?Can you post a link to the news source?
Going in jail just for owning cryptocurrencies is ridiculious,but if the guy bought crypto with stolen money,he most likely deserves to go to jail.

https://gadgets.ndtv.com/internet/news/bitcoin-ban-india-cryptocurrency-law-10-year-jail-2049939?amp=1&akamai-rum=off Posted is the news link, the government always describes money laundering as an issue and tries to find a way to keep every citizen under their control. This is completely against the democracy, such an initiation from the world's largest democracy shows the failure of the government. In the name of digital growth they try to create new law to stop usage of cryptocurrencies and have their own cryptocurrency.

[pooya87]

Have you guys heard about the news where the court decided to not only make the cryptocurrencies illegal and banning bank accounts from dealing with them they also decided to make another rule.

the court has not yet decided, it is just a bill that first needs to pass to become law and it has not yet passed.

Isn't this the most ridiculous thing ever ?

well there already are third world countries like Bangladesh that have been doing that for years! and of course it is ridiculous specially since the rest of the world is doing the exact opposite meaning accepting bitcoin with open arms!

what is the government doing and why ?

1 word: corruption!

now it's becoming more like China ,

China has no issue with bitcoin! it is legal to trade, mine, own and make payments with it there.

[libert19]

~snip~
Now if you have some Bitcoins and you are holding them , or selling them or even buying them , you could be jailed for almost 10 years.

This gone too far. There were no need for that.
These governments will always try to stop their citizens to have their freedom or how are they going to roll?

I hope they do reconsider this new law.

This is not a 'law' yet, just a draft and even in draft paper some things are not properly shown. Please take this news as pinch of salt.

[andieoke]

I just heard this news, and I think it's too much.  Maybe the government just gives a ban to its people without having to give a prison sentence.  Maybe the Indian government considers the presence of Bitcoin a threat to them, so they act like that.  Whereas in other developed countries, it actually accepts and legalizes Bitcoin in their country, maybe the Indian government needs to see this.