Proposed new law to jail Bitcoin holders, miners and sellers in India???

[sushil7045]

it just a proposed bill and it claimed by a new site to be true. But the news article looks misleading and half information to me. Most chances are this bill will be modified.

[1714901851]

1714901851

[Mike Mayor]

This is a FUD article. This is like locking someone up if they use any currency that is not the one their government issues to them? If you drive the wrong car you go to jail? How ridiculous is this?
Taking peoples freedom away. Who has the right to do that? If you are born into this world you should be able to do what you want. Otherwise, freedom doesn't exist.

This proposal will never pass. Clearly, the person making it has never seen what the inside of a prison cell looks look. This person has no morals and is sick and twisted for wanting to put another human being in a little cage?

[rodel caling]

Hello everyone! I hope you have a great weekend ahead, but this one creates FUD for Indian Bitcoin and crypto holders, miners and sellers.

I just saw this new recently: https://cointelegraph.com/news/indian-lawmakers-propose-adoption-of-10-year-jail-term-for-crypto-dealings

In my own opinion, these lawmakers are just plain stupid and are one-sided idiots. They’re focusing on the bad side of Bitcoin and cryptocurrencies rather than looking on the real use cases and benefits of it.

Is it because that criminals are using it as alternative way of stealing money, money laundering, etc.?

C’mon you lawmaker morons, money laundering has been around for a long time before Bitcoin was born, and you guys ruled out that owning cryptocurrencies is a crime?

I just feel what the proud Bitcoin and crypto holders from India are feeling now.

But I doubt it will pass according to Pomp on Twitter, because they need to consult with the Rural Bank of India first. A higher chance that passing this law will be unlikely.

But I could be wrong. What are your thoughts about this one guys? Any feedback or opinion will be appreciated.

Thanks in advance!

Probably your right mate, the indian lawmakers are unfair, but is only a plan and as far as i concern the lawmakers are continue to study about bitcoin ban, possible the lawmaker can discover the importance of bitcoin and for sure they recommend to stop ban and they appeal it to become legal.

[Shenzou]

As this is just a proposition, it really think that it won't go through because lets be honest 10 years is just way too much it is more years than catching someone with position of drugs, the Indian government has already passed on regulation crypto and exchanges a couple of months agao, and i don't think that they will go as far as putting people in jail for it, i think they might even go and reconsidered as many has shown that they really are interested in it and proves to have many advantages for it, and they might do what Russian government did where they banned it at first and than they went back on their words.

[fortunecrypto]

This is very harsh Whoever that lawmakers that drafts and approve that should not get a single vote among crypto believers in India and should campaign for them not to get voted, Crypto holders of that region should boycott banks that connives with lawmakers that draft that very harsh law.

[ajqjjj]

This is very harsh Whoever that lawmakers that drafts and approve that should not get a single vote among crypto believers in India and should campaign for them not to get voted, Crypto holders of that region should boycott banks that connives with lawmakers that draft that very harsh law.

In India majority of the millionaires are still using Bitcoin because they know the potential of cryptocurrency. So stupid lawmakers are trying to ban in India at the same time Binance was approach many states in India. So obviously India will accept soon and those are fear the future acceptance surely many countries are allow the free visa so better we can split our life style is a good decision.

[Tipstar]

This came as a surprise to everyone at all. All the people were expecting some sort of regulations that would benefit the real investors and people be able to trade and mine paying their taxes on the profit. But it came as a really counteractive descision which would take India back for years in matter of crypto currecy technology. There were many indian engineers involved in Blockchain technology who are going to suffer the most.

[DreamStage]

Well as many have already mentioned, it is denied by the government that it does not cumply with their means.
It's someone else work on the news as it is fake one.
Nevertheless as we know India they could come up with such idiotic idea in the future

[squatter]

I'd love to see someone weigh in on this topic who actually knows how lawmaking works in India. Most of us are completely ignorant. As you said, this is just a proposal, not an actual law. While there is some bureaucratic support for the measure, I'm not sure that means passage is obviously going to happen.

Maybe Pompliano knows something we don't. Even if it does pass, he thinks it will drive adoption even more:

I highly doubt this will get passed, but if it does, it will have the opposite effect and actually drive adoption.

I am curious how will this drive adoption in India? People there will be too afraid to own cryptocurrency, what more make establishments accept them. Maybe I am not seeing something here.

Here's the full tweet:

India is proposing a 10-year jail sentence for those who mine, hold, or transact with cryptocurrencies. I highly doubt this will get passed, but if it does, it will have the opposite effect and actually drive adoption. People don't like being told what to do with their wealth.

I agree, the threat of a 10-year prison sentence seems like a huge deterrent. Black markets tend to be much smaller than their white market counterparts. Maybe he thinks it'll cause capital flight, or that wealthy Indians will leave India in order to invest.

[shoreno]

it just a proposed bill and it claimed by a new site to be true. But the news article looks misleading and half information to me. Most chances are this bill will be modified.

Not modified but there is a high chance that the claims are fake although i have seen that crypto/bitcoin is really banned in india before   . if its banned then the use of cryptos are automatically illegal with or without a law . this is bad and i feel bad for the people on india that want to use cryptos because they cannot do it anymore  .  the only thing that they/we can do is to pray that cryptos will soon to be unbabnned on the country of india.

[pushups44]

I'd love to see someone weigh in on this topic who actually knows how lawmaking works in India. Most of us are completely ignorant. As you said, this is just a proposal, not an actual law. While there is some bureaucratic support for the measure, I'm not sure that means passage is obviously going to happen.

Maybe Pompliano knows something we don't. Even if it does pass, he thinks it will drive adoption even more:

I highly doubt this will get passed, but if it does, it will have the opposite effect and actually drive adoption.

I am curious how will this drive adoption in India? People there will be too afraid to own cryptocurrency, what more make establishments accept them. Maybe I am not seeing something here.

Here's the full tweet:

India is proposing a 10-year jail sentence for those who mine, hold, or transact with cryptocurrencies. I highly doubt this will get passed, but if it does, it will have the opposite effect and actually drive adoption. People don't like being told what to do with their wealth.

I agree, the threat of a 10-year prison sentence seems like a huge deterrent. Black markets tend to be much smaller than their white market counterparts. Maybe he thinks it'll cause capital flight, or that wealthy Indians will leave India in order to invest.

I am also curious as to the motive behind this - perhaps to scare normal people away from cryptos? Obviously this law is too strict for a nation aiming to become an economic powerhouse. Perhaps the motive, again, is to deter without actually putting this bill fully into effect.

[finzyoj]

I just saw this new recently: https://cointelegraph.com/news/indian-lawmakers-propose-adoption-of-10-year-jail-term-for-crypto-dealings

I saw the headline of this news recently and it is quite alarming because this is a big loss for us aiming of mass crypto adoption. A 10 year imprisonment is totally not a joke so sad to say but I guess this is now the end of crypto for Indians .

In my own opinion, these lawmakers are just plain stupid and are one-sided idiots. They’re focusing on the bad side of Bitcoin and cryptocurrencies rather than looking on the real use cases and benefits of it.

Mate we are not in the right position to say that because we really don't know their struggles. If a certain government find somethong threatening for their countrymen and economy as a whole then of course there's a tendency for them to take precautionary actions against it. I'm sure that all they want is the best for their country, don't get them wrong .

C’mon you lawmaker morons, money laundering has been around for a long time before Bitcoin was born, and you guys ruled out that owning cryptocurrencies is a crime?

Maybe they just don't want to let such crimes spread faster in more even worse way (since we all know that crypto offers anonymity). Actually, there would be no problem at all if all people are purely good but since it's not then it's understandable to pass that law. You can't make exemptions, law is for each of everyone whether you are good or bad.

[libert19]

It's a draft bill and should not be given much importance until it has been passed.

[Tylev]

I do not think that you need to pay much attention to such a bill. This is just a proposal of one or several legislators. Of course, this news is not very happy. In India, the question of the status of cryptocurrency has been too long, disputes are going on at all levels. We were awaiting the decision of the Supreme Court of India, which is considering some restrictions of the Reserve Bank on cryptocurrency. The opinion of the Government of India was a bit controversial, while lawmakers have not expressed their opinion on cryptocurrency. For the time being, we need to wait for a final decision on cryptocurrency there.

[Fredomago]

It's a draft bill and should not be given much importance until it has been passed.

Still there's a lots of things to happen about this propose bill, not unless there's a  strong positions to pushed it thru, it will be decided and only time
an tell if things will be materialized with this rules, should be modified for the best interest of people who believes in this system.

[illyiller]

Let's get down to the nitty gritty. Representatives from these agencies support the ban, but are these representatives powerful/influential? That isn't clear:

The Economic Times reported that a committee in support of a total ban, including representatives of the Department of Economic Affairs (DEA), Central Board of Direct Taxes (CBDT), Central Board of Indirect Taxes and Customs (CBIC), among others was “of the view that already there is a lot of delay in taking action against cryptocurrency.”

The RBI stated they had zero knowledge of this bill being drafted. They haven't even gotten a copy of it. That gives me some hope that this doesn't have a serious chance of passing.

[Pursuer]

at this point it seems to me as if the Indian government is super scared of bitcoin and what it can do to their corrupted banking system that they control. that is why they are doing the exact opposite of the rest of the world and have been putting more and more restrictions for bitcoin adoption that has been growing at a phenomenal speed in India.

be careful not to fall for the FUD though, as this news (which as was mentioned is not the law yet) is being used as an FUD nowadays all over the internet just like how they said China banned bitcoin for many years.

[illyiller]

at this point it seems to me as if the Indian government is super scared of bitcoin and what it can do to their corrupted banking system that they control.

What do you make of the fact that the central bank is claiming they have no knowledge of this draft legislation? They say they weren't consulted on it and haven't even received a copy of the bill!

Doesn't that seem a bit strange? How serious can this threat be if the RBI isn't even in the loop?

[TimeBits]

They banned pewdiepie to

https://www.distractify.com/p/pewdiepie-banned-in-india

no fun allowed in India anymore



https://www.youtube.com/watch?v=StjWGI5-DAo

well guess what India, here in Canada we allow you to not wear a helmet on a motorcycle and carry a kirpan(dagger) into school and planes, come here and to Sweden some more! FREE HEALTH CARE!( it sucks) FREE ODSP IF YOU PRETEND YOU ARE MENTALLY RETARDED! DON`T WORRY WE UNDERSTAND YOU DON`T KNOW WHAT THE FUCK A TOILET IS AND NOT HOW TO MISS THE FLOOR AND THE SEAT AND GET YOUR PISS ON EVERYTHING IN THE WASHROOM, WE GIVE YOU FREE MONEY TO!!!!! YAY! FUCK THE WORKING CLASS WHO GREW UP HERE AND FUCKING MADE THE NATION!
 
YOU CAN ALSO JOIN THE "CHURCH OR WHATEVER YOU WANT TO CALL IT OF BITCOIN" AND CARRY BITCOIN IN YOUR TURBAN WITH NO DIE TIME IN PRISON

https://bitcointalk.org/index.php?topic=5141757.0

Don`t worry WE WILL GIVE YOU THE JOBS OF THE PEOPLE HERE! -Justin Truedough

[webtricks]

I explained about it here:

It's funny how news are sold on internet. These online media manipulate the content and add spices and flavors from their end. This is the picture of draft that was circulated over internet and the reason of this news:



You can clearly read that the punishment is based on the condition. The drafters have used the words 'any of the activities mentioned in clause (e), (g) and/or (h) of sub-section (1) of Section 8'. Hence, drafters are proposing only selective ban, not conclusive one. Trading or holding cryptocurrencies will be considered as offence only if used for activities mentioned under those clauses. Moreover, this is just a proposed draft, final bill comes to effect after passing from Houses of Parliament which is subject to several changes in the draft. So it is too early to fear anything.

But I doubt it will pass according to Pomp on Twitter, because they need to consult with the Rural Bank of India first. A higher chance that passing this law will be unlikely.

Is this a typo or I missed the sarcasm!?