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

[cheezcarls]

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!

[blockman]

But I doubt it will pass according to Pomp on Twitter, because they need to consult with the Rural Bank of India first.

They just denied involvement to the draft bill that has been proposed and they are still waiting for a copy of that draft.

(https://cointelegraph.com/news/reserve-bank-of-india-denies-knowledge-involvement-in-draft-bill-to-ban-crypto-entirely)
(https://www.coindesk.com/reserve-bank-of-india-denies-involvement-in-draft-bill-to-ban-cryptocurrencies)

Wait until RBI responds officially about that draft.

[AB de Royse777]

~snip~
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?
~snip~

Lawmakers work for the government and government don't want their citizen become free from their hand. If banks lose control over the finance then government lose control over it's citizen. So, it's easy math. Ban crypto.

Anyway, I think Indian government gone too far.

[CryptoBry]

~snip~
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?
~snip~

Lawmakers work for the government and government don't want their citizen become free from their hand. If banks lose control over the finance then government lose control over it's citizen. So, it's easy math. Ban crypto.

Anyway, I think Indian government gone too far.

The proposal is quite harsh as it puts owning cryptocurrency to the level of an illegal drug dealer which can be unfortunate to say the least. On the other hand, it is just a pipe dream to say that one day banks will be gone or that the control of the country's financial system can be taken from the government IF bitcoin or cryptocurrency is allowed. What is happening in Japan right now is a testament that this is not the case...not unless you can program all people like robot to act and think unitedly which is impossible in today's world where people are always looking for options. Cryptocurrency however will continue to work side by side with that of the traditional financial system.

[alrose]

I think the government of India just doesn't give a damn about its citizens.I invested in one Indian startup and now I understand those guys who wanted to do something useful.Their authorities will just put them in jail for nothing!Their tokens have already started to fall in price very much.I am disappointed.Cryptocurrency is so much illegal?

[Eildosa]

It's very sad to read. It's bad enough that no one wants to understand before making such laws. You are right, people see only bad aspects in bitcoin and do not notice its advantages.

[blockman]

It's very sad to read. It's bad enough that no one wants to understand before making such laws. You are right, people see only bad aspects in bitcoin and do not notice its advantages.

Don't have conclusions yet, there's still RBI that needs to see this.

[xvids]

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!

They are truly one sided just like everybody who hates crypto.
They just see the bad side and they are close minded people that doesn't really listen to other people's opinion.
They don't know how crypto could help other people there are some people who gets to spent more time with their family because they could earn online through crypto.

[BrewMaster]

it is just a proposal draft not the law but in any case Indian government has been shady with bitcoin for a while now, they are obviously scared of what it can do to their corrupted government and banking system and have been trying so hard for 2 years now to slow the adoption of bitcoin in their country down to a halt but have been failing.

[squatter]

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.

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.

[Adriano2010]

Well is not a good news if they will approve that law, but this is it, people should do a protest if governments give this kind of law. Is this law against freedom (buy what want with money - not drugs or weapon- ) or not have any connection?

[XinXan]

Thankfully it seems like these type of news barely affect the market anymore, I think people and investors got tired of the same type of FUD coming from India/China. Those countries don't seem to be as important now, a lot of people focused more on Futures and SEC but that also got boring pretty quickly. India is also not an ideal country for anything so it's no surprise that they can pass laws like this, I would just leave the country to be honest.

[Genemind]

It's rude and they're making Indian investors suffer because they're thinking that they could end fraudulent through that law. Even the punishment is too much. 10 years imprisonment because of just holding cryptocurrency and involving in blockchain technology is too harsh.

[bitbunnny]

It's a very harsh proposal, even for India. Still this is just the proposal and it's not yet in power so final result could be different. You will not solve and prevent criminal by punishing everyone and bans were never successful and helpul. I count on common sense of authorities in India and some reasonable solution.

[Indrawan77]

I don't really understand why the government really hates crypto, without being realised crypto really help the citizen to get more income, btc for criminal things is just an excuse, fiat, gold also ever being used for criminal, I think the punishment is too harsh, look at how other countries handle crypto problem, crypto is not a criminal things, I dont think it need a harsh punishment, let's wait RBI to see what will be the decision

[Ailmand]

That's completely insane. However, it's just a proposal for now. It will still undergo a lot of trials and approval. If it happens, many Indian investors will surely do a panic selling. They will lose the opportunity to gain a good profit through investing. It will be a big loss for them.

[XinXan]

I don't really understand why the government really hates crypto, without being realised crypto really help the citizen to get more income, btc for criminal things is just an excuse, fiat, gold also ever being used for criminal, I think the punishment is too harsh, look at how other countries handle crypto problem, crypto is not a criminal things, I dont think it need a harsh punishment, let's wait RBI to see what will be the decision

It's fairly simple to understand, the government doesn't hate crypto, the problem is that they can't control people that own bitcoin, they are afraid of people not paying taxes and we should all be. Of course when it's only a few people it makes almost no difference but now imagine 80% of people own cryptos in your country and only 2% of those pay their taxes, the government will eventually run out of money to help public institutions.

[Payme21]

I really doubt that law will see the light of the day because that is crude and very unfair. I expect government to make policies that will help guide against money laundering and other ills instead of a total ban on crypto

[jakelyson]

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.

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.

[Ailmand]

I really doubt that law will see the light of the day because that is crude and very unfair. I expect government to make policies that will help guide against money laundering and other ills instead of a total ban on crypto

The proposal is obviously one sided and not taking into consideration the convenience and opportunity bitcoin can bring. I think they believe that crypto is a threat to banks which government has power.