Reserve Bank of India Denies Involvement in Draft Bill to Ban Cryptocurrencies

[Guvn0r]

The Reserve Bank of India is denying any knowledge of a proposed ban on cryptocurrencies — despite reports that a number of governmental agencies have backed the draft legislation — according to a Right to Information request filed on June 4.


Full story: https://www.coindesk.com/reserve-bank-of-india-denies-involvement-in-draft-bill-to-ban-cryptocurrencies

[1715102174]

1715102174

[JSRAW]

Paid Bloomberg Article lol

India’s Jail Term for Crypto Usage – Facts and Myths

this article just came out.

[Guvn0r]

Paid Bloomberg Article lol

India’s Jail Term for Crypto Usage – Facts and Myths

this article just came out.

Someone really wants to pull the price down so they can buy more.

[avikz]

Paid Bloomberg Article lol

India’s Jail Term for Crypto Usage – Facts and Myths

this article just came out.

Correct! Just to add to the discussion, I request everyone to see the below video from CryptoKanoon,

https://youtu.be/33gged1nyF4

It seems like a clickbait! I expected the highly paid beaurocrats to be a little dumb, but not so much! 5 million people from India are involved in crypto trading. Government will have to build few new prisons to accommodate them all!

[playboy654]

Saw an article regarding this draft of banning cryptocurrencies in the economic Times newspaper website so this is also a false information are they just post this article without investigation further that news is true or false?

[Guvn0r]

Saw an article regarding this draft of banning cryptocurrencies in the economic Times newspaper website so this is also a false information are they just post this article without investigation further that news is true or false?

This is just clickbait on a whole new level. I saw prices crash everywhere including localbitcoins.. It is the traders that take so much damage and eventually go out of business..

[SimonJones]

Saw an article regarding this draft of banning cryptocurrencies in the economic Times newspaper website so this is also a false information are they just post this article without investigation further that news is true or false?

This is just clickbait on a whole new level. I saw prices crash everywhere including localbitcoins.. It is the traders that take so much damage and eventually go out of business..

More news
https://www.bloombergquint.com/law-and-policy/corporate-affairs-ministry-seeks-action-against-crypto-ponzi-platforms

"But there may be a change in the draft bill to have a mild punishment for those using cryptocurrencies on a “non-commercial basis”, another government official told BloombergQuint requesting anonymity as he’s not authorised to speak with the media. These individuals, he said, shall be punishable with a fine that will be notified by the central government."



Ban coming soon!

[playboy654]

Saw an article regarding this draft of banning cryptocurrencies in the economic Times newspaper website so this is also a false information are they just post this article without investigation further that news is true or false?

This is just clickbait on a whole new level. I saw prices crash everywhere including localbitcoins.. It is the traders that take so much damage and eventually go out of business..

More news
https://www.bloombergquint.com/law-and-policy/corporate-affairs-ministry-seeks-action-against-crypto-ponzi-platforms

"But there may be a change in the draft bill to have a mild punishment for those using cryptocurrencies on a “non-commercial basis”, another government official told BloombergQuint requesting anonymity as he’s not authorised to speak with the media. These individuals, he said, shall be punishable with a fine that will be notified by the central government."



Ban coming soon!

Government officials are not ruling government,it needs to be taken care by the ruling party I guess.

Anyone say soon need to mention how soon it will happen?

Because immediate actions happening in India is like world wonder.

[eaLiTy]

The Reserve Bank of India is denying any knowledge of a proposed ban on cryptocurrencies — despite reports that a number of governmental agencies have backed the draft legislation — according to a Right to Information request filed on June 4.

I am not sure whether it will make a huge difference, but what is evident here is that the bill is drafted without consulting the reserve bank of India and with the way the news are coming out, i am not even sure whether they consulted anyone who understands the bitcoin technology or the entire market before coming up with the draft, only time will tell what they are planning to implement, people who invested in bitcoin will not run away with those scare tactics and they will drive the market underground with these kind of stupidity.

[libert19]

bp kanungo who is deputy governor of rbi and is part of comitee, has sign on crypto ban draft bill. So it means they lied in rti?

https://t.co/Eikcft2Fhb?amp=1

Page 6.

[erikalui]

The finance minister says the bill is well drafted and will look into it which means that everything is just going to be negative. today someone said they received a notice from Income tax department too.

[akhjob]

The finance minister says the bill is well drafted and will look into it which means that everything is just going to be negative.

Though she had praised that the report of the committee was a futuristic and well-thought-out report, she hasn't even looked into it. I hope she never looks into it, atleast not until FAFT proposes something. Actually, this is what she said in the interview -

The report on cryptocurrency that recommends a sovereign digital currency and stringent punishment and fines for private digital currency has just come out. When are you proposing to take the legislation to Cabinet?
I had the presentation done before me. The committee has done extensive work on it. Inputs that have come in; if I compare several other countries where this kind of study has been done on cryptocurrencies, we have done very well.
They have gone much ahead of all other countries that have thought about it. It’s a very futuristic and well-thought-out report. I have not spent time on it after the presentation. Of course, we will look into it soon and come back with a position. That was also reported in court as there is a case going on.

today someone said they received a notice from Income tax department too.

Yeah, Indiabits shared a photo of it in their telegram channel. The notice is really absurd to read. This is what it looks like -

[Jwick83]

Okay I want to understand, even if the ban occurs then what happens?
We get fined or jailed? Like yeah, am buying that. Completely /s

 How do they find out I am even having crypto? Can they pinpoint the location of where I am right now with a transaction I just made?

[playboy654]

Okay I want to understand, even if the ban occurs then what happens?
We get fined or jailed? Like yeah, am buying that. Completely /s

 How do they find out I am even having crypto? Can they pinpoint the location of where I am right now with a transaction I just made?

First you need to know that crypto is not banned it in India. So you can buy sell or hold cryptocurrencies if you want.

The draft has been passed but still not accepted as a rule by the ruling party it may take years even.

Even if the cryptocurrencies wire banned in India you can hold it but you will be facing difficulties while buying and selling the cryptocurrencies but opportunities are there like personal trades where you you can send your Bitcoin and receive money through Bank.

[libert19]

Okay I want to understand, even if the ban occurs then what happens?
We get fined or jailed? Like yeah, am buying that. Completely /s

 How do they find out I am even having crypto? Can they pinpoint the location of where I am right now with a transaction I just made?

Perhaps, they would ask the data from crypto exchanges. And anyway, I've heard that 'if' this draft becomes a law, there will be few months of time given to dispose your crypto.

[playboy654]

Okay I want to understand, even if the ban occurs then what happens?
We get fined or jailed? Like yeah, am buying that. Completely /s

 How do they find out I am even having crypto? Can they pinpoint the location of where I am right now with a transaction I just made?

Perhaps, they would ask the data from crypto exchanges. And anyway, I've heard that 'if' this draft becomes a law, there will be few months of time given to dispose your crypto.

It will take years to become law but if it becomes law then it will be implemented over night since most laws were implemented like these.

[iamsheikhadil]

The officials know they can't really do anything, and any bill in our country stays pending for years and years so nothing really is gonna impact future of crypto in India unless all those officials become suddenly alert and active like a robot to clear their backlogs of laziness