If india bans Cryptocurrency as per the draft law, What happens to the community

[Cuk0ng_bitc0in]

the government cannot ban crypto users.  maybe the government only prohibits crypto from being used for transactions. 
I believe.  although the Indian government banned crypto, but public enthusiasm for the crypto world will survive and make a positive contribution.  we can still trade or invest.  gold and fiat are not places of investment to take profits.  but gold is only for saving value and fiat is very bad.

[avikz]

I think the Ban will not affect the community, it will be possible to trade and Hodl cryptos if they know how to do it?. As cryptocurrency does allow Anonymous Transaction. I am not sure about wallets, What do you think and What can you suggest?

A lot of things are banned in India, like Cannabis! But they are easily available everywhere in India! Canabis Juice (Thandai) are openly sold in Kashi. Does law make any difference here??

Also this is just a draft bill, that means it is a proposal ti government by a team of highly paid beaurocrats who are too old to understand cryptos! What better can you expect from them??

Just to add, please do watch this video,

https://youtu.be/33gged1nyF4

It will give you a better perspective to the current situation!

[bL4nkcode]

India is one of the world's fastest-growing hub in the industry of technology, cryptocurrency and blockchain certainly suit them, their government is just a bunch of id*ots restricting their people and IT for this tech adoption.

I believe they can still develop blockchain technology and their fintech, its that Indian citizen will be restricted to sell and buy cryptocurrency if they approved that said draft law.

I hope you're right, but for those people who has really believe on this tech and has seen potential money making through cryptocurrency will not stop by such law on their country. We will still see lots of indian people trading and even still active here despite the consequences. I just hoping good for their safety though.

[pushups44]

I think the Ban will not affect the community, it will be possible to trade and Hodl cryptos if they know how to do it?. As cryptocurrency does allow Anonymous Transaction. I am not sure about wallets, What do you think and What can you suggest?

If India's proposed bill of incarcerating bitcoin investors for 10 years goes into law, it will be a national embarrassment that will force legislators to reconsider it. Other nations will take heed to avoid becoming a global laughingstock.

[leonair]

If the government of India will regulate or even ban Bitcoin and cryptocurrency then Indian people will find a way to use it as there are a lot of ways, for as long as there's a devices that can access Internet and crypto wallets then it would be fine for them.

The only problem that I can see is what local crypto exchange they'll be using when they want to convert Bitcoin to Indian rupee and vice versa but still Indian people are knowledgeable and will find a way. 

[killat]

I think it would be hard to implement a ban on a thing that is hard to trace. Unless you're cashing bitcoins out via personal bank accounts.

On the off topic - I think the country has bigger issues existing like poverty than jailing people for using BTC.

[pooya87]

if the bill that was proposed a couple of days ago were to go through it will stop bitcoin adoption in India for good because it is such a harsh prohibition with its 10 year jail time since regular people don't want to put themselves in the risk, those who already own bitcoin will keep it but won't buy any more.
but it doesn't seem to be going through and all other types of bans and prohibitions aren't going to work. the adoption in India will continue as before.

[princesspoppy]

If Indians holding cryptos like bitcoin only uses wallet that doesn't require KYC, and wait for the right time where cryptos are unbanned and are totally accepted by their government,  then I guess it will be better for them to do so. It may somehow affect the market and we don't want that to happen.  I just hope they will not implement the bill of sending people holding and trading bitcoin for 10 years in the prison just like what I've read.

[automaticmoney]

india is nt banning cryoto currency it is false rumor in market which media created the ban in draft bill is just a clause  for tax invaders the main bill with all clauses should come out

[Pursuer]

I think it would be hard to implement a ban on a thing that is hard to trace. Unless you're cashing bitcoins out via personal bank accounts.

it is near impossible to "prevent" people from owning or using bitcoin since it is decentralized and doesn't need any server or something that the government can target and close it down.
but they don't have to do that. they just have to create the fear in people to stay away from bitcoin. and this new bill is doing exactly that with its ridiculous punishment of 10 year in prison!!! it simply scares people enough to not go near bitcoin.

[leea-1334]

the government cannot ban crypto users.  maybe the government only prohibits crypto from being used for transactions. 
I believe.  although the Indian government banned crypto, but public enthusiasm for the crypto world will survive and make a positive contribution.  we can still trade or invest.  gold and fiat are not places of investment to take profits.  but gold is only for saving value and fiat is very bad.

Prohibiting crypto from making transactions? I would love to see India try to do this! Remember a few months ago when the US government sanctioned 2 BTC addresses belonging to Iranian nationals put under sanction? Guess what happened right after that,,, people just randomly sent btc to those addresses.

You cannot ban, or prohibit. Well you can, but it will not stop crypto from happening. People will choose.

[eaLiTy]

Yes, I think it is a Good Idea but, what about bank account KYC as for all kinds of bank account you have to go through KYC.

There will be more P2P exchanges if they ban bitcoin and you really do not need to verify those things with the banks until it is some serious money and if you make transactions frequently it might arise questions from the authorities about the source of funds and you need to have a solid response for that.
I knew something like this would happen if the same government was re elected and now the draft is one of the most stupid thing i have seen from their history of stupid decisions like demonetization and how they implemented GST.

india is nt banning cryoto currency it is false rumor in market which media created the ban in draft bill is just a clause  for tax invaders the main bill with all clauses should come out

If you know more than the general public and the media about the facts here, i would like to hear from you about the new draft they are coming up with in detail.

[Nolimitz84]

If anything, I see innovations would sprout from the Indian crypto enthusiasts on how would they deal with such problem.

Tell me where exactly do You see that crypto enthusiasts from India will solve this problem?In my opinion, they don't give a damn.The situation faced by India is discussed by all but the Indians.

[Leonardo7]

India government is not going to ban cryptocurrency. More so if the worst happens, they can resolve to other peer to peer means of buying and selling bitcoin. I first bought my first bitcoin in 2017 using a trusted whatsaap escrow group, and most of my daily transactions are done there, my bank doesn't know what I do to get my account credited, I don't get to pay tax or charges in exchange.

[susila_bai]

If the ban gets passed then it will be a big blow in the market and it can slip down. Because this law is very strict and dealing in cryptocurrency after the law passed will be like dealing drugs. So who ever going to try to work for crypto currency will be doing illegal work. So i think 90% of them will stop working for cryptocurrency. Which also will be good if the law is not permitting to work on cryptocurrency then better to leave it. I am just waiting that they pass on some other law and give some rules and regulation to work on cryptocurrency.

One think is still confusing as Indian government proposes to ban and give 10yrs of imprisonment but same time they are thinking of introducing their own coin to be released. How is it going to work as they are banning the users to not work on crypto currency and other side you are introducing your own coin. How the users are going to use it when it is banned

[dat.ho12492]

If the government of India will regulate or even ban Bitcoin and cryptocurrency then Indian people will find a way to use it as there are a lot of ways, for as long as there's a devices that can access Internet and crypto wallets then it would be fine for them.

The only problem that I can see is what local crypto exchange they'll be using when they want to convert Bitcoin to Indian rupee and vice versa but still Indian people are knowledgeable and will find a way. 

Talking about continuing to use bitcoin even if the government prohibits it, it's always a very normal thing, Bitcoin users have too many methods and techniques to solve that problem but the more important thing in this story is that India banned bitcoin that will strongly affect other countries. If other countries remain neutral, there will be no problem, but if they support, a wave of bitcoin ban will continue to appear, Bitcoin users will be very difficult at that stage when they need to limit and avoid using Bitcoin, otherwise, the law can punish them

[Beerwizzard]

India is one of the world's fastest-growing hub in the industry of technology, cryptocurrency and blockchain certainly suit them, their government is just a bunch of id*ots restricting their people and IT for this tech adoption.

I believe they can still develop blockchain technology and their fintech, its that Indian citizen will be restricted to sell and buy cryptocurrency if they approved that said draft law.

I hope you're right, but for those people who has really believe on this tech and has seen potential money making through cryptocurrency will not stop by such law on their country. We will still see lots of indian people trading and even still active here despite the consequences. I just hoping good for their safety though.

People won't be stopped but cryptocurrency adoption would be. One thing is when you are buying a used bike and paying with BTC directly to the seller and another thing is to implement cryptocurrencies into existing retailing system where the government can easily control your money.
Bitcoin may not be stopped but you are gonna get to the stone age if you are willing to use crypto in a country with any serious restrictions.

[Yaunfitda]

If the ban gets passed then it will be a big blow in the market and it can slip down. Because this law is very strict and dealing in cryptocurrency after the law passed will be like dealing drugs. So who ever going to try to work for crypto currency will be doing illegal work. So i think 90% of them will stop working for cryptocurrency. Which also will be good if the law is not permitting to work on cryptocurrency then better to leave it. I am just waiting that they pass on some other law and give some rules and regulation to work on cryptocurrency.

But I don't think it will have a lasting effect on the market price. Remember there are lots of news coming from China in 2017 around September, yes it dampen the market but it didn't stop bitcoin from reaching its ATH in December 2017.

One think is still confusing as Indian government proposes to ban and give 10yrs of imprisonment but same time they are thinking of introducing their own coin to be released. How is it going to work as they are banning the users to not work on crypto currency and other side you are introducing your own coin. How the users are going to use it when it is banned

We haven't seen any crypto back by government being successful. So I'm expecting that it's a wrong move by the Indian government to ban and at the same time have their own cryptocurrencies. Crypto enthusiast are well too smart and knows what the government is trying to pull at, (high taxes, centralisation).

[davis196]

I think the Ban will not affect the community, it will be possible to trade and Hodl cryptos if they know how to do it?. As cryptocurrency does allow Anonymous Transaction. I am not sure about wallets, What do you think and What can you suggest?

Which community?The Indian community of the the global crypto community?
There are enough tech savvy and smart people in India,who know how to fly under the radars of the regulatory authorities.I am not worried about them at all.They will be fine.

[Ozero]

First of all, I do not think that cryptocurrency in India will be prohibited. Not all submitted bills are considered, and considered are accepted. However, even if this happens, the population of the country is fully capable of their protests to force the government to change its decision. It is only a matter of time. In addition, the government will not be able to control this decision. To do this, you need to invest a lot of money, but they may also be ineffective.