INDIA: Draft Law Proposes 10-year Jail Term for Dealing in Cryptocurrency

[Juggy777]

Just by looking how they will soon launch a digital version of their fiat shows a clear motive on why they are pursuing a bill like this one. With their plan of removing all kinds of crypto assets in their country they are eliminating the potential competition surround their own cryptocurrency. These kinds of law doesn't only violate the rights of their people but also shows some kind of dictatorial ruling in their state. If I were a citizen in India I would ask for the Indian crypto industry to unite from investors and miners to crypto exchanges and form a protest against this unfair bill, a voice that can be heard is something that will get their attention especially when the election time comes.

I spoke about this bill to my friends in India and they said it’s only a draft and the actual bill may not be so harsh, also they informed me that there’re many cases yet going on in Indian courts regarding the approval of bitcoins. Indian government aim of launching it’s own crypto shall be a waste of their resources, as no one will buy their centralised crypto. In my opinion Indian government should look at Japan’s model regarding bitcoin, and implement the same in their country.

[1714874671]

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[Shinpako09]

Is it just me? The news about this seems have a less impact or doesn't have at all. Maybe because it's India, a 3rd world country. I don't feel the impact and there's no major talk like, others are panicking or something like that and it seems they aren't worrying. Well, I won't be surprised though.

[Vishnu.Reang]

I spoke about this bill to my friends in India and they said it’s only a draft and the actual bill may not be so harsh, also they informed me that there’re many cases yet going on in Indian courts regarding the approval of bitcoins. Indian government aim of launching it’s own crypto shall be a waste of their resources, as no one will buy their centralised crypto. In my opinion Indian government should look at Japan’s model regarding bitcoin, and implement the same in their country.

You are partially correct. The final bill is likely to be a toned down one. If they make the bill too harsh, there will be some public outcry and it will be challenged in the courts. And moreover, it will be almost impossible to implement these harsh measures in a country with millions of people who use cryptocurrencies such as BTC and ETH.

[D1v4c]

Is it just me? The news about this seems have a less impact or doesn't have at all. Maybe because it's India, a 3rd world country. I don't feel the impact and there's no major talk like, others are panicking or something like that and it seems they aren't worrying. Well, I won't be surprised though.

Maybe you are right because India is a third-world country, but look at what happened to Bitcoin when China released a news like this.

[leowonderful]

I hope for all the people in India using crypto this law won't actually go into effect as it appears to only be a draft at this moment, but it's absolutely ridiculous people even just holding and not even using cryptocurrencies could be facing a 10 year jail sentence.

I also don't see this having a large effect on the price of Bitcoin or any other alts in the near future as there just doesn't seem to be much trading volume of crypto in India AFAIK. Hopefully this doesn't actually pass.

[TheCoinGrabber]

The title looks very the same with other threads that popped last day but the content's different so I thought it's just a duplicated thread. However, with that addition of making their digital rupee.

Things got clearer now, remember when facebook banned crypto ads and after that they went into an idea and rumor of launching their own token? that's the pattern.

It's just like how tech giants work - buy or smear the competition. Since it bitcoin's case they can't gain ownership of it, governments first went that smear route and if that don't work they'll either tightly regulate it or outright ban it to introduce their own.

This is, why would anyone invest in digital rupees? What would make it valuable?

[boyptc]

The title looks very the same with other threads that popped last day but the content's different so I thought it's just a duplicated thread. However, with that addition of making their digital rupee.

Things got clearer now, remember when facebook banned crypto ads and after that they went into an idea and rumor of launching their own token? that's the pattern.

They're heading to the same route but it was said that their plans in launching a seperate cryptocurrency was postponed.

https://www.theblockcrypto.com/tiny/rbi-is-putting-official-digital-currency-on-hold-reports-claim/

Is this a reliable source? if it's on halt, I can't think on what's on their minds.

So you think that India is banning Cryptocurrency because they want to launch their own token or cryptocurrency, I don't see the connection although there is a similarity, Facebook is a company while India is a country, they can impose sentence while Facebook can only disable your account.

Yes that's what I think.

In able to determine and broadcast your product properly, you have to get rid of your competitors in your platform or inside your jurisdiction. It's on the same situation if you will analyze.

[stompix]

Is it just me? The news about this seems have a less impact or doesn't have at all. Maybe because it's India, a 3rd world country. I don't feel the impact and there's no major talk like, others are panicking or something like that and it seems they aren't worrying. Well, I won't be surprised though.

Yeah, just as nobody panicked when the first news about the ban spread.

And the reasons are not just because it's a 3rd world country its because there is no volume on the exchanges, there are no shops accepting, no ATMs, no nodes, no mining, ...basically, nothing that can be considered. There are countries in Europe /100 of the size in both population or GDP but which have a far bigger impact on the crypto environment.

Imagine one of the countries in EU seeking a ban...everyone will panic as they would fear the ban would spread to the largest economy in the world which is the union. India...meh..

Another reason for the lack of reactions is that even if its adoption or banning people know India's government will do a shitty job at it and the results will b equal to zero, so no real change whatsoever

Maybe you are right because India is a third-world country, but look at what happened to Bitcoin when China released a news like this.

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India is not China. Not even close. Not even a thousand miles close.
 

[Kemarit]

Is it just me? The news about this seems have a less impact or doesn't have at all. Maybe because it's India, a 3rd world country. I don't feel the impact and there's no major talk like, others are panicking or something like that and it seems they aren't worrying. Well, I won't be surprised though.

Probably because India doesn't have the much influence of crypto as compare to let's say China, wherein the mining are concentrated. The impact is so slim that we didn't feel it at all. Yes the price goes to $7600-$7500, but then again it surges back to $7800-$7900, indicative that it didn't deter this bullrun that we have right now. At least though, people learn not to panic at every news like this. And the only impact I'm seeing is those Indian crypto lovers that we have in this community. But I'm under the speculation that they will just shrug their shoulders hearing this one and will still continue to buy and hold Bitcoin.

[Mometaskers]

Thank you India, you've just ensured you would not be part of the cryptorevolution. Too bad that instead of being able to legit make money online by freelancing and stuff, your literate but desperate people have to continue doing phone scams.

https://www.youtube.com/watch?v=xb_rgQ4IDS8&t=199s

Maybe you are right because India is a third-world country, but look at what happened to Bitcoin when China released a news like this.

India have close to 0 impact on crypto. China is where pretty much all of the miners are. Huge difference.

[mersal]

Thank you India, you've just ensured you would not be part of the cryptorevolution. Too bad that instead of being able to legit make money online by freelancing and stuff, your literate but desperate people have to continue doing phone scams.

https://www.youtube.com/watch?v=xb_rgQ4IDS8&t=199s

The video is about a crypto scam? I am not hearing the voice so don't know what is happening.But when someone got scammed by these kind of phone calls then they are still illiterate.

There is no official news about this draft so just take it easy.

[mitchr4]

I hope for all the people in India using crypto this law won't actually go into effect as it appears to only be a draft at this moment, but it's absolutely ridiculous people even just holding and not even using cryptocurrencies could be facing a 10 year jail sentence.

I also don't see this having a large effect on the price of Bitcoin or any other alts in the near future as there just doesn't seem to be much trading volume of crypto in India AFAIK. Hopefully this doesn't actually pass.

Most likely it will be realized, seen from the statement of the Indian government that the use of Cryptocurrency is widely misused as their main reason for punishing people who involved in Cryptocurrency transactions. My opinion on this issue is that the Indian government only takes the opportunity so that its digital currency does not have a rival in its country. Luckily this news make the value of Bitcoin is fine there is no effect at all.

[guoyu78]

Why would anyone be this idiotic is beyond my understand. India is known for remote workers and freelancer workers who happen to earn money from all around the world and they are getting dollars and euros every single day and work for that in order to then cash it out and get their own fiat currency and that results with the real economy always having some sort of power, not insanely but at least combining all people who work for Europeans or Americans that gets paid and exchange it that makes it better as a collective.

Bitcoin is exactly the same and looks like it was created FOR Indians because it would make things so much easier whereas Indian government is consisting of bunch of stupid morons who can not see this.

[mersal]

Why would anyone be this idiotic is beyond my understand. India is known for remote workers and freelancer workers who happen to earn money from all around the world and they are getting dollars and euros every single day and work for that in order to then cash it out and get their own fiat currency and that results with the real economy always having some sort of power, not insanely but at least combining all people who work for Europeans or Americans that gets paid and exchange it that makes it better as a collective.

Bitcoin is exactly the same and looks like it was created FOR Indians because it would make things so much easier whereas Indian government is consisting of bunch of stupid morons who can not see this.

India is having high amount of tax rate for converting other currencies into local fiat money that is why they are suffering from illegal money conversion called hawala and happening billions everyday so India can decrease their tax they can atleast make some rather than nothing.

[Vishnu.Reang]

Why would anyone be this idiotic is beyond my understand. India is known for remote workers and freelancer workers who happen to earn money from all around the world and they are getting dollars and euros every single day and work for that in order to then cash it out and get their own fiat currency and that results with the real economy always having some sort of power, not insanely but at least combining all people who work for Europeans or Americans that gets paid and exchange it that makes it better as a collective.

Bitcoin is exactly the same and looks like it was created FOR Indians because it would make things so much easier whereas Indian government is consisting of bunch of stupid morons who can not see this.

The government created a lot of issues for the freelancers earlier. First they banned PayPal. A few months back, the ban was lifted but under strict conditions. Indian users can't store any of their money in PayPal. If they receive any payments in their PP account, then it is automatically withdrawn to the linked savings bank account. Also, Indian users are banned from making peer to peer payments.

[redsun114]

Like seriously, these people wants to stop their citizens from making use of cryptocurrency for real… Meeeehn, that's really bad. Anyone who is in that country and still insisting to make use of cryptocurrency need to be very careful, cause if you get busted, then you will be sorry for yourself to spend up to ten years in jail, a wasted life lol. So it's better to be careful, if there is anyway you know you can be traced, then you better just take it away or you can just stop making use of cryptocurrency instead of putting yourself in this kind of problem. This is really bad.

[RealMalatesta]

This is really getting worse and it is sad that they are being biased in their judgment, if they are really against cryptocurrency, why is it now that they are coming up with their own digital currency, how come the idea is just coming to their mind now.

I hope this law will really not be effective, because the population of citizens of India using cryptocurrency is really high, and anything that makes them halt using crypto, it will surely affect the price of some coins, and I am thinking it will affect Bitcoin more, because I think that is what most Indians use for some of their crypto transactions. Let’s see how the anonymous nature of the crypto plays out here.

[Vishnu.Reang]

This is really getting worse and it is sad that they are being biased in their judgment, if they are really against cryptocurrency, why is it now that they are coming up with their own digital currency, how come the idea is just coming to their mind now.

This is what the Indian businessmen has done all through the years. First they will destroy the competition, buy intimidating and bullying their rivals and once their competitors are gone, they will launch their own over-priced brands. It looks to me that the Indian finance ministry is facing shortage of funds, after freebies were handed out to win the elections. Now they want to squeeze money out of the citizens, by hook or crook.

[bitgolden]

Just by looking how they will soon launch a digital version of their fiat shows a clear motive on why they are pursuing a bill like this one. With their plan of removing all kinds of crypto assets in their country they are eliminating the potential competition surround their own cryptocurrency. These kinds of law doesn't only violate the rights of their people but also shows some kind of dictatorial ruling in their state. If I were a citizen in India I would ask for the Indian crypto industry to unite from investors and miners to crypto exchanges and form a protest against this unfair bill, a voice that can be heard is something that will get their attention especially when the election time comes.

I spoke about this bill to my friends in India and they said it’s only a draft and the actual bill may not be so harsh, also they informed me that there’re many cases yet going on in Indian courts regarding the approval of bitcoins. Indian government aim of launching it’s own crypto shall be a waste of their resources, as no one will buy their centralised crypto. In my opinion Indian government should look at Japan’s model regarding bitcoin, and implement the same in their country.

They know this and they are fully aware that people would not buy into their own coin idea that much, which is why they are planning to first ban cryptocurrency and push their own digital coin to their citizens, but I doubt they will succeed, because I don’t see any benefit their coin will be of other than being a utility coin that will be used internally which will only benefit the government alone.

Bitcoin does more than being a utility coin, it also serve as investment which is why many people would always use Bitcoin and any other coin that serves this purpose, people will only accept India digital coin, if they make it a decentralized one.

[Leh-Meh]

Bollywood superstar "Amitabh Bachchan" rides Bitcoin high, sees $250,000 investment surge to $17.5 million

https://www.indiatoday.in/technology/news/story