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Author Topic: Lets assume the worst. What's next?  (Read 430 times)
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newIndia
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June 17, 2019, 11:26:08 PM
Last edit: July 22, 2019, 05:56:41 PM by newIndia
 #1

Lets assume this tweet is true - https://twitter.com/Nikunj_Ohri/status/1136823903605723137

"India has proposed a jail term of one to ten years for those who mine, hold or sell cryptocurrencies."

What if this become law? How do you plan for your next course of action (and suggest others)?

p.s. Any attempt to divert the discussion with "I believe this will not become law" etc. will be outright deleted.

...

Update on July 22, 2019: https://twitter.com/SecretaryDEA/status/1153302518815834119

https://dea.gov.in/sites/default/files/Approved%20and%20Signed%20Report%20and%20Bill%20of%20IMC%20on%20VCs%2028%20Feb%202019.pdf


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June 18, 2019, 07:14:57 AM
 #2

Lets assume this tweet is true - https://twitter.com/Nikunj_Ohri/status/1136823903605723137

"India has proposed a jail term of one to ten years for those who mine, hold or sell cryptocurrencies."

What if this become law? How do you plan for your next course of action (and suggest others)?

p.s. Any attempt to divert the discussion with "I believe this will not become law" etc. will be outright deleted.
If holding cryptos will be completely restricted in India then I have no options other than moving to somewhere else.I stayed some Asian countries too which one is Singapore so might visit there even though chances of having nationality there is very minimal.

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June 18, 2019, 01:54:37 PM
 #3

Lets assume this tweet is true - https://twitter.com/Nikunj_Ohri/status/1136823903605723137

"India has proposed a jail term of one to ten years for those who mine, hold or sell cryptocurrencies."

What if this become law? How do you plan for your next course of action (and suggest others)?

p.s. Any attempt to divert the discussion with "I believe this will not become law" etc. will be outright deleted.

I don't think there will be jail term for holding or mining,  but trading they can impose, because holding or mining there is no way govt can find we are doing this.
For trading if you have enough crypto, you can go outside India and sell there and back to India and pay taxes on crypto earning.
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June 18, 2019, 03:46:07 PM
 #4

I don't think there will be jail term for holding or mining,  but trading they can impose, because holding or mining there is no way govt can find we are doing this.
For trading if you have enough crypto, you can go outside India and sell there and back to India and pay taxes on crypto earning.
But Bangladesh have the same punishment for holding the cryptos as well,maybe they don't know how to find the holding but if it happens in somewhat there will be some kind of punishment if that rule exist.

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June 19, 2019, 03:35:06 PM
 #5

I don't think there will be jail term for holding or mining,  but trading they can impose, because holding or mining there is no way govt can find we are doing this.
For trading if you have enough crypto, you can go outside India and sell there and back to India and pay taxes on crypto earning.
If you have the capacity to go abroad and sell your crypto currency then why you want to pay your taxes back home for the earnings as it is not even permitted to earn a profit let alone hold your coins. Bitcoin gives us the protection to mask our identity if you are not dealing with any exchanges inside your country who comply with all the KYC and AML procedures and hence there is nothing to worry about someone identifying you with just your wallet address.

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webtricks
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June 19, 2019, 05:34:38 PM
 #6

Lets assume this tweet is true - https://twitter.com/Nikunj_Ohri/status/1136823903605723137

"India has proposed a jail term of one to ten years for those who mine, hold or sell cryptocurrencies."

What if this become law? How do you plan for your next course of action (and suggest others)?

p.s. Any attempt to divert the discussion with "I believe this will not become law" etc. will be outright deleted.

I don't think holding cryptocurrencies will become illegal ever. Buying and selling in the local market may become illegal but no government can control the movement of cryptocurrencies between wallets. Hence, banning the holding and transferring would literally contribute nothing.
So even a scenario comes where government pass any such bill (chances of which is very meager), no need to worry as one can still receive crypto in wallets and sell them on OTC Exchanges in International Markets.


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amicrypto
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June 26, 2019, 07:34:37 AM
 #7

Lets assume...

If I have to assume it, why would I not assume the best? It is futile to discuss the regulatory outcome. If the government brings out a positive enforcement, good news for the blockchain tech and industry in India. If not, then we would have to make alternate arrangements or find loopholes in the regulations.
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June 26, 2019, 09:25:31 AM
 #8

It's simple, stop dealing in bitcoins and leave the forum too. There's no point of holding something that can land you in prison. It would be similar to holding any other illegal products.




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June 26, 2019, 02:31:42 PM
Last edit: June 26, 2019, 02:43:02 PM by deadley
 #9

I don't think there will be jail term for holding or mining,  but trading they can impose, because holding or mining there is no way govt can find we are doing this.
For trading if you have enough crypto, you can go outside India and sell there and back to India and pay taxes on crypto earning.
If you have the capacity to go abroad and sell your crypto currency then why you want to pay your taxes back home for the earnings as it is not even permitted to earn a profit let alone hold your coins. Bitcoin gives us the protection to mask our identity if you are not dealing with any exchanges inside your country who comply with all the KYC and AML procedures and hence there is nothing to worry about someone identifying you with just your wallet address.

You have to pay taxes because otherwise, how you will come with that money? Either you have to pay taxes by saying other income option or just pray for next 8 years, your name won't come on scrutiny. If it comes in scrutiny than no one will save you.
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June 26, 2019, 03:21:05 PM
 #10

Lets assume this tweet is true - https://twitter.com/Nikunj_Ohri/status/1136823903605723137

"India has proposed a jail term of one to ten years for those who mine, hold or sell cryptocurrencies."

What if this become law? How do you plan for your next course of action (and suggest others)?

p.s. Any attempt to divert the discussion with "I believe this will not become law" etc. will be outright deleted.


This thing is doing a lot of rounds in the internet. However, before reaching to any conclusion, please see the below video to get a new perspective in this case,

https://www.youtube.com/watch?v=z91bfIunZZ8

The video is published by Crypto Kanoon who are pioneering in crypto related legal issues in India. First see it and then decide your next course!

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June 29, 2019, 08:28:26 AM
 #11

First of all, this bill is not passed yet, right? I hope it may take another 2 years to get that bill passed.
Then why from now onwards all are getting upset. Within 2 years anything can happen. India is a member of G20.
So I dont thing India will ban crypto.

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July 22, 2019, 06:05:32 PM
 #12

- Set up a business outside India, preferably in Thailand/HK/Singapore/Mauritius/Malta.

- Do everything related to Crypto under that entity.

- Bring back INR after converting from local currency through normal banking channel.

- Pay tax.
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July 23, 2019, 08:55:36 PM
 #13

It is not assumption anymore. It is coming. OP updated accordingly. What's next?
So this news is an official statement of Indian government?

But didn't see much of buzz around the forum about this ban yet.

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July 24, 2019, 10:06:04 AM
Merited by avikz (2), Heisenberg_Hunter (1), JSRAW (1)
 #14

I don't think the bill will be passed anytime soon for the reasons mentioned here

However, if by chance the bill gets passed on both Houses. I can't exile from the country to another as my crypto holdings aren't huge and I'm not in a position to do so. I'll stay in India, but..
  • I'll lie to my friends and relatives, that I sold every last bit of Crypto I held in loss and I'll bare with the "See, I told you so " advice.
  • I'll hold most of my Crypto and will trade some in DEXs
  • I'll keep myself and my children (if born after marriage  Tongue) updated on Crypto related stuff.
  • I'll hope for Govt to come with a good Crypto Regulation. Until then I hold and wait.
  • I'll make sure that my Crypto holdings get passed on to my next generation without the Govt knowing


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July 24, 2019, 06:47:35 PM
 #15

It is not assumption anymore. It is coming. OP updated accordingly. What's next?
So this news is an official statement of Indian government?

But didn't see much of buzz around the forum about this ban yet.

You may like to subscribe https://www.reddit.com/r/CryptoIndia/ to stay updated.
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July 24, 2019, 08:34:25 PM
 #16

It is not assumption anymore. It is coming. OP updated accordingly. What's next?
So this news is an official statement of Indian government?

But didn't see much of buzz around the forum about this ban yet.

You may like to subscribe https://www.reddit.com/r/CryptoIndia/ to stay updated.
324 members will be enough to discuss about the problem of 1.4 billion common people? Embarrassed

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July 27, 2019, 08:55:08 PM
 #17

It is not assumption anymore. It is coming. OP updated accordingly. What's next?
So this news is an official statement of Indian government?

But didn't see much of buzz around the forum about this ban yet.

You may like to subscribe https://www.reddit.com/r/CryptoIndia/ to stay updated.
324 members will be enough to discuss about the problem of 1.4 billion common people? Embarrassed

LMAO. Crypto ban is not a problem of 1.4 billion common people. Hardly a few lakhs are solely dependent on Crypto. For the rest, it is just another stock/asset. They'll sell and move on.
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July 28, 2019, 06:13:26 AM
 #18


LMAO. Crypto ban is not a problem of 1.4 billion common people. Hardly a few lakhs are solely dependent on Crypto. For the rest, it is just another stock/asset. They'll sell and move on.
Even comparing that 324 with lakhs doesn't make sense though.

BTW nothing serious about ban until now so just keep holding your bitcoin.

#StrongHold

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July 28, 2019, 11:14:08 AM
 #19


LMAO. Crypto ban is not a problem of 1.4 billion common people. Hardly a few lakhs are solely dependent on Crypto. For the rest, it is just another stock/asset. They'll sell and move on.
Even comparing that 324 with lakhs doesn't make sense though.

BTW nothing serious about ban until now so just keep holding your bitcoin.

#StrongHold

Their is nothing left as far as people who still believe that bitcoin would be legal or something like that. Because that rule might get implemented soon of the draft we had being reading on the net and also government is not looking to support the crypto in the country.

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.POWER. PLAY
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playboy654
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Activity: 532
Merit: 31


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July 28, 2019, 08:38:04 PM
 #20


LMAO. Crypto ban is not a problem of 1.4 billion common people. Hardly a few lakhs are solely dependent on Crypto. For the rest, it is just another stock/asset. They'll sell and move on.
Even comparing that 324 with lakhs doesn't make sense though.

BTW nothing serious about ban until now so just keep holding your bitcoin.

#StrongHold

Their is nothing left as far as people who still believe that bitcoin would be legal or something like that. Because that rule might get implemented soon of the draft we had being reading on the net and also government is not looking to support the crypto in the country.

India is not going to implement anything soon,I read some passed bills took 19 years to implement as a rule.

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