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Author Topic: Lets assume the worst. What's next?  (Read 430 times)
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0zero0
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July 30, 2019, 02:14:09 PM
 #21

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


Well, we do have other options here. For instance, if I were in this situation then I would still continue using crypto as if nothing had happened.
The problem only arises on buying/selling crypto for fiat. I would stop using the Indian currency and would trade with whatever I have left.
May be at some point in future the government of India will accept cryptocurrencies, I would patiently wait until then.
If required we can also use other currencies for withdrawal such as using USD and getting the amount in paypal.
Also, peer to peer exchanges such as WazirX can be used since it is very hard for the government to judge the amount that it coming from such sources.
If we are in contact with local sellers then we can make the deal in cash too but it's quite risky this way.
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playboy654
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July 30, 2019, 07:08:42 PM
 #22

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


Well, we do have other options here. For instance, if I were in this situation then I would still continue using crypto as if nothing had happened.
The problem only arises on buying/selling crypto for fiat. I would stop using the Indian currency and would trade with whatever I have left.
May be at some point in future the government of India will accept cryptocurrencies, I would patiently wait until then.
If required we can also use other currencies for withdrawal such as using USD and getting the amount in paypal.
Also, peer to peer exchanges such as WazirX can be used since it is very hard for the government to judge the amount that it coming from such sources.
If we are in contact with local sellers then we can make the deal in cash too but it's quite risky this way.
If you are holding crypto currencies worth in millions then you can move to countries where cryptos are supported.

Or if you are just holding in thousands means you can make paypal transactions or just use the bank account of your friend from different country and give one percentage as commission or fee to him.

Or p2p like localbitcoin can be.

deadley
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July 30, 2019, 09:05:24 PM
 #23

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


Well, we do have other options here. For instance, if I were in this situation then I would still continue using crypto as if nothing had happened.
The problem only arises on buying/selling crypto for fiat. I would stop using the Indian currency and would trade with whatever I have left.
May be at some point in future the government of India will accept cryptocurrencies, I would patiently wait until then.
If required we can also use other currencies for withdrawal such as using USD and getting the amount in paypal.
Also, peer to peer exchanges such as WazirX can be used since it is very hard for the government to judge the amount that it coming from such sources.
If we are in contact with local sellers then we can make the deal in cash too but it's quite risky this way.
If you are holding crypto currencies worth in millions then you can move to countries where cryptos are supported.

Or if you are just holding in thousands means you can make paypal transactions or just use the bank account of your friend from different country and give one percentage as commission or fee to him.

Or p2p like localbitcoin can be.

If jail term proposal accepted by govt, then P2P will also stop, who will take risk to selling crypto, if they will get caught it will be big risk.
P2P will almost finished in India, localbitcoins and other P2P site most probably will unaccessible and Indian P2P platform will be shutdown for permanent.

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July 30, 2019, 09:14:36 PM
Merited by newIndia (2)
 #24

If jail term proposal accepted by govt, then P2P will also stop, who will take risk to selling crypto, if they will get caught it will be big risk.
P2P will almost finished in India, localbitcoins and other P2P site most probably will unaccessible and Indian P2P platform will be shutdown for permanent.

Disagreed.

Currently, you could be jailed for having porn in your phone for up to three years. How strictly is that enforced? Name 1 person that stopped watching porn or storing it in their phone because of the law.

People that love privacy and have a need to transact in crypto, will find a way.

And that is not even counting the criminals and money launderers. They will abuse crypto just as badly as they have abused fiat.
deadley
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July 30, 2019, 09:37:07 PM
 #25

If jail term proposal accepted by govt, then P2P will also stop, who will take risk to selling crypto, if they will get caught it will be big risk.
P2P will almost finished in India, localbitcoins and other P2P site most probably will unaccessible and Indian P2P platform will be shutdown for permanent.

Disagreed.

Currently, you could be jailed for having porn in your phone for up to three years. How strictly is that enforced? Name 1 person that stopped watching porn or storing it in their phone because of the law.

People that love privacy and have a need to transact in crypto, will find a way.

And that is not even counting the criminals and money launderers. They will abuse crypto just as badly as they have abused fiat.

Because no one can check your phone without search warrant, but bank can check your bank tx and govt will ban P2P site like Localbitcoins and Paxful. And Indian site will shutdown because it will be punishable to holding crypto, so how they can run platform for trading crypto in India.
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July 31, 2019, 05:45:16 AM
 #26

Because no one can check your phone without search warrant, but bank can check your bank tx and govt will ban P2P site like Localbitcoins and Paxful. And Indian site will shutdown because it will be punishable to holding crypto, so how they can run platform for trading crypto in India.
We can use VPN to access the sites right?

Indian government asking everyone to pay everything you are buying digitally or send or receive money in digital as well so its hard for the banks to decet which one coming from crypto related people in 1.4 billion populated country.

deadley
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July 31, 2019, 08:43:11 AM
 #27

Because no one can check your phone without search warrant, but bank can check your bank tx and govt will ban P2P site like Localbitcoins and Paxful. And Indian site will shutdown because it will be punishable to holding crypto, so how they can run platform for trading crypto in India.
We can use VPN to access the sites right?

Indian government asking everyone to pay everything you are buying digitally or send or receive money in digital as well so its hard for the banks to decet which one coming from crypto related people in 1.4 billion populated country.

If there is only 1-2 tx once in a while, but if you are trader, there will be ton of transactioin. Bank will call you and ask you, from where you receiving or sending so much transactions.
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July 31, 2019, 09:49:47 AM
Merited by playboy654 (1)
 #28

At first look that's what our Hon'ble finance minister has to say about the draft.

Quote
"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."

Indian Finance Minister Addresses Crypto Proposal - Industry Responds

Reaction

Quote
Finance Minister ‘Misinformed’

Varun Sethi, founder of Blockchain Lawyer, shared some thoughts with news.Bitcoin.com on the finance minister’s reply to The Economic Times. The “finance minister has apparently not stated anything negative,” he said. Since her position “falls under the Ministry of Finance, under whom the Department of Economic Affairs also falls, so ideally the report is made under her ministry only,” Sethi added. Noting that the chances of her “commenting publicly against the report don’t stand,” he opined:

"There is surely no doubt that Indian report is rather comprehensive however she has reserved her comments about her thoughts post the issuance of report, thereby the reactions by the community are yet to be captured."

Quote
Responding to the finance minister’s comments, Nischal Shetty, CEO of local crypto exchange Wazirx, tweeted to Anurag Singh Thakur, Minister of State for Finance and Corporate Affairs. “Misinformation about crypto has reached our FM due to the flawed crypto report. Ban is never a futuristic solution to anything. Report does not even classify crypto correctly. Please give the crypto industry an opportunity to represent,” he emphasized.

"This is probably the first time she’s spoken about crypto. It’s a start and while her comment is from only one side, the flawed crypto report, we’re hopeful she gives the crypto community of India a chance to present our view of crypto."




~snip~

Sooner or later they are going to adopt everything, it's just a matter of time and if by any chance something goes wrong in a long run then, a good amount of BTC multi-millionaire will not hesitate to move out from India and rightly so.

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playboy654
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July 31, 2019, 10:48:27 AM
 #29

snip
I wish this should be true. Smiley

If the finance minister says that reports was not right then literally they are going to support and regulate the cryptos.

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