I have also gone through the pages in the proposed draft bill. It looks scary and very unrealistic for the community. Scary because a lot of youngsters will lose there earning source and unrealistic because it is not possible to completely ban cryptocurrency trading. There are numerous ways by which people will trade illegally.
The scanned pages do not show any government seal, which means it has not yet been presented to the government. This will take time and has to be passed by both the houses of the parliament. I do not see that happening any sooner.
If indeed the government passes this bill, it will surely lose a lot of revenue that it could have generated by Income tax. The government should discuss this bill with the Indian crypto community if it wants to become an economic powerhouse. They should come out with regulation and adapt to the future not escape it .
Rightly said and agreed. First of all any bill before implementation should be passed in both houses of the Parliament in India but that does not look tough.Even opposition will not be opposing it but it may take time. Secondly its very hard to trace each and every crypto trader in India, number of crypto traders in India may be more that any small country's population. I will be very tough for the govt to depute manpower to trace crypto traders in decentralize environment. Also if BTC and crypto is banned in India, it will lead loss in revenue as well. Indian govt should really talk to crypto community first to take such a harsh step.
