What should we do ?

[Reid]

Well, they could trace us here with our IP's but never if we make our transactions offline with bitcoin.
Some may have been cashed out using an exchange but we could still mix it so that they will never find it again.
I guess our history cannot be used for us to be judged by the law.
We could just say we used it once.

Now, for India. I hoped some of the bitcoin holders there have made some move to make themselves safe again.
I still hope this ends well.

[imstillthebest]

I read the post carefully and i see that the issue was mainly targeted on indian country but im not from india so i dont have to worry on ny coins .

 there are users here that i think not also from india but why they alarm too much ?  The banning news wasnt also new because there are other countries that banned cryptos before up until now but hey cryptos are still alive and kicking.

[leader2704]

I will put my BTC in my cold wallet, Bitcoin is here to stay

[finaleshot2016]

On this time, you can still actually use bitcoin with some various software like VPN to avoid being caught.

If the Indian Government ban the cryptocurrency then Bitcoin will still going to the sky, it doesn't affect too much. There's a lot of countries who adopt Bitcoin as a payment and I'm proud to say that my country is one of them. 

The problem is, how will you transfer or convert your cryptocurrency into fiat in your country?

[kryptqnick]

This is somewhat a ridiculous plan by the Indian Government which is synonymous to banning the use of pirated movies and music which of course is very

difficult task to do! Even the U.S. Government recognizes it as a very difficult task to implement and only promotes it adoption over time.

Banning Bitcoin as such is pretty much impossible, sure. But you see, people still need to exchange their BTC for fiat if they want to make use of the money. And this requires online exchanges or a very good system of interpersonal direct exchanges of money. The government can track such exchanges and pretend to be Bitcoin buyers to learn who the sellers are, thus covering both ways of selling Bitcoins, and it can impose serious sentences like imprisonment or huge fines. This would be enough to discourage the vast majority of users.
Op, if it's clearly a crypto ban in India, and there's not much hope for a change of heart, and you're not planning to move to another country, I wouldn't risk holding something i can go to jail for, while you still can legally sell your BTC and get your money (if you can).

[Rose_btc]

There is a huge crowd in India that is into crypto trading. How many of them will they arrest. All the criminals will have to leave if all the Indian crypto users are sent to jail.

Do not you guys think so?

[Ucy]

Who are the people criticizing bitcoin all over the world? Government or regular people? Not sure we have come to that stage yet? I guess it was people grumbling during bear markets...

Why would governmente jail people for holding crypto? Would they jail people for holding any fiat currency, precious metals or for bartering goods? This can only happen in full-blown dictatorship... I honestly would rather go to jail. My conscience does not feel bad about Bitcoin.
It is just like any other currency . Could be very important to those escaping lawlessness, rogue and evil governments.

No society that depends solely on central government will be free of oppression, lawlessness, harmful secrecy and possibly destruction

[stfN2128]

Wasn't it another fake news that india will ban bitcoin? For 2 years now, anyone publish that bitcoins going to be banned in india.
Just in case it will happen anytime, would it really affect the crypto economy? How many trading volume is caused by india?

[bitsurfer2014]

Not all proposed legislation will be effectively realized and while its not too late yet, maybe the whole Indian crypto-community would spearhead a

movement forming a coalition to appeal its cause for the purpose of stopping that proposal by the Government to take into effect so that hopefully, the

Indian Government will reconsider it plans about it.

[bitsurfer2014]

Not all proposed legislation will be effectively realized and while its not too late yet, maybe the whole Indian crypto-community would spearhead a

movement forming a coalition to appeal its cause for the purpose of stopping that proposal by the Government to take into effect so that hopefully, the

Indian Government will reconsider it plans about it.

If the Indian government have finally banned crypto transactions,then it's not a reason to sell immediately your coins.Hold them still in a secret way.This banning of cryptos might still be change in the next years to come.IMO,the government has only lacked the great awareness about crypto and so they will regret it later.

It could be the case since some Governments are quite hesitant to adopt this emerging technology but sooner or later they will eventually embraced it

and yes, hodling their coin would be the wise thing to do and they should not panic and do things that they might regret later. Imho.

[serjent05]

This is somewhat a ridiculous plan by the Indian Government which is synonymous to banning the use of pirated movies and music which of course is very

difficult task to do! Even the U.S. Government recognizes it as a very difficult task to implement and only promotes it adoption over time.

Well, I think Indian government are really ridiculous, remember, in the previous year they confiscated gold from their citizen.  I think the government is only up to enriching themselves disregarding its citizens hardwork in acquiring these assets.  Lucky I am not from that country, and the one I am living is friendly to bitcoin so I guess, it does not concern me much about what OP is telling us. 

So , should you sell or hold onto bitcoins .?

All I know is if we all held onto our bitcoins , they won't be able to send each and every one of us to jail .. the supporters are actually a lot more than you could imagine.

I am holding onto my coins , what are you gonna do ?

Well, depends on the situation, as long as there is no immediate need for money, I will keep on holding my Bitcoin.

[cipherhut]

Due to the management issue and security factors, the Indian government is taking quite safe steps towards Bitcoin and other cryptocurrencies and, therefore, for now, if you have BTC hodl it and situations will change soon.

[Mandoy]

I am not a citizen of India but I rather see it disappointing that they fail to see the potential of bitcoin and the positive effects it may bring to their country, community and economy. But we cannot blame the government since they are not yet ready with this kind of innovation in finance. Though for bitcoin users and holders in India the only thing they can do is to either hold their bitcoin in their cold wallets or if they hold a huge amount of bitcoin they can migrate to a bitcoin friendly country.

[btc_angela]

This was discussed quite few times already, I am not sure if the proposal passed or not but I had read in some social media sites like Facebook that there is a 90-day grace period for hodlers to exit out their crypto coins. To answer OP's question, I think it'd be better to hold it for now. It's not like it will be an instant travel to the jail room would happen at the time the proposal passes.

Yes, definitely holding is one the best option and then leaving the country is another choice. But the latter will be difficult. It's just sad to hear that India, with it's young and dynamic IT sector will suddenly go to full extend to ban crypto in general. No one wants to go to jail here, but if our friends in that country is willing to take the risk, then so be it.

[serjent05]

Why would governmente jail people for holding crypto? Would they jail people for holding any fiat currency, precious metals or for bartering goods? This can only happen in full-blown dictatorship... I honestly would rather go to jail. My conscience does not feel bad about Bitcoin.

I think this is just a proposed bill but I wonder what is the development of this.  Short sighted people behind the government positions are the one thinking that cryptocurrency is a bad thing for a country.  They are the unknowledgeable pretending to be a wise one.

No society that depends solely on central government will be free of oppression, lawlessness, harmful secrecy and possibly destruction

I think this one is universal, either we are living in a central or decentralized environment, there is always people who bully and opress others.  It also happen in the people behind the development of cryptocurrency.

Yes, definitely holding is one the best option and then leaving the country is another choice. But the latter will be difficult. It's just sad to hear that India, with it's young and dynamic IT sector will suddenly go to full extend to ban crypto in general. No one wants to go to jail here, but if our friends in that country is willing to take the risk, then so be it.

Well it is their decision to take the risk and we cannot do anything about it.  The sad part of this is the  banning of crypto, they are missing a huge tool for their country's development.

[pawanjain]

So we all know how Indian government is banning cryptocurrencies soon.

https://www.livemint.com/news/india/banning-cryptocurrency-in-india-not-a-solution-nasscom-1564476081539.html

Now nasscom is adding fuel to the war along with the Reserve bank of India suggesting that they didn't have anything to do with it makes worth a point
*They themselves think this is overboard and doesn't want to actually associate with it*

Earlier this week it was criticised by people all around the world also at the same time the committee was submitting the records rejecting any good involvement.

Nasscom is actually the Indian IT sector more like a non profit organization.

Earlier today there were websites suggesting how you should sell your coins so that you don't get jailed for long-term.

So , should you sell or hold onto bitcoins .?

All I know is if we all held onto our bitcoins , they won't be able to send each and every one of us to jail .. the supporters are actually a lot more than you could imagine.

I am holding onto my coins , what are you gonna do ?

All I have heard is that many committees,  groups of people, politicians, bankers and whosoever talking about banning crypto in India.
They have been talking about banning crypto in India since years now but I have seen a real ban yet or even an official announcement on this regard from a trusted source.
I don't know why people keep bothering about such FUDs. I have been a hodler since years without worrying about such FUDs because I know what I am doing is not illegal.
The money I earn is from my hardwork and not from by selling drugs or guns on the darkweb. People have to be optimistic about the new developing technology instead of listening to some person you don't know telling you what to do.

[Slow death]

So , should you sell or hold onto bitcoins .?

When governments put tough laws on something, breaking this law can have severe implications for the lives of those who break the law. Let's suppose that in India they pass a law that says anyone with bitcoin will be sentenced to 10 years in prison. Are you ready for pass 10 years  in prison? Do you feel confident that someone in this world will help you get out of jail?

All I know is if we all held onto our bitcoins , they won't be able to send each and every one of us to jail ..

And how the hell do you know if a lot of people in india are holding bitcoin or not? People will be afraid of being arrested

[linkingt]

World has never changed  in a day.So must keep this words in our mind.Bitcoin was the ruler of digital crypto currencies and still it is developing  than the previous times.So we should be patient and be with bitcoin to get the  success and improve our economic situation.we should remember that"where there is a will,there is a way."

[FanEagle]

One thing that you have to know is that cryptocurrency has come to stay, and if I were you, I would just ignore that and hold on to your bitcoin, there are many areas where you would need to use bitcoin, there might not be local exchanges that would change it to your country’s currency right now.

If you ignore this  and keep accumulating the bitcoin and it worth so much money in future, is it not for you to travel first to another country that uses dollars where you can get a local exchange to change your bitcoin to solar, and then look for an establishment in that country to invest your money to that would give you very legal reason when you start taking the money back to your country gradually to become one of the riches there lol.

Don’t sell, but just play very safe, this rule will only affect you changing your bitcoin through local exchanges.

[wxxyrqa]

Guys, I’m sure that no one can forbid the inhabitants of India to use cryptocurrency, especially trade on cryptocurrency exchanges and earn good income.  The fact is that even if there is a ban at the legislative level, then with the help of certain software everyone will be able to use foreign resources for trade.  Of course, it will be necessary to cash out cryptocurrency into fiat funds in other ways, so as not to attract the attention of the government.  But using Bitcoin or another cryptocurrency as a means of payment will be prohibited.  And as I understand it, almost all Indian citizens who work in the cryptocurrency market are trying to earn income in order to become financially independent, and not in order to use cryptocurrency to buy goods or pay their bills.