[DEBATE]: Cryptocurrency investment related on India facing threat for ban

[cryptoaddictchie]

This is a tragic and a really, heart breaking news Ive read for this week. Imagine, Indian Government is planning to pass a law where people involve in cryptoinvestment will be sentence to a 10 year prison. Sound's really scary for those who will be caught.



Image source:https://cointelegraph.com/news/indias-proposed-bitcoin-ban-is-already-driving-a-crypto-exodus

This statement from the article above will bleed out crypto enthusiasts in India:

“The first large democracy” to ban crypto
As the Economic Times notes, the draft Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019 has proposed a 10-year prison sentence for anyone who "mines, generates, holds, sells, transfers, disposes of, issues or deals in cryptocurrencies.”

Though, this is still on deliberation but based on the report looks like they are damn serious about it. In my opinion, lots of people from India will be totally disappointed on how things will end up sooner for them especially those developer and projects that are into crypto investment.

I guess people from India will surely be totally pissed with this. Just hoping neighboring country will not follow this move of India Government.

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[ifinta]

It don't support the tourism, I think.

What, if somebody has a mobile with Mycelium and some BTC with it? Prison? For every tourist, who forget to delete the App?

[avikz]

Well! That's an old news! I don't know why Economic Times of India decided to post a story on that now, because the matter is currently under the trial of Supreme Court of India! Court hearing is still ongoing and the next hearing date is 25 September 2019. Internet and Mobile Association of India (IAMAI) and India based crypto exchanges is defending the case against Reserve Bank of India in Supreme Court and nothing has been finalized yet. Stop creating panic!

[exstasie]

Misleading title. The bill is in draft form and lawmakers haven't even reviewed it yet.

What, if somebody has a mobile with Mycelium and some BTC with it? Prison? For every tourist, who forget to delete the App?

The "hold" and "transfer" aspects obviously won't be enforceable. Those would just be scare tactics to deter people from dealing with cryptocurrency at all. The government could only effectively target businesses (including P2P traders).

Still, if the law is passed I wouldn't have Mycelium on my phone if I traveled there. You never know!

[The Cryptovator]

It has been long time I am hearing that India will ban crypto-currency. But still now it doesn't happen. It's true there is huge amount of peoples involved with crypto-currency in India since it's a big country. But I don't think government will benefited if they decide to ban crypto-currency investment or whatever crypto related. India earning a good amount of TAX from crypto-currency users. So they will lose it, and people will start using crypto-currency on black market. So it will be another headache for Indian government. Due to anonymity its impossible to trace crypto users. So government will not able to prevent use crypto-currency.

Over all I don't think their decision will effect on whole crypto markets.

[harizen]

The title is misleading. The proposal is still in draft phase. It will undergo a long process before it will be official.

Aside from that, not all lawmakers or legislators surely agree to that.

Don't conclude things "for now".

[hatshepsut93]

Again? Didn't India already ban Bitcoin a few months ago? And then a few times in the past before that? "India bans crypto" is the new "China bans crypto" FUD. I personally don't care much about it, because India is a very small country when it comes to Bitcoin - numbers like node count and trading volumes are showing it. Even if India does ban Bitcoin, it's ecosystem won't be affected too much.

[Kemarit]

This is not a flash news, sorry. India this year has made it's U-turn against crypto. Although they have been debates on their parliament and a hot topic in 2017, everything went awry this year. So we are not surprised at all, it's just sad to, specially to those Indian who have been trading or involving themselves with Bitcoin and making good money out of it. It could face opposition in the parliament, but I think our Indian enthusiast should think ahead if ever this bill will passed, 10 years? I think that is too harsh.

[TimeTeller]

Misleading title. The bill is in draft form and lawmakers haven't even reviewed it yet.

What, if somebody has a mobile with Mycelium and some BTC with it? Prison? For every tourist, who forget to delete the App?

The "hold" and "transfer" aspects obviously won't be enforceable. Those would just be scare tactics to deter people from dealing with cryptocurrency at all. The government could only effectively target businesses (including P2P traders).

Still, if the law is passed I wouldn't have Mycelium on my phone if I traveled there. You never know!

So in case this law will be approved, but I doubt they will approved it, those tourism-related blockchain projects can't operate in that country.
There are several travel-related blockchain apps promoting tourism spots and other shops attached to it.
Tourism sector is actually a good business to explore with crypto because of the convenience & cost it might influence to the traveler.
But if this country will hinder such opportunity, they will be left behind by this great technology.

[ecnalubma]

If its true, Its mad and totally bizarre law in my opinion. While most of the world are busy in developing blockchain projects this approach of Indian government is out this world. Forbidding citizen from using cryptocurrency is not new and we all understand that but to jail, really? I think they are treating crypto like a dangerous drugs.

[magneto]

“The first large democracy” to ban crypto
As the Economic Times notes, the draft Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019 has proposed a 10-year prison sentence for anyone who "mines, generates, holds, sells, transfers, disposes of, issues or deals in cryptocurrencies.”

Would it really be considered a democracy by anyone anymore if it does go through with its plans?

I mean, what this is doing is nothing different to censorship. They are trying to censor something decentralised that they see as some sort of risk to their monetary system (which really, it isn't, as it has been shown time and time again that fiat and BTC can coexist in parallel).

Their stance on crypto is already awful enough. Instead of trying to promote crypto adoption, they've essentially told banks to not accept any dealings with it whatsoever, wiping out the entire regulated crypto sector. It's draconian policymaking.

[Wexnident]

The title is misleading. The proposal is still in draft phase. It will undergo a long process before it will be official.

Aside from that, not all lawmakers or legislators surely agree to that.

Don't conclude things "for now".

Also looked it up recently and it seems the ban on crypto are just petitions that are yet to be reviewed by India's Supreme court by the time this thread was made. The last hearing I was able to find was said to have happened on sept 25,2019. Sadly, I couldn't find anymore news about it.

And naturally, appeals happened since RBI originally said that they would ban bitcoin, and the situation isn't really that clear yet because decisions are made through long and arduous processes. I do hope the petition fails sincr this could be a possible setback for crypto

[Kyraishi]

This may be an old post and a necrobump, but it does have some substance to it especially since there was actually fairly decent development that's been made on the case.

This is namely regarding the bill, which looks like is stuck in an eternal limbo with it being a couple months and a decision still not being reached.

This would actually be the first ban in crypto that would have consequences, previously bans didn't really do much since they wouldn't catch or punish anyone, but India would, which is very scary...

[jrrsparkles]

This may be an old post and a necrobump, but it does have some substance to it especially since there was actually fairly decent development that's been made on the case.

This is namely regarding the bill, which looks like is stuck in an eternal limbo with it being a couple months and a decision still not being reached.

This would actually be the first ban in crypto that would have consequences, previously bans didn't really do much since they wouldn't catch or punish anyone, but India would, which is very scary...

Previously India didn't ban the cryptos but banks restricted the transaction related to cryptos which forced the exchanges to shutdown or move their headquarters.Currently the reason why new bill haven't been passed yet is there is an arguement going on their court regarding the ban so the law of cryptos will be based on this judgement mostly.But as far as I know no favourable situation for cryptos there yet.

[Pearls Before Swine]

Still, if the law is passed I wouldn't have Mycelium on my phone if I traveled there. You never know!

No, you never do know.  That's actually a frightening possibility.  What would happen if for some reason the police, or airport employees, or anyone connected with the gov't there had reason to look at your phone?  If you had some crypto on your phone as a traveller...you'd be facing 10 fucking years in jail?  That sounds ludicrous to me.  You would probably get less prison time if you had a gram of heroin on you.

This is namely regarding the bill, which looks like is stuck in an eternal limbo with it being a couple months and a decision still not being reached.

That's good, hopefully when it comes out of limbo it'll be struck down.  India is a world away from where I'm at, but these sort of stories concern me.  I just can't wrap my head around the fact that some governments think cryptocurrency is so dangerous...to something...that the simple possession of it becomes criminal, with the potential for prison time if caught.  What in the world are they afraid of?

[Ctn]

It's been more than two years and i have just heard that such laws and bills are coming which would ban BTC. There have been numerous articles regarding laws in India but nothing is conclusive until now. I think Govt. here just doesn't cares about cryptocurrencies as of now because there is no havoc by the opposition about bringing some legislation.

[NathanJB]

India has gone crazier these days, the country's leaders to be specific. It used to tread lightly on the matter, and they made studies about it, and then finally they decided that cryptocurrency is illegal. I don't understand why. Some people are saying that this law is only made under the influence of some powerful personalities and when these personalities' term in office will end, the country's stand on crypto will also change. But this is going to be harder from now on if the laws are already passed. There has to be an amendment made.

[romero121]

It's been more than two years and i have just heard that such laws and bills are coming which would ban BTC. There have been numerous articles regarding laws in India but nothing is conclusive until now. I think Govt. here just doesn't cares about cryptocurrencies as of now because there is no havoc by the opposition about bringing some legislation.

Even if such bill gets implemented people will continue to use bitcoin through one way or the other. In India the politicians are highly corrupt and very few are educated. If they've know about the possible ways of laundering through bitcoin soon they'll start corruption fund transfers through bitcoin. Within India the bills can be delayed for years. Now too there is more hearings taking place for months. When the judge himself satisfied he'll give the conclusion on the bill. Until then there is nothing to fear of cryptocurrency ban in India.

[Febo]

Well! That's an old news! I don't know why Economic Times of India decided to post a story on that now, because the matter is currently under the trial of Supreme Court of India! Court hearing is still ongoing and the next hearing date is 25 September 2019. Internet and Mobile Association of India (IAMAI) and India based crypto exchanges is defending the case against Reserve Bank of India in Supreme Court and nothing has been finalized yet. Stop creating panic!

Does anyone know how this went?  We all know that all courts will be against any banning of any kind of cryptocurrencies.  But it will be up to governments to follow those rulings or ignore them. In countries with more autocratic governments will be more ignorance and cryptocurreinces will get banned until government will change.  I believe India is close to that. More autocratic that many others.

[Ucy]

I wonder how such law will be enforced if indeed it is true. Are phones and other internet devices going to be searched? Or will they monitor internet traffic for cryptocurrency transactions? I read months ago that people still use cryptocurrencies in China despite government stance on them. If things can be that difficult for Chinese government to handle, wonder how India will cope with its little internet censorship.