Shocking - With a law, India plans lasting ban on cryptos

[avikz]

An article from Economic time on 12 June 2020 says,

India is looking to introduce a law to ban cryptocurrencies, as the government sees a legal framework as being more effective than a circular from the Reserve Bank of India (RBI) in this regard. “A note has been moved (by the finance ministry) for inter-ministerial consultations,” a senior government official told ET.

A high-level government panel, in July 2019, prepared a draft law providing for a ban on all forms of private cryptocurrencies. It had suggested a fine of up to Rs 25 crore and imprisonment of up to 10 years for anyone dealing in them.

Don't know how to react! This is bad and sad! India is already struggling with freedom of speech under Modi government and now it seems to include financial freedom!

Ref: https://m.economictimes.com/news/economy/policy/with-a-law-india-plans-lasting-ban-on-cryptos/articleshow/76330403.cms

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[hamaravijay]

Yes i have also read this post https://economictimes.indiatimes.com/news/economy/policy/with-a-law-india-plans-lasting-ban-on-cryptos/articleshow/76330403.cms


but it takes time i think like 1 year.

But many companies may suffer even software companies may suffer.

[akram143]

Trading volume increases on Indian exchanges during lockdown then immediately government tries to suppress the people with the law, so they want people to be poor and they just want the rich people to live here and every other citizen have to be slaves under rich people.

But we know how much strict there will be even if it is passed as a law, so decentralized cryptos with p2p platforms they can never ban cryptos.

[BSEIT.com]

Trading volume increases on Indian exchanges during lockdown then immediately government tries to suppress the people with the law, so they want people to be poor and they just want the rich people to live here and every other citizen have to be slaves under rich people.

But we know how much strict there will be even if it is passed as a law, so decentralized cryptos with p2p platforms they can never ban cryptos.

Most of the people will not take the risk if this nightmare comes true. 250Mil is the huge amount many people can't earn that much in their whole life and no one with right mind want to waste 5- 10 year of their life in prison.

It will mostly affect those people who don't know how to stay anon online or not much technical.

Russia also considering to pass a similar law.

[rk8814719]

Yes It's News Very Bad India Ban crypto but not confirmed this news published News Economies time but prepared every India community.india Exchange prepared ban crypto other buy options like p2p it's good.

[suvo05]

Lots of people are working on this field and they are earning through it. Instead of restricting people from other illegal activities, or banning outdated inhuman practices, GOV is targeting an emerging technology because they don't understand it.

[akram143]

Trading volume increases on Indian exchanges during lockdown then immediately government tries to suppress the people with the law, so they want people to be poor and they just want the rich people to live here and every other citizen have to be slaves under rich people.

But we know how much strict there will be even if it is passed as a law, so decentralized cryptos with p2p platforms they can never ban cryptos.

Most of the people will not take the risk if this nightmare comes true. 250Mil is the huge amount many people can't earn that much in their whole life and no one with right mind want to waste 5- 10 year of their life in prison.

It will mostly affect those people who don't know how to stay anon online or not much technical.

Russia also considering to pass a similar law.

Mostly people uses cryptos are somewhat tech related guys so I guess there won't be a problem even if this law has been amended.But we know how fast our government when taking a decision other than religious related things.

[hugeblack]

So far, a bill is being drafted by parliament to decide whether to pass it or not.
Personally, I do not consider that it will happen, given that the government may gain more if it imposed taxes on crypto, but the lack of regulatory status will make many platforms hesitant about this market.

[webtricks]

Finance Ministry of our country is in crisis right now. We currently have the most incompetent finance minister of the last 20 years. Our government is wannabe anti-corrupt and in this pursuit it has taken some of the worst decisions like Demonetization. Banning cryptocurrencies will be another addition in the long list of hasty bad decisions of our government.

However, I doubt that we gonna see this bill in the Parliament anytime soon. Currently the draft is in staging area and one of the finance ministry official has leaked the news that ministry is thinking about banning the cryptocurrencies. But it would take months until government could give this draft a shape of bill by discussing it with major stakeholders and only then the bill would be presented in Parliament.

[eaLiTy]

Don't know how to react! This is bad and sad! India is already struggling with freedom of speech under Modi government and now it seems to include financial freedom!

It is not a shocking development as i anticipated once the supreme court overturned the RBI ban i knew the government will move forward with their plan but the corona situation delayed it. The incompetency of the government is evident in different sectors and how they are showing their iron fist to the very people they voted for them.

~
It will mostly affect those people who don't know how to stay anon online or not much technical.

People just need to be smart and the government cannot stop anything completely.

Finance Ministry of our country is in crisis right now. We currently have the most incompetent finance minister of the last 20 years. Our government is wannabe anti-corrupt and in this pursuit it has taken some of the worst decisions like Demonetization. Banning cryptocurrencies will be another addition in the long list of hasty bad decisions of our government.

Not just the finance minister the entire government is a joke. Wanna be things are just a cover, they are like magicians as they represent one thing to the general public and showcase one thing but they plan something else in the meantime.

[CoinFellow]

Finance Ministry of our country is in crisis right now. We currently have the most incompetent finance minister of the last 20 years. Our government is wannabe anti-corrupt and in this pursuit it has taken some of the worst decisions like Demonetization. Banning cryptocurrencies will be another addition in the long list of hasty bad decisions of our government.

However, I doubt that we gonna see this bill in the Parliament anytime soon. Currently the draft is in staging area and one of the finance ministry official has leaked the news that ministry is thinking about banning the cryptocurrencies. But it would take months until government could give this draft a shape of bill by discussing it with major stakeholders and only then the bill would be presented in Parliament.

I agree this is most shocking news and does now augur well for Crypto ecosystem in India. Cypto industry in India was just getting on its feet after Supreme Court reversed RBIs ban in March this year. There is some hearsay that some decision has to be taken before 30th June 2020 on this due to some guidelines of FATF (Financial Action Task Force). Is this true and also has someone else heard about similar news?

Other than this, it is surprising that Binance invested in WazirX and Coinbase bought some stake in CoinDCX. WazirX and CoinDCX are both India based exchanges having INR pairs. Generally, these big companies have inside information as to in which direction the government policies are expected to move. But then also they invested in these Indian exchanges. Any thoughts...

[Heisenberg_Hunter]

People just need to be smart and the government cannot stop anything completely.

Pretty much this. I don't really even care if the government bring up any outright ban again in the name of providing goodness to the people of India by banning decentralized systems which might threaten the government currency at some point of time in future. Basically, our people should be blamed for not handling such circumstances in a positive way as they do blindly believe in what government says and never really go through the real facts behind them.

For instance, we are undergoing unlock stage and even many of the literate population think that it is free to roam around and continue their works. This is because, majority of our country's population depend on the government words and actions and believe what these governmental scammers do is good for the country. If the government says, the country is in a profitable win-win situation the people would believe them and almost very few of them question about the declining USD/INR economical value.

Not just the finance minister the entire government is a joke.

The entire government along with its so called supporters of both the BJP and Congress governments are joke. Both these ruthless criminals mask themselves as a government which does good for the people but as you have pointed out plot activities which are highly profitable to almost all the higher order government officials and in the meantime the lower order officials tries to rob money to make their family rich through bribery. 

[JSRAW]

Nah, Not going to happen... not sure about you guys but i am very optimistic about Crypto future in the India despite such news.

~snip~
India is already struggling with freedom of speech under Modi government

Modi ate your candy again?

For starters India never had a complete freedom of speech. if anyone says otherwise then S/he telling a big fat lie.

Section 153 A in The Indian Panel code criminalize "Promoting enmity between different groups on grounds of religion, race, place of birth, residence, language, etc., and doing acts prejudicial to maintenance of harmony"

Section 292 in The Indian Panel code criminalize "Sales of obscene books, etc"

Section 295A in The Indian Panel code criminalize "Deliberate and malicious acts, intended to outrage reli­gious feelings of any class by insulting its religion or reli­gious beliefs."

Section 298 criminalize "Uttering, words, etc., with deliberate intent to wound the religious feelings of any person."

To make things worse we still have colonial Sedition act "Section 124"
https://indiankanoon.org/doc/1569253/

From time to time every regime use this to curb freedom of speech. Ask anyone who experienced Emergency or Salman Rusdi, Leslee Udwin, Wendy Doniger.

and now it seems to include financial freedom!

Financial Freedom is big word and problem is not with Modi/Opposition/Any party line but i would say we failed as a society as far as FF is concern and leaders are a reflection of society. The real problem i see is we fought for our Independence but we never had any kind of revolution for FF. if we Indians actually wants Financial Independence then we need massive movement similar to Independence movement despite our differences (Reforms, massive reforms).

Finance Ministry of our country is in crisis right now. We currently have the most incompetent finance minister of the last 20 years.

Arguably one of the weakest player in the current cabinet in the name of Women empowerment. There are some rumors going around that KV Kamath might replace her in the near future.

[AakZaki]

To carry out a new policy will certainly be very difficult to do, because there is much to consider.

The Indian government certainly knows what to do. Banning cryptocurrency will certainly be very controversial and there will be pros and cons about the bill that will be made.

But with the current conditions, with the co-19 pandemic not yet finished, the decision might be postponed first. India and even other countries will certainly focus on handling this pandemic problem.

[fiulpro]

An article from Economic time on 12 June 2020 says,

India is looking to introduce a law to ban cryptocurrencies, as the government sees a legal framework as being more effective than a circular from the Reserve Bank of India (RBI) in this regard. “A note has been moved (by the finance ministry) for inter-ministerial consultations,” a senior government official told ET.

A high-level government panel, in July 2019, prepared a draft law providing for a ban on all forms of private cryptocurrencies. It had suggested a fine of up to Rs 25 crore and imprisonment of up to 10 years for anyone dealing in them.

Don't know how to react! This is bad and sad! India is already struggling with freedom of speech under Modi government and now it seems to include financial freedom!

Ref: https://m.economictimes.com/news/economy/policy/with-a-law-india-plans-lasting-ban-on-cryptos/articleshow/76330403.cms

See to tell you the truth , unfortunately This Modi Guy is trying to be a dictator.
BJP is trying to convert the biggest democracy into a dictatorship. They are very unreasonable and at the same time racism is at all time high . What I can get from this is , they are trying to create a big wave of chaos in India after that trying to destroy the base leadership by tackling minority communities .
• Minority religious communities
• Crypto community
Everything is at risk right now . I do live in a different country and therefore I do have options where I can just use my permit to make a local account. But for people living in India situation is very sad.

A lot of them have invested in ICO's !
A lot of them are planning to create one !
We have seen amazing startups in the same year !
Criminal activities are not being fueled by the cryptocurrencies! They need to see the stats !
This is outrageous•

When we all know how the situation of sexual assault is in India , they don't even give those culprits 10 year in jail.

I do think we all need to sign a petition and forward it to the government. At least we can try . If this does not work then we just have to use wallets without KYC and transfer them into an exchange which does not require KYC then somehow get the money in our banks and all .

They cannot stop the revolution!

Cryptocurrencies are a thing of the future. What they will do by being anti-tech?

All they want to do is to force people to buy digital rupee !

In a democracy *You cannot Force*

[TheUltraElite]

@fiulpro

I think we all are getting a bit or more exaggerated about the future of crypto. Believe me, everyone here wants good things to happen to this sector in India but we are facing hurdles. Now have to keep patience and see how things unfold. One ban coming in does not mean the end of the world. Fact that it was appealed and then repealed makes it all the more obvious that there is a difference is opinion and soon enough change will come.

The news regarding crypto may just end up scaring people which is a bad thing - but I consider them as a "test" of belief. Your support for bitcoin and crypto is being tested here. You have nothing to lose here if your faith is clear in the future of crypto and I am very optimistic about its future. Very soon we might see a countering party for this ban.

Give it time and remember that change does not happen in a few years. It takes time and is a long time process. Patience is the key here.

[pawanjain]

I guess I am late to the party 

To be honest, I am really confused whether I should laugh or feel pity on the person who drafted this bill.
Do you think anybody would pay Rs.25 crore of fine for just holding crypto ?

Imagine an average middle class person holding Rs.1000 worth of BTC and getting caught.
Would he pay Rs. 25 crore of fine ? I can only laugh on this real hard. I know there is a second option of imprisonment of 5 - 10 years.
But how would anybody prove that you are the person holding the coins.
You know there are ways to keep the coins anonymous and just decline the fact that they are yours.

Besides that, previously when the bitcoin/INR transactions were restricted, people still managed to do the transactions other way around.
So even if something like this bill gets approved, I am sure there will be bitcoin/INR transactions going.

[akram143]

To carry out a new policy will certainly be very difficult to do, because there is much to consider.

The Indian government certainly knows what to do. Banning cryptocurrency will certainly be very controversial and there will be pros and cons about the bill that will be made.

But with the current conditions, with the co-19 pandemic not yet finished, the decision might be postponed first. India and even other countries will certainly focus on handling this pandemic problem.

Not only pandemic, India has lot of other things to handle like clash between Indian and Chinese army in Ladakh where many lives were gone on both sides due to recent fight,locusts,economical depression, inflation,etc...

[0zero0]

An article from Economic time on 12 June 2020 says,

India is looking to introduce a law to ban cryptocurrencies, as the government sees a legal framework as being more effective than a circular from the Reserve Bank of India (RBI) in this regard. “A note has been moved (by the finance ministry) for inter-ministerial consultations,” a senior government official told ET.

A high-level government panel, in July 2019, prepared a draft law providing for a ban on all forms of private cryptocurrencies. It had suggested a fine of up to Rs 25 crore and imprisonment of up to 10 years for anyone dealing in them.

Don't know how to react! This is bad and sad! India is already struggling with freedom of speech under Modi government and now it seems to include financial freedom!

Ref: https://m.economictimes.com/news/economy/policy/with-a-law-india-plans-lasting-ban-on-cryptos/articleshow/76330403.cms

It took 3 years for the RBI case to come to a conclusion and receive a judgement from the Supreme court.
Now since they have proposed a ban and have drafted a bill, I am sure that it will take a few years before another judgement is announced. So I guess it would be a bad idea to worry about it from now itself since India is already suffering from so many issues. Banning crypto while the financial condition and economy is already weak would seem like a bad idea.

[libert19]

I have stopped giving attention to medias, will see when bill gets to the Parliament.