India considers another widespread ban on Bitcoin

[hugeblack]

In brief:

 - Some reports say the Indian government is looking to enact a blanket ban on cryptocurrencies.
 - A new bill in India proposes up to ten years in prison or up to $ 3.3 million for using the cryptocurrency.

The new bill could effectively ban all cryptocurrencies in the country. Whereas, if it goes into effect, citizens who use cryptos will face fines of up to 3.3 million dollars or ten years in prison.

This comes after the recovery of hopes as a result of the Supreme Court ruling that it cannot prevent crypto dealers and crypto-related companies from accessing banking services.

They also noted that if a somewhat similar draft proposed at a high-level government panel back in July 2019 is any indication, the new one will likely make it “illegal to hold, sell, issue, transfer, mine or use cryptocurrencies” in India.

“And, if passed in the current form, would completely decimate the crypto-industry in India,” Amit Maheshwari, partner at AKM Global, told ET.

It is not clear what will happen, but India is considered one of the foggy countries about cryptos, which so far has not taken any clear steps to do so.


Read more and source ---> https://decrypt.co/32160/india-considers-another-widespread-ban-on-bitcoin

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[jackg]

Do they keep u banning and banning it? This seems to be what I'm getting from everything that's been going on unless it's the courts that keep ruling against a ban but if that's the case it was clearly not blanket to start with.

Does India have the money or the resources to police something like this too, I can't work out how effective their government are at dealing with legislation and enforcement...

[stompix]

Do they keep u banning and banning it?

No, they keep proposing to ban it and unban it! Seems like some people have found an easy way to look like they are doing their job and are truly overworked. They try again and again the same stuff, they publish the same reports, I wonder if they aren't using text spinners for these.  

China, Russia, and India, the modern newton's cradle of conserving BS with increased sounds effect whenever one of the balls idiots in parliament is hit in the head with a not so great idea.

In brief:
 - Some reports say the Indian government is looking to enact a blanket ban on cryptocurrencies.
 - A new bill in India proposes up to ten years in prison or up to $ 3.3 million for using the cryptocurrency.

Some help from someone with knowledge about India would be nice as I'm a bit confused.

The bill as I understand from the wiki article on India's lawmaking must be passed by both houses of parliament and approved by the president, this is not something the government can decide, right? Do they have an overall majority and are all the members of the ruling party in for this bill? I kind' a doubt it!

Also, 3.3 million $? Are all punishements in India this ridiculous disproportionate?

[jackg]

No, they keep proposing to ban it and unban it! Seems like some people have found an easy way to look like they are doing their job and are truly overworked. They try again and again the same stuff, they publish the same reports, I wonder if they aren't using text spinners for these. 

China, Russia, and India, the modern newton's cradle of conserving BS with increased sounds effect whenever one of the balls idiots in parliament is hit in the head with a not so great idea.

In brief:
 - Some reports say the Indian government is looking to enact a blanket ban on cryptocurrencies.
 - A new bill in India proposes up to ten years in prison or up to $ 3.3 million for using the cryptocurrency.

Some help with someone with knowledge about India would be nice as I'm a bit confused.

The bill as I understand from the wiki article on India's lawmaking must be passed by both houses of parliament and approved by the president, this is not something the government can decide, right? Do they have an overall majority and are all the members of the ruling party in for this bill? I kind' a doubt it!

Also, 3.3 million $? Are all punishements in India this ridiculous disproportionate?

Oh so legislation either way is yet to be passed at all, sounds about right tbh.

And I thought the idea of the 3.3 million was just so wealthy people weren't disrupted if they get a smaller fine. I'm pretty sure someone from the "West" got away with murder in Kenya by paying a fine of $1500 after being found guilty... Probably the same would apply to something like this in India too, if the state gets a cut who cares what happens overall...

[gentlemand]

India is a country that restricted gold imports and is willing to fuck over tens or hundreds of millions of its own people with that bank note cancellation thing. I assume this is no more than the usual 'crypto press' junk half heard from a Tuk Tuk driver but I wouldn't be surprised if something vaguely similar happened for real one day.

They seem to run their economy in the style of an abusive bunch of amateurs.

[Darker45]

Oh so legislation either way is yet to be passed at all, sounds about right tbh.

No legislation was passed yet. As a matter of fact, if I am not mistaken, no bill has been deliberated on the floor yet. That said bill is not yet even a bill right now I reckon. It has yet to be drafted.

That earlier ban was not a legislation either. It was a circular by the country's Reserve Bank of India (RBI). The same was struck down by India's Supreme Court as illegal.

[avikz]

In brief:

 - Some reports say the Indian government is looking to enact a blanket ban on cryptocurrencies.
 - A new bill in India proposes up to ten years in prison or up to $ 3.3 million for using the cryptocurrency.

The new bill could effectively ban all cryptocurrencies in the country. Whereas, if it goes into effect, citizens who use cryptos will face fines of up to 3.3 million dollars or ten years in prison.

This comes after the recovery of hopes as a result of the Supreme Court ruling that it cannot prevent crypto dealers and crypto-related companies from accessing banking services.

They also noted that if a somewhat similar draft proposed at a high-level government panel back in July 2019 is any indication, the new one will likely make it “illegal to hold, sell, issue, transfer, mine or use cryptocurrencies” in India.

“And, if passed in the current form, would completely decimate the crypto-industry in India,” Amit Maheshwari, partner at AKM Global, told ET.

It is not clear what will happen, but India is considered one of the foggy countries about cryptos, which so far has not taken any clear steps to do so.


Read more and source ---> https://decrypt.co/32160/india-considers-another-widespread-ban-on-bitcoin

That news popped up in various newspapers in India as well this week but no one is able to provide any proof behind this claim. So the claim is itself foggy right at this moment.

However, it is very much possible for India to come up with such legislation. Because the leaders are mostly uneducated and the beaurocratic structure of the country works under the heavy influence from the politicians. Sadly, that's the reason why India is still considered as a third world country despite having every capability to become a top tier country.

The leadership needs to change on high priority. If the current leadership continues for one more term, India will see more temples than offices!

[eaLiTy]

The new bill could effectively ban all cryptocurrencies in the country. Whereas, if it goes into effect, citizens who use cryptos will face fines of up to 3.3 million dollars or ten years in prison.

This is the biggest joke of the century, people will face fines up to 3.3 million dollars when the average person will not even make that kind of money in India in their entire life  . The basic average annual salary is around $5000 and if the people who made this draft knew anything about the facts then they would not come up with a valuation like this.

This comes after the recovery of hopes as a result of the Supreme Court ruling that it cannot prevent crypto dealers and crypto-related companies from accessing banking services.

As i earlier mentioned in the local board once the supreme court overturned the RBI ban i was expecting the government to come up with something stupid but the corona pandemic delayed the proceedings.

[sunsilk]

What a joke proposed bill. The punishments are all joke, they keep on repeating this bitcoin/crypto ban and they even make it louder this time with those fines. I don't get it why they have to be against into it.

Whereas, if it goes into effect, citizens who use cryptos will face fines of up to 3.3 million dollars or ten years in prison.

So does this means even the micro crypto transactions will have to be fined like that? I don't get the logic behind this, RBI should educate their people instead of imposing bans repeatedly without any proper action to understand what cryptos can contribute to them.

[YOSHIE]

I have seen interviews on international TV channels, senior Indian officials have said that for now cryptocurrency in India has concluded that crypto must be regulated according to commodity instruments, this is not possible for now crypto faces a ban.

The senior official continued saying "in his interview, according to his thoughts for the time being there was no one who really wanted to ban (crypto), regardless of the current issue. The main thing was: regulating crypto trade. The government needs to know from the name of the traded money that comes from, this is the basis that is being considered at this time by the Indian government, because he stated that the community conducting crypto trade in India is not a criminal offense".

So, senior officials, said the bill was not yet clearly drawn up, as a law, still sparked debate between officials in India from parliament, politics and the economy, I hope that crypto in India will improve in the future and there are no pros and cons anymore, it can be validated like other developing countries.

[Baofeng]

India is a country that restricted gold imports and is willing to fuck over tens or hundreds of millions of its own people with that bank note cancellation thing. I assume this is no more than the usual 'crypto press' junk half heard from a Tuk Tuk driver but I wouldn't be surprised if something vaguely similar happened for real one day.

They seem to run their economy in the style of an abusive bunch of amateurs.

Yeah, who would forgot their "demonetisation"?  Why India wiped out 86% of its cash overnight.

And probably this is the result of their form of government, and RBI as exhausting all mean to over turn Supreme Court decision again. It's really a messed and crypto enthusiast are caught in the middle. And just like its previous precedence, this will go ongoing debate on their parliament floor.

[Saisher]

So, senior officials, said the bill was not yet clearly drawn up, as a law, still sparked debate between officials in India from parliament, politics and the economy, I hope that crypto in India will improve in the future and there are no pros and cons anymore, it can be validated like other developing countries.

They can take the leads from other countries that accept Cryptocurrency and check the benefits of allowing it against the disadvantages of having it in their countries, there's already a lot of study and about it and they should also do consensus among Crypto traders, you cannot stop something that sweeping the world of technology.

[avikz]

Another news from Cointelegraph arrived just yesterday.

https://cointelegraph.com/news/indian-government-actively-working-towards-new-crypto-ban

India's crypto scene is becoming veen more gloomy with such news! But that was somehow expected. It's only Supreme Court which has shown some progressive thinking but at the end of the day, we are ruled by uneducated politicians and useless bureaucrats who believes in centralization of money and power. So it's no wonder that the draft law will be presented to the winter session of parliament.

Even though a window period will be given, but it will be very difficult for the Indian citizens to exchange their bitcoins during that period.   

[stompix]

Seems like the countries from BRICS are trying very hard to price their leaders have bricks in their heads.

Russia, we ban, we legalize, we encourage, we ban, we legalize
India, we ban we don't ban, we embrace blockchain, we ban, we don't ban
China we ban, no we don't ban, we ban, we don't ban, we like cryptos, we hate cryptos, we ban we don't ban

Not that Brazil is doing any better banning derivates on Binance a week ago or RSA also dabbling with some kind of regulation.

All that these people in parliament or whatever it's called in their country have to do all day is read a fucking law and decide if they should raise the hand or not, why do they take years of debating pro and against and changing their views all time, it's not like it's some kind of drug that needs approval and more testing and more results are needed.

Anyhow, I'm pretty sure in one or two months I'll see this thread being pumped again with exactly the opposite news

[zasad@]

You can laugh at such news, but in the USA, Europe, China, Japan, Canada, Australia, Russia, cryptocurrency is legalized (in each country there are a number of restrictions, but the dynamics are positive). Many countries have gone this way.
If a country like India legalizes cryptocurrency, then other countries will no longer have other options.
Those countries that go against the trend will lose more, and they will have to come to the legalization of cryptocurrencies.

[Jating]

You can laugh at such news, but in the USA, Europe, China, Japan, Canada, Australia, Russia, cryptocurrency is legalized (in each country there are a number of restrictions, but the dynamics are positive). Many countries have gone this way.

This is very serious considering that India has one of the biggest population, but the problem is that their government is in total opposition on crypto, the question is why. While other countries are going on the positive direction, even legalises it like Japan and Australia, while India is moving backwards.

If a country like India legalizes cryptocurrency, then other countries will no longer have other options.
Those countries that go against the trend will lose more, and they will have to come to the legalization of cryptocurrencies.

We will have to see, we haven't seen countries that shift or made a U-turn after banning it. Of course there is the case of China, but up to now, the situation seems to die down and the legalisation is still on the grey zone, India is a very different story though. The central banks put a memo, crypto enthusiast, challenge and they won, now it looks like the parliament + central banks are conspiring and wanted an over rule. Pretty mess up situation.

[Finestream]

You can laugh at such news, but in the USA, Europe, China, Japan, Canada, Australia, Russia, cryptocurrency is legalized (in each country there are a number of restrictions, but the dynamics are positive). Many countries have gone this way.
If a country like India legalizes cryptocurrency, then other countries will no longer have other options.
Those countries that go against the trend will lose more, and they will have to come to the legalization of cryptocurrencies.

I agree with you, we have no choice, the government has only two options, it's either they will legalize crypto or they will ban it.
Which one will we choose? Of course to be legalize as that's the only way crypto will continue to grow.

When there is a legalization, it's always normal to see some restrictions, and the one thing that we don't like is we will loss our privacy as government will certainly implement the basic rules which is the KYC. Crypto grew this big not because of the hype and the speculation, but because of the adoption and in order to see a positive adoption rate in the long run, regulation is a must.

Therefore, I hope India would not do a stupid decision of banning Bitcoin and cryptocurrency as whole.

[Harlot]

Didn't the SC ruled recently the cryptocurrencies being traded in their country is not illegal? They just stepped on the circular ordered by the RBI and we are seeing new kind of laws about cryptocurrencies being illegal again. It's crazy to think that this is happening to India where a lot of departments within their government are having different decisions with regards to the crypto industry in their country, if this happens I don't think we will reach any kind of clarification soon.

[Jating]

Didn't the SC ruled recently the cryptocurrencies being traded in their country is not illegal? They just stepped on the circular ordered by the RBI and we are seeing new kind of laws about cryptocurrencies being illegal again. It's crazy to think that this is happening to India where a lot of departments within their government are having different decisions with regards to the crypto industry in their country, if this happens I don't think we will reach any kind of clarification soon.

And this is being challenge again, and it looks like they want to overturn the SC decision on favour of a ban or something that will make hard for bitcoin enthusiast in India. It's becoming some shit show because governments are somewhat very negative about crypto.

And yes it is really gloomy, we can only speculate as to why governments are making it difficult and not accept what the SC already said. Of course it is not moot and final, that's why we hear another round of possible laws in the parliament being debated, but it seems very little chance that crypto enthusiast will get the full support of the Indian government.

[Harlot]

~snip~

And this is being challenge again, and it looks like they want to overturn the SC decision on favour of a ban or something that will make hard for bitcoin enthusiast in India. It's becoming some shit show because governments are somewhat very negative about crypto.

And yes it is really gloomy, we can only speculate as to why governments are making it difficult and not accept what the SC already said. Of course it is not moot and final, that's why we hear another round of possible laws in the parliament being debated, but it seems very little chance that crypto enthusiast will get the full support of the Indian government.

If this is true then its more of a power tripping to me rather than good governance. That decisiom of the SC was supposed to be the reason on clarifying the law and not about challenging someone's decision. It may be because some of them doesn't want to lose or the heads in their department still think that a crypto industry is something that will be bad for them. Either way an appeal to a supreme court decision is something that the SC will decide on so if they still stick to their original ruling then I doubt something bad will change to the crypto industry until this new law is something official.