wry Posted July 24, 2019 #1 Posted July 24, 2019 Remember all those debates about if governments could "stop" bitcoin? I do. The general consensus was that while the technology could not be stopped governments could do a good job of severely limiting people's ability to convert the various crypto currencies into their national money. Today a government panel in India took a step towards stopping crypto by announcing that ownership of private currencies or crypto currencies should be outlawed with fines up to 10 years in prison. Seems a bit harsh for stacking those satoshi. Interestingly, they thought it was a good idea for the government to consider issuing a crypto currency! So I guess they like the idea, they just want to have control, sounds about par for government bureaucrats. I expect we have some Indian players at Stake, would love to hear their perspective. This is ONLY a recommendation from the panel at this point. Really horrible idea, but the US Senate is going to hold hearings on crypto next week, I wonder if they will come up with something similar. I think I'm starting to understand why two weeks ago BTC was at 13K USD and today it's at 9.6K USD. Link: https://www.coindesk.com/indian-panel-proposes-ban-and-jail-time-for-cryptocurrency-use
nuuuitsjdragon Posted July 24, 2019 #2 Posted July 24, 2019 Even if fear may be responsible for bringing down the price slightly, it will never work in the long run IF there is innate support and demand for Bitcoin. Seeing as how India has only outlawed Cryptocurrencies but has not offered substitutions or proper definitions, it’ll probably need some time before all details are fleshed out. In fact, if we already trust Bitcoin enough to transact with it, these laws will only serve to create more hype and demand for Bitcoin > Cryptocurrencies.
blueprints Posted July 24, 2019 #3 Posted July 24, 2019 Im not sure how theyd be able to track it down. i mean yeah if someones being careless and buying bitcoin willy nilly using their ID. But with the anonymous thing with bitcoin i would think theres a way to do everything right to where they would not be able to identify you. And if worst comes to worst just leave the country and sell the bitcoin to a outside country and then convert that flat to your home country currency lol.
Babagucci Posted July 24, 2019 #4 Posted July 24, 2019 25 minutes ago, wry said: Remember all those debates about if governments could "stop" bitcoin? I do. The general consensus was that while the technology could not be stopped governments could do a good job of severely limiting people's ability to convert the various crypto currencies into their national money. Today a government panel in India took a step towards stopping crypto by announcing that ownership of private currencies or crypto currencies should be outlawed with fines up to 10 years in prison. Seems a bit harsh for stacking those satoshi. Interestingly, they thought it was a good idea for the government to consider issuing a crypto currency! So I guess they like the idea, they just want to have control, sounds about par for government bureaucrats. I expect we have some Indian players at Stake, would love to hear their perspective. This is ONLY a recommendation from the panel at this point. Really horrible idea, but the US Senate is going to hold hearings on crypto next week, I wonder if they will come up with something similar. I think I'm starting to understand why two weeks ago BTC was at 13K USD and today it's at 9.6K USD. Link: https://www.coindesk.com/indian-panel-proposes-ban-and-jail-time-for-cryptocurrency-use The US would never and could never attempt to put a law into place giving us citizens a 10 year jail sentence for owning crypto. Their is a reason they call the country "the land of the free". In regards to the India trying to put a law like that into place is just wrong and a shame they don't have more common sense.
rdbase Posted July 24, 2019 #5 Posted July 24, 2019 Was hearing this talk on shinjos stream last night and it sounds as if it was confirmed it has passed as law now which is not good for cryptocurrency whatsoever. Who wants to risk 10 years in jail if this is a law which is backed by courts?
nikowin88 Posted July 24, 2019 #6 Posted July 24, 2019 34 minutes ago, rdbase said: Was hearing this talk on shinjos stream last night and it sounds as if it was confirmed it has passed as law now which is not good for cryptocurrency whatsoever. Who wants to risk 10 years in jail if this is a law which is backed by courts? Well I'm not Indian but a simple search on internet says the opposite :there s no law that punish the hold of any crypto currency until now. It might change but as every state India has a legislative process that need some time to make a new law effective. Hopefully it's not the case today. Even if it could change in the future I'm afraid
polor12 Posted July 24, 2019 #7 Posted July 24, 2019 again..how would they know if you own crypto... are there gonna be cyber policing.. checking if you have a wallet under your name.. are you willing to carry a ledger with you.. are they gonna raid expected trading houses. to see if illegal trade of crypto is happening under their noses.. are they gonna make a sting operation to pretend to be a buyer and seek out who might be selling the illegal currency.. or they gonna post an ad in a platform saying their interested in selling crypto and arrest those who wants to buy them. and charge them for intent to buy crypto.. that is the most ridiculous law i heard any country made..they really think this through did they..
skywallkee Posted July 24, 2019 #8 Posted July 24, 2019 I can't see anything good coming out of this. Firstly because of the crypto users India has (which is not only a few) and secondly how this thing will affect crypto price. After this thing will actually be implemented, everyone from India will quick-sell every crypto they own, and surely the price of bitcoin will fall down for losing a big portion of the users. Also, after this ban, I expect more other countries to follow and do the same.
Rosalin36 Posted July 24, 2019 #9 Posted July 24, 2019 I think everyone won't have to go to jail. because we use crypto for legal betting purposes on this site, and the Indian government will never be able to know this
nikowin88 Posted July 24, 2019 #11 Posted July 24, 2019 But is it gonna happen ever? I don't think so. I hope it won't. Well maybe it finally will. States hates whatever they cannot control...
Danifilth Posted July 24, 2019 #12 Posted July 24, 2019 India has its own system of legislation, and it seems to me that they have more problems in the country if they solve cryptocurrency bans on their territory! the poorest country and fucking does not solve the problems of those that are of the highest priority! (I am writing through a translator, sorry for the mistakes)
Etude Posted July 24, 2019 #13 Posted July 24, 2019 This seems like an absolutely ridiculous suggestion by the panel for that a person is to be thrown into prison up to 10 years just for owning Cryptocurrency in India. I hope no such things will come through to be passed as the law.
Angelia1994 Posted July 24, 2019 #14 Posted July 24, 2019 That is scary. I don't think the Indian government hates crypto. I find that the use, sale and exchange of crypto is not dangerous to everything as the government still says
barbaris Posted July 24, 2019 #15 Posted July 24, 2019 This news is extremely negative for the price of Bitcoin. Why ban, then on what other countries earn. And even more so to punish 10 years in prison for using crypto, it is too. In my opinion, it is beneficial for the authorities of this country to have a poor and manipulated people, instead of a prosperous and rich country.
User100 Posted July 24, 2019 #16 Posted July 24, 2019 In my opinion, the state should not climb into cryptocurrency at all, and at the expense of India I condemn their action.
lupandina Posted July 24, 2019 #17 Posted July 24, 2019 Seriously... They don't have other useful job to do? More serious problems to solve? Ridiculous...
wry Posted July 24, 2019 Author #18 Posted July 24, 2019 Thanks for all the replies! I've enjoyed the perspectives. I think the main thing to be addressed is the whole, "How will they know people own crypto?" issue. I think there's lots of ways, sadly. First of course it would prevent there being any infrastructure in place for people in India to use crypto or convert it to rupees. Sure you could have a stash and hide it, but then what good would it do you? Even if they don't outlaw it they can make it a major pain, I'm expecting this will be the path the USA takes. I loved the "land of the free" comment, keep in mind that the USA has a strong fascist streak when it comes to money, this is a country that made it illegal for its citizens to own gold between 1933 and 1974. So frankly would not put anything past them!
Enzo Posted July 25, 2019 #19 Posted July 25, 2019 That's just crazy. But I have to wonder, how will they enforce this? How do they catch crypto users? There's not really a great way to track where Bitcoin payments come from. Unless you're tracking the servers that host Bitcoin Core etc and finding traffic coming from India etc. I just don't see this being enforced very well given the anonymous factor of crypto.
jamesbond Posted July 25, 2019 #20 Posted July 25, 2019 This is really very bad thing for us in India, we already suffer a lot due to those exchange bands and bank account bans and now they might come up with more hard things. Crypto might have made indian economy more strong if the just put a tax on it if it is traded through exchanges. In the past I read somewhere that Indians are doing 15% of cryptocurrency trading while only only 0.5% of country's population is involved in crypto, now this percentage might have boomed due to the price and popularity of bitcoin. Another sad this is that this panel doesn't contain any crypto expert in their team to put the suggestions or opinions about cryptocurrency so they dont even know much about crypto and its potential and see the title of their bill "Banning of Cryptocurrency & Regulation of Official Digital Currency Bill 2019" They already decided to ban crypto before starting the bill.
williamshennie9 Posted July 25, 2019 #21 Posted July 25, 2019 This is horrible news. It makes me wonder what the real intentions behind this are. I mean, why does the government so badly want to ban crypto? Could it be that they have inside information or are possibly colluding?
BLXN Posted July 26, 2019 #22 Posted July 26, 2019 The corporate crypto-fascist (eh eh ) state will crack down on the plebs with private power.. yessireebob... dark days a comin for some. :s all you can do is be as secretive as possible, and hope they don't find your scoobietax.
wry Posted July 27, 2019 Author #23 Posted July 27, 2019 On 7/25/2019 at 4:58 PM, williamshennie9 said: I mean, why does the government so badly want to ban crypto? Control. That is exactly what it is. Governments are very worried about the threat Bitcoin poses to their ability to control their citizens. Less developed countries are worried about things like tax evasion while developed countries are worried about not being able to impose negative interest rate policies on their citizens. Freedom is good and Bitcoin, and other crypto currencies offer that, albeit at considerable risk, e.g. all your coins can be stolen, but that scares the s**t out of governments who since the 30s have increasingly curtailed the financial freedom of their citizens.
BLXN Posted July 27, 2019 #24 Posted July 27, 2019 23 minutes ago, wry said: Control. That is exactly what it is. Governments are very worried about the threat Bitcoin poses to their ability to control their citizens. Less developed countries are worried about things like tax evasion while developed countries are worried about not being able to impose negative interest rate policies on their citizens. Freedom is good and Bitcoin, and other crypto currencies offer that, albeit at considerable risk, e.g. all your coins can be stolen, but that scares the s**t out of governments who since the 30s have increasingly curtailed the financial freedom of their citizens. yea the entire system depends on their citizens remaining as batteries for their fiat currency system, with no means to trade or provide for themselves outside of an increasingly weak dollar; indentured servitude through bond slavery. cestui que vie trust 4 lyfe!
bmg Posted July 27, 2019 #25 Posted July 27, 2019 This is not going to be good for a lot of our friends here🙁. Im just curious how people can get caught when its so easy to hide it.
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