Indian Panel Recommends up to 10 years in prison for owning Crypto

[BLXN]

1 hour ago, bmg said:

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.

nobody is careful- the government has access to all records, and the could easily create a protocol for identifying so-termed criminal behaviour.

[wngo123]

In communist countries you couldn't own foreign currency for example USD. You would go to jail. This news reminds me of stupid government ideas. Looks like stupidity never ends on this planet. This is just currency, you don't harm anyone. Why they won't leave people alone. Well.. the government is so afraid it will loose monopoly on currency. That's wy government around the world are so afraid and begin to fight all types of cryptocurrency. I hope this trend will stop. If it doesn't it will end up really bad for governments because you can't stop progress. The same thing that happened to the communist system will happen to people who fight cryptocurrency today. Communism collapsed because of stupid economic ideas like these. They didn't want you to own USD because they were afraid people would keep their savings in USD instead of sh**ty communist currency. Additionally communist governments needed USD to buy stuff in the West, so they wanted to get as much USD as possible mostly form their own citizens. If you own USD you could bring it to the government bank (there were no commercial banks anyway) and they will give you very silly , very low exchange rate. Of course nobody did that so they made it illegal to own USD and other foreign currencies. This news from India is just government going the same path.

[wry]

13 hours ago, wngo123 said:

In communist countries you couldn't own foreign currency for example USD. You would go to jail. This news reminds me of stupid government ideas. Looks like stupidity never ends on this planet. This is just currency, you don't harm anyone. Why they won't leave people alone.

This is very well said and is exactly one of the things that bothers me.  Why be so insecure?  Why the need to be so financially repressive?  The USA has done drastic things like prohibit its citizens from owning gold, but that was during the Great Depression.  Things are fairly decent now, yet many central governments are acting like the sky is falling.

[peel1]

ofc india wont let people have crypto that would ruin there whole country social system and economics . it would ruin them to adopt it

[skywallkee]

17 minutes ago, peel1 said:

ofc india wont let people have crypto that would ruin there whole country social system and economics . it would ruin them to adopt it

Not that it was anyways very well on point, if you know what I mean... There's literally no excuse for banning crypto than the will of control over people and having the power to do with them whatever they wish. The lead of India still counts that indians won't make anything against it, but I won't be too surprised if there would be some kind of riot sooner or later, not because of cryptos necessarily, but because of other flaws in the system that gain a lot of hate among indan people.

[peel1]

4 minutes ago, skywallkee said:

Not that it was anyways very well on point, if you know what I mean... There's literally no excuse for banning crypto than the will of control over people and having the power to do with them whatever they wish. The lead of India still counts that indians won't make anything against it, but I won't be too surprised if there would be some kind of riot sooner or later, not because of cryptos necessarily, but because of other flaws in the system that gain a lot of hate among indan people.

oh ik theirs no excuse but my point is if they give them crypto they will loose control over them and it will ruin them as a country