rjohnson11
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https://www.moneycontrol.com/news/eye-on-india/videos/10-year-jail-for-buying-selling-cryptocurrency-in-india-report-4073451.html The Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019, on its way to the Indian Parliament for debate and possible legislation, seeks to impose a stunning 10-year imprisonment as penalty for any person or business found buying, selling, holding, or mining crypto-currency in India. It has wording to tell wilful mining apart from "crypto-jacking" (malware that mines crypto on a computer or portable computing device without its user's knowledge). Violations of this Act will also be treated as "cognizable" and "non-bailable," meaning that the accused cannot seek bail, anticipatory or in custody, while their case is being taken up by India's criminal-justice system. India considers it a serious crime so if you're in India stay away from Crpytocurrency.
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Cool GTX
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Re: 10 Years Jail for Buying, Selling, Mining Crypto-currency in India
2019/06/07 13:07:13
(permalink)
strange, until the Last sentence
(excerpt OP link)
"While the draft proposed strict actions against people dealing in cryptocurrencies, it also advocates introduction of an official digital currency for India. The 'Digital Rupee' will be introduced after consulting the central board of the Reserve Bank of India (RBI)"
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ty_ger07
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Re: 10 Years Jail for Buying, Selling, Mining Crypto-currency in India
2019/06/07 13:22:59
(permalink)
Sounds like someone feels threatened. Defining what a cryptocurrency is, is going to continue to get harder. I think it is a law which would be hard to judge and enforce. There are existing companies using blockchain technology to verify transactions. Those transactions verify identities and enforce contracts about buying and selling goods and services. On the surface, how is that different than a cryptocurrency? Would it be banned in India? Are they going to list every banned cryptocurrency and every similar use of blockchain technology which is allowed? And continue updating that list? It sounds like exhausting legislation.
post edited by ty_ger07 - 2019/06/07 13:39:07
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Hoggle
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Re: 10 Years Jail for Buying, Selling, Mining Crypto-currency in India
2019/06/07 16:13:50
(permalink)
Cool GTX
strange, until the Last sentence
(excerpt OP link)
"While the draft proposed strict actions against people dealing in cryptocurrencies, it also advocates introduction of an official digital currency for India. The 'Digital Rupee' will be introduced after consulting the central board of the Reserve Bank of India (RBI)"
Just wait until Nintendo hears about the digital rupee. They could show Zelda and claim they came up with it.
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Cool GTX
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Re: 10 Years Jail for Buying, Selling, Mining Crypto-currency in India
2019/06/07 16:31:01
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boylerya
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Re: 10 Years Jail for Buying, Selling, Mining Crypto-currency in India
2019/06/07 18:31:28
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The standard procedure in India's economy is designed around bribery, and cryptocurrency probably doesnt fit in with that procedure.
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Vlada011
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Re: 10 Years Jail for Buying, Selling, Mining Crypto-currency in India
2019/06/08 02:07:39
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I prey for day when Alien invasion will restart human kind and force dictators and repressive regimes to fight for their life and forgot on their stupid laws, limitations, violation of privacy, spying, etc...
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Brad_Hawthorne
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Re: 10 Years Jail for Buying, Selling, Mining Crypto-currency in India
2019/06/08 08:58:38
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boylerya
The standard procedure in India's economy is designed around bribery, and cryptocurrency probably doesnt fit in with that procedure.
Actually, money laundering and bribery go hand in hand. They just want to exert control over the grift.
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Nereus
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Re: 10 Years Jail for Buying, Selling, Mining Crypto-currency in India
2019/06/08 10:41:43
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Translation: "You crypto guys are making far too much money and we can't track it and we're not getting a cut of it, so we're going to outlaw it and enforce heavy penalties, then we're going to start it up again but with ourselves in total control of it."
Nice one, asshats.
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GTXJackBauer
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Re: 10 Years Jail for Buying, Selling, Mining Crypto-currency in India
2019/06/08 23:34:21
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Brad_Hawthorne
boylerya
The standard procedure in India's economy is designed around bribery, and cryptocurrency probably doesnt fit in with that procedure.
Actually, money laundering and bribery go hand in hand. They just want to exert control over the grift.
Nereus
Translation: "You crypto guys are making far too much money and we can't track it and we're not getting a cut of it, so we're going to outlaw it and enforce heavy penalties, then we're going to start it up again but with ourselves in total control of it."
Nice one, asshats.
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veganfanatic
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Re: 10 Years Jail for Buying, Selling, Mining Crypto-currency in India
2019/06/09 11:30:48
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i detest digital coins categorically and they are worthless to me
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Xassiom
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Re: 10 Years Jail for Buying, Selling, Mining Crypto-currency in India
2019/06/09 23:07:08
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Brad_Hawthorne
boylerya
The standard procedure in India's economy is designed around bribery, and cryptocurrency probably doesnt fit in with that procedure.
Actually, money laundering and bribery go hand in hand. They just want to exert control over the grift.
I agree with you,interests are mutually reinforcing.
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panzlock
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Re: 10 Years Jail for Buying, Selling, Mining Crypto-currency in India
2019/06/10 06:44:19
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rjohnson11
India considers it a serious crime so if you're in India stay away from Crpytocurrency.
If you're into cryptocurrency, stay away from India.
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