Friday, June 7th 2019

10 Years Jail for Buying, Selling, Mining Crypto-currency in India: New Bill

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.

A Cognizable Offense under Indian law, is comparable to a Felony under U.S. law, and some of the most heinous crimes, such as homicide and rape, are classified as these. The Indian Government has reportedly taken this step to clamp down on rampant tax-evasion, "hawala" money transfers (illegal money transfers disconnected from the banking system), and financing of terrorism, drug-trade, and social unrest by foreign NGOs and eco-terrorists. The Bill is expected to have smooth sailing through Parliament as the incumbent political administration enjoys a simple majority in the Lok Sabha (essentially House of Commons); and has a good sway over the Rajya Sabha (Council of States, but essentially House of Lords).
Source: Bloomberg Quint
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60 Comments on 10 Years Jail for Buying, Selling, Mining Crypto-currency in India: New Bill

#2
R0H1T
nickbaldwin86, post: 4060651, member: 99503"
should be easy to enforce *eyeroller*
Not as impossible as you think, also while 100% compliance may be impossible should the govt wish to enforce it you'd be surprised with some of the (scary) results they can achieve. This is just proposed btw however I don't see it becoming a law because the top 1% need to siphon their money offshore & crypto is as good a way as any, especially hawala!
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#3
R-T-B
Rather harsh, regardless of how you feel about the subject...
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#4
TheGuruStud
Man, their insecurities sure do run deep from a physical appendage.
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#5
Ebo
That bill should be inplemented all over the world.
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#6
lynx29
The Indian Government has reportedly taken this step to clamp down on rampant tax-evasion, "hawala" money transfers (illegal money transfers disconnected from the banking system), and financing of terrorism, drug-trade, and social unrest by foreign NGOs and eco-terrorists.

I mean the Roman empire fell because the erosion of enforcement of law of the 3-4 centuries. and we are reaching that point again in many areas of civilization, the rich get away with everything, celebs get a slap on the wrist for drug use while the common man goes to prison for decade for same charge, etc. People lose faith, and it just has a snowball effect.

Ebo, post: 4060683, member: 132041"
That bill should be inplemented all over the world.
Agreed. I think it will happen in due time.
Posted on Reply
#7
TheGuruStud
lynx29, post: 4060684, member: 153071"
The Indian Government has reportedly taken this step to clamp down on rampant tax-evasion, "hawala" money transfers (illegal money transfers disconnected from the banking system), and financing of terrorism, drug-trade, and social unrest by foreign NGOs and eco-terrorists.

I mean the Roman empire fell because the erosion of enforcement of law of the 3-4 centuries. and we are reaching that point again in many areas of civilization, the rich get away with everything, celebs get a slap on the wrist for drug use while the common man goes to prison for decade for same charge, etc. People lose faith, and it just has a snowball effect.



Agreed. I think it will happen in due time.
Inb4 cash is banned, b/c it's used for tax evasion and criminal activities. I can't wait for that one, then politicians immediately back pedal when they don't get their cash bribes lol
Posted on Reply
#8
lynx29
TheGuruStud, post: 4060686, member: 42692"
Inb4 cash is banned, b/c it's used for tax evasion and criminal activities. I can't wait for that one, then politicians immediately back pedal when they don't get their cash bribes lol
Not on the same level. I don't see wall street boys withdrawing 20 million in cash... Crypto allows for a whole new level of tax evasion. Even if you withdraw 15 grand from a bank account, they will raise eyebrows, and it will be logged in the banking systems. Crypto however it happens daily and its not logged.
Posted on Reply
#9
btarunr
Editor & Senior Moderator
R0H1T, post: 4060656, member: 131092"
Not as impossible as you think, also while 100% compliance may be impossible should the govt wish to enforce it you'd be surprised with some of the (scary) results they can achieve. This is just proposed btw however I don't see it becoming a law because the top 1% need to siphon their money offshore & crypto is as good a way as any, especially hawala!
I think it will go through because offshoring black-money existed even before crypto, and crypto is still somewhat new to the underworld and the top 1%. India's rich only see crypto as an investment option for now (as it is by much of the world that doesn't mine crypto). Also, the NDA has had an anti-crypto stance for years (ever since Jaitley was FinMin), and crypto is being used to finance unrest in J&K after DeMo.

TheGuruStud, post: 4060686, member: 42692"
Inb4 cash is banned, b/c it's used for tax evasion and criminal activities. I can't wait for that one, then politicians immediately back pedal when they don't get their cash bribes lol
They toyed with that idea, too (demonetization of 2016). India has become a petri-dish for policymaking around the world.
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#10
b4psm4m
Why exactly should cryptocurrency be banned? People should be free to transact how they wish.
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#11
lynx29
fyi cash is banned in Sweden starting in 2021 or so, 90% of citizens already use cards for everything. much easier to trace things that way. that is the future, and Sweden is leading the way.

just have to wait for another generation of voters to die out, to get the corrupt politicians replaced. won't happen in america any time soon, but i see that being the future in 30-40 years. if the IRS is truly all powerful like they seem to be, then this would be best option for them to keep tabs on everyone.
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#12
R0H1T
lynx29, post: 4060698, member: 153071"
fyi cash is banned in Sweden starting in 2021 or so, 90% of citizens already use cards for everything. much easier to trace things that way. that is the future, and Sweden is leading the way.
Well we got Aadhar, which if implemented properly can track you from birth till your death, so Sweden's a decade or two behind from becoming a real world Big Brother :p

The Supreme Court however put a stop to making it mandatory across the board.
btarunr, post: 4060691, member: 43587"
I think it will go through because offshoring black-money existed even before crypto, and crypto is still somewhat new to the underworld and the top 1%. India's rich only see crypto as an investment option for now (as it is by much of the world that doesn't mine crypto). Also, the NDA has had an anti-crypto stance for years (ever since Jaitley was FinMin), and crypto is being used to finance unrest in J&K after DeMo.
True but if they can make (more) money off of it then I doubt this bill could pass both houses. I'm not talking about just the polity, there's lot of chefs involved in this halwa. We'll see what the govt does about it.
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#13
Metroid
Funny, the more bans bitcoin has, the more its price rises.
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#14
lynx29
Metroid, post: 4060705, member: 178915"
Funny, the more bans bitcoin has, the more its price rises.
not really. no one knows the reason bitcoin is rising. i suspect pump and dump scheme still. but we will see.
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#15
atomicus
Ebo, post: 4060683, member: 132041"
That bill should be inplemented all over the world.
lynx29, post: 4060684, member: 153071"
Agreed. I think it will happen in due time.
Eh, what is this nonsense you're talking? Why on earth would such a ban be implemented and why do you think it will be?
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#16
lynx29
atomicus, post: 4060708, member: 155807"
Eh, what is this nonsense you're talking? Why on earth would such a ban be implemented and why do you think it will be?
well for one thing the massive use of electricity that is required by Bitcoin and even smaller coins like Monero... if we as a species don't change soon... I am afraid Mark Kelly (nasa astronaut who lived in space for 1 year), will be even more right than even he knew, when he stated "The atmosphere of the earth looks very thin and very sick".

our species will have to change very very fast to save this world. sadly we won't, because greed and envy rule all of us. but no matter, mother nature will wipe us out and start over. so all is well
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#17
theoneandonlymrk
Laws like this criminalize often legitimate trading, in the name of securing public interests or safety, BS, Fake news.

To be honest, I am not too concerned about crypto being made illegal if it is then so be it, but 10 F£$£$£ng Years, Equal to rape, murder, etc.


LAWS PUT MONEY ABOVE PEOPLE, wtaf is that about.

robbing cash or fraud or trading bingo coins or crypto or some such is nowhere near murder or rape, and perhaps the signal that the law sends is that the latter aint so bad, wtaf India, Killing someone or imposing yourself via rape on someone is far far more extreme then what, fraud.

@lynx29 there are people going on holiday in planes 2-12 times a year, do we ban that shit, I say yes too then.
or what of the millions of selfish gits sitting wasting electricity to GAMe on a high end overclocked (inefficient) pc, err im not signing up to that
or the billions of selfish twats who choose to drive to work in Their OWN car wtaf , car share world, err I'm not signing up to that either.

nah but crypto wastes electricity, not like moving money round in trucks or having billions of ATMS sat doing f all 90% of the time but powered eh.

ILL SIGN UP BUT ITS ALL OR NOTHING, SAVE the world ,live bored or we balance shit and i dont listen to your BS point about us all saving the Earth.
Posted on Reply
#18
Metroid
lynx29, post: 4060706, member: 153071"
not really. no one knows the reason bitcoin is rising. i suspect pump and dump scheme still. but we will see.
Bitcoin has been with this pump and dump since $0.01and right now, the pump and dump scheme is around $8000, and is possible this pump and dump scheme will hit a million dollar in 20 years or so.
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#19
IceShroom
Metroid, post: 4060705, member: 178915"
Funny, the more bans bitcoin has, the more its price rises.
Its not banning, its because AMD is launching new GPUs.
Posted on Reply
#20
mdm-adph
lynx29, post: 4060684, member: 153071"
The Indian Government has reportedly taken this step to clamp down on rampant tax-evasion, "hawala" money transfers (illegal money transfers disconnected from the banking system), and financing of terrorism, drug-trade, and social unrest by foreign NGOs and eco-terrorists.

I mean the Roman empire fell because the erosion of enforcement of law of the 3-4 centuries. and we are reaching that point again in many areas of civilization, the rich get away with everything, celebs get a slap on the wrist for drug use while the common man goes to prison for decade for same charge, etc. People lose faith, and it just has a snowball effect.



Agreed. I think it will happen in due time.
While I agree that justice is unfairly enforced across the world, it's wrong to pin the "fall of the Roman Empire" on any one reason. They were many, many reasons why that particular empire stopped being, including:

A) It just ran out of things to conquer. Rome was great at conquering other nations, but terrible at holding large areas of "uncivilized land" (like the steppes of Asia, and the Germanic forests), thus when the Greeks, Egyptians, early Celtic kingdoms, etc, were conquered, Rome really had nothing left to do. Read about Augustus' terrible attempt at conquering Germania -- and that was hundreds of years before the final sack of Rome.

B) It didn't really fall. It split into two kingdoms, and the Eastern Roman Empire continued on for another millenia.

C) There's weird theories about lead poisoning (perhaps), and even homosexuality (unlikely: usually brought up by fundamentalist Christians in the US, who themselves are probably are suffering from lead poisoning).
Posted on Reply
#21
yakk
Hmm... this is great news for bitcoin actually. People inside India can see the value which keeps increasing without being allowed to touch it.

Not impressed by Bloomberg...

1. This is a proposed first draft for a bill
2. Clickbait article that's kept Paid
Posted on Reply
#22
Zareek
It's only a matter of time before laws are passed in the US. Uncle Sam doesn't like being short changed. I seriously doubt it will be as harsh as this is. Probably more like fines and back taxes, possibly minimal jail time.
Posted on Reply
#23
tigger
I'm the only one
lynx29, post: 4060713, member: 153071"
well for one thing the massive use of electricity that is required by Bitcoin and even smaller coins like Monero... if we as a species don't change soon... I am afraid Mark Kelly (nasa astronaut who lived in space for 1 year), will be even more right than even he knew, when he stated "The atmosphere of the earth looks very thin and very sick".

our species will have to change very very fast to save this world. sadly we won't, because greed and envy rule all of us. but no matter, mother nature will wipe us out and start over. so all is well
The sooner The earth starts fighting back the better. Imo Humans are getting crappier every year, we just don't give two fecks about the world we live on.
Posted on Reply
#24
lynx29
tigger, post: 4060776, member: 24505"
The sooner The earth starts fighting back the better. Imo Humans are getting crappier every year, we just don't give two fecks about the world we live on.
even those that do care, and pat themselves on the back for recycling or or using electric cars, indirectly still cause pollution too. maybe the kid who invented a way to scrap plastic off the top of the ocean is decent, until he has to bury that plastic or use more electricity to recycle it with diminishing returns due to entropy. the real problem is population control and no one is having that discussion.

Metroid, post: 4060720, member: 178915"
Bitcoin has been with this pump and dump since $0.01and right now, the pump and dump scheme is around $8000, and is possible this pump and dump scheme will hit a million dollar in 20 years or so.
its also possible it will go down to $3000 again. so enjoy buying now at 8k. so good luck to you.
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#25
erocker
*
Sorry folks, making money is now exclusive to the rich who keep their money in tax free heavens. We can't allow the poors to be making free money on their computerwahoozits.
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