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

#26
tigger
I'm the only one
lynx29, post: 4060779, member: 153071"
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.



its also possible it will go down to $3000 again. so enjoy buying now at 8k. so good luck to you.
I personally think we should put the rubbish in massive rockets and fire it into the sun. And anyone who says it's a bad idea, just look at the Sun/Earth size comparison. As for population control.....Logan's run
Posted on Reply
#27
lynx29
erocker, post: 4060789, member: 28484"
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.
poors? vast majority of bitcoin is already owned by a few entities. , 70% of which is in China from what I last read. most of which was mined off stolen electricity from water dams etc ( I saw some pictures of massive mining setups in China hidden in the mountains)... helping poors... no... helping Chinese mostly, other nation states are just dabbling in whats left. and poors can't mine bitcoin... and haven't been able to for ages.
Posted on Reply
#28
natr0n
A major heatwave in india 120 F who in there right mind would want to mine is a good question.
Posted on Reply
#29
lynx29
natr0n, post: 4060801, member: 102496"
A major heatwave in india 120 F who in there right mind would want to mine is a good question.
people who have the ability to steal electricity would mine still. there are lots who have that ability.
Posted on Reply
#30
yakk
A lot of mining farms have moved from China to Canada for cool to freezing weather and cheap hydro power which also happens to be renewable.
Posted on Reply
#31
R-T-B
b4psm4m, post: 4060694, member: 188185"
Why exactly should cryptocurrency be banned? People should be free to transact how they wish.
Agreed. I'm of the opinion you should ban the crime not the tool. But this seems a rare opinion now.
Posted on Reply
#32
RichF
TheGuruStud, post: 4060686, member: 42692"
Inb4 cash is banned
Japan is already starting this. It's not banned yet, of course, but disincentives are beginning to be put into place.
mdm-adph, post: 4060745, member: 37635"
There's weird theories about lead poisoning
Lead poisoning was a true problem for the Romans. They lined their baths with it. It was used for plumbing. They used lead acetate to sweeten wine. Et cetera.

Lead is what poisoned Beethoven, too. It took a long time for people to really take lead seriously. Remember leaded gasoline? Some countries still use it. Even today, I worked with a contractor who complained bitterly about what he considered (erroneously) to be ridiculous restrictions on lead. Lead continues to be a serious social problem. Lead dust from building demolition leads to brain damage in youth and crime later, in the inner city. That's just one example. People living near lead smelters have a higher crime rate. Lead has been found in elevated levels in cocoa powder and yet you don't see really anyone doing anything about that, today. The same goes for lead in fruit juices (lead arsenate was used heavily in orchards before DDT and later pesticides and contaminates the soil long-term). Lead is difficult to appreciate, in terms of its toxicity, by the casual observer because unless it is an acute poisoning (much less common), its symptoms look like a lot of other common problems. One of the things it does is make a person age more quickly, by causing cells to die. How does one go about proving that lead is causing their aging symptoms without careful modern science? Chronic poisoning by heavy metals and arsenic is tricky to diagnose even today. Van Gogh suffered badly from poisoning from arsenic and heavy metals (as well as VOCs), due to the paints he used and the environment he lived in. However, he is mainly remembered as being an example of the "artistic temperament" — not a victim of element toxicities.

As for homosexuality, that's utter rubbish in more than one way. For example, unlike the Greeks, the Romans were strongly against egalitarian homosexuality. (The Greeks were also against it but not to the same degree, particularly since older adolescents and their mentors were more commonly able to engage in intimacy). Roman men, especially those of status, were supposed to be dominant. The belief was that providing pleasure to someone else via acts that aren't seen as displays of dominance is demeaning and servile. This meant Roman men were expected to abandon the "passive" role once they reached adulthood (the time of shorn curls). I am not certain but I doubt that men of status/privilege were permitted to be the "curls" in such a relationship at all (e.g. a Hadrian and an Antinous with the roles reversed). This is in some contrast with the Greeks where such relationships (teacher and student) were more common among the elites. The Roman dominance obsession extended to heterosexual sex, with a list of things men weren't supposed to do for women, including acts commonly practiced today by heterosexuals. There are bathhouse paintings in Pompeii that depict some of the banned behaviors. Experts said the onlookers would have seen them as humorous as well as transgressive.

One of the most frequent ways to attack male politicians throughout most of history has been accusations of homosexuality and Rome was no different. Caesar, for example, was the target of such rumors — that he liked to be the "wife" of various men. Unlike most contemporary cultures, the Romans did not believe that simply engaging in homosexual activity is proof that a person is a homosexual or that it converts people. This confuses many contemporary people into falsely believing that Rome was not strongly heterosexist, despite the greater level of tolerance of dominant/submissive (based on age difference) relationships (e.g. Hadrian with Antinous until Antinous became a "real man" at the age of 21). Roman men were also free to have sex with slaves of either sex, provided they remained in the "dominant" role. By contrast, a wife could be executed by her husband for infidelity. Clearly, egalitarian relationships were at the bottom of the Roman agenda. Some (myself included) even think that elites murdered Antinous to prevent Hadrian from redefining the norm, as Hadrian wanted to continue their relationship past Antinous' 21st birthday and theoretically had the power to do so as emperor.

(I should mention that Sparta was a very different culture when looking at the Greeks. I am not an expert on it but what I understand is that it was about male dominance in a manner similar to that of Rome. However, the military — most able-bodied men basically — eschewed heterosexual relationships for the most part in favor of more drastic homosocial unity, unity brought about through things like torturous hazing. Their women, though, were also known for being tough. There is a fairly well-known example of a mother telling her son to either return home victorious or dead. My limited understanding is that Sparta was even more militarized than Rome – per capita– which is saying something.)
Posted on Reply
#33
ur6beersaway
tigger, post: 4060792, member: 24505"
I personally think we should put the rubbish in massive rockets and fire it into the sun. And anyone who says it's a bad idea, just look at the Sun/Earth size comparison. As for population control.....Logan's run
Not really a practical solution as the "rubbish" is already traveling at 65,000mph and would have to be slowed down (in space) to hit the sun....


https://www.popularmechanics.com/space/rockets/a21896/why-we-cant-just-launch-waste-into-the-sun/
Posted on Reply
#34
lexluthermiester
Wow, India's harsh. Cryptocoin being compared to Murder and Rape? Something about that just seems "iffy" to me.
Posted on Reply
#35
R-T-B
lexluthermiester, post: 4060935, member: 134537"
Wow, India's harsh. Cryptocoin being compared to Murder and Rape? Something about that just seems "iffy" to me.
Thanks for someone else noticing that.
Posted on Reply
#36
Divide Overflow
So, how's that "future of Cryptocurrency" looking? :roll:
Posted on Reply
#37
mak1skav
The country that educates/produces a bunch of IT technicians every year in its universities and sends them to work in the top IT related companies all around the world takes that decision? The same country that looks away from rapes and murders almost every day decides that it's better to start hunting the cryptocoin users yeah as Emilia Clarke would say "Best decision evaah". Sorry but if that doesn't sound iffy then I don't know what the hell it is.
Posted on Reply
#38
ypsylon
Well let's ban everything. Jail everyone perhaps then this planet will be a better place.

Seriously I'm not into crypto (I was for a short while muchos years ago), but what's the difference between speculating and shady dealings of crypto mining and so-called stock exchanges? Speculation on both end. Scaring people to drive prices up and then selling before everybody else manages to catch-up. Hedge-funds - glorious example of pure legal thievery. Organizations which produce/manufacture nothing, sell nothing, circulate fictional funds/goods round and round and round the clock, yet they always profit from others misfortune. It is in the name "hedge" (like bush, shrubbery*). How the F legal thievery is 'legal' on stock exchanges but crypto mining is bad? Politicians are lowest form of life in this Universe. Period. :mad:

* - all hedge funds are probably ran by Knights who say Ni. :laugh:
Posted on Reply
#39
lynx29
yakk, post: 4060867, member: 158293"
A lot of mining farms have moved from China to Canada for cool to freezing weather and cheap hydro power which also happens to be renewable.
not a lot of people. you have no way to measure this and provide proof, the vast majority of people never move without a small region of where they were born due to setting down roots, family, friends, money related, etc.

mak1skav, post: 4061038, member: 95039"
The country that educates/produces a bunch of IT technicians every year in its universities and sends them to work in the top IT related companies all around the world takes that decision? The same country that looks away from rapes and murders almost every day decides that it's better to start hunting the cryptocoin users yeah as Emilia Clarke would say "Best decision evaah". Sorry but if that doesn't sound iffy then I don't know what the hell it is.
it's just a shame it has to contribute to global warming in such a large way.
Posted on Reply
#40
yakk
lynx29, post: 4061124, member: 153071"
not a lot of people. you have no way to measure this and provide proof, the vast majority of people never move without a small region of where they were born due to setting down roots, family, friends, money related, etc.
It's actually old news... here's another Bloomberg link. Lots of news about it...
Posted on Reply
#41
Vayra86
Ebo, post: 4060683, member: 132041"
That bill should be inplemented all over the world.
This.

Kill it with fire

R-T-B, post: 4060885, member: 41983"
Agreed. I'm of the opinion you should ban the crime not the tool. But this seems a rare opinion now.
I agree completely. But on what level? The actual 'tool' here is not cryptocurrency, because that is still primarily used not as a currency (we come upon the old discussion of its intended use versus the way it has been implemented and what use results out of that = speculation only).

The tool here, in my book, is the hardware used to mine crypto. The buying and selling of it is only a result of it getting mined.

So this law does exactly what you say it should be doing. It keeps the tool (GPU/ASIC) safe from the nefarious activity done with it. Or, at least, intends to :D And of course a range of beneficial side effects to the normal economy as well.

On a larger scale, crypto mining and trading is a tremendous and pointless waste of resources that offers zero benefits to society as it is today - and the miners created that reality themselves.

ypsylon, post: 4061086, member: 101033"
Well let's ban everything. Jail everyone perhaps then this planet will be a better place.

Seriously I'm not into crypto (I was for a short while muchos years ago), but what's the difference between speculating and shady dealings of crypto mining and so-called stock exchanges? Speculation on both end. Scaring people to drive prices up and then selling before everybody else manages to catch-up. Hedge-funds - glorious example of pure legal thievery. Organizations which produce/manufacture nothing, sell nothing, circulate fictional funds/goods round and round and round the clock, yet they always profit from others misfortune. It is in the name "hedge" (like bush, shrubbery*). How the F legal thievery is 'legal' on stock exchanges but crypto mining is bad? Politicians are lowest form of life in this Universe. Period. :mad:

* - all hedge funds are probably ran by Knights who say Ni. :laugh:
The stock exchange is tied to the real economy and crypto is not. Different degrees of wrong, I agree, but different nonetheless. The difference lies in the presence of checks and balances. The stock market has tons of those in the way of regulation (should be far more strict iMO) but mostly in the way of its effects on everything else. Stock markets are about emotions, trends, moods of the day and psychology. That alone is a powerful mechanism that crypto doesn't really have to the same extent - after all, crypto boom or crash has no effect on our daily lives, but a stock market crash really does.

The problem there is that there is a shadow economy that will infect the real one, which eats away at that mechanism we have in the real economy. That creates friction countries really don't like, its a lack of control they will seek to regain.
Posted on Reply
#42
Chloe Price
Ebo, post: 4060683, member: 132041"
That bill should be inplemented all over the world.
Totally agree. Every time when there's a mining craze, graphics cards will go to insane prices and gamers have to pay more because of that.

Drugs and other illegal stuff can still be bought with cash like always, no need for toy money there also. :D
Posted on Reply
#43
Easo
I fully expect the enforcement for this go to total shit. Sorry, but India is not ready for something like that.
Posted on Reply
#44
hat
Enthusiast
Chloe Price, post: 4061187, member: 123719"
Totally agree. Every time when there's a mining craze, graphics cards will go to insane prices and gamers have to pay more because of that.

Drugs and other illegal stuff can still be bought with cash like always, no need for toy money there also. :D
So you want miners to go to jail for 10 years because of graphics card shortages?
Posted on Reply
#45
R-T-B
Divide Overflow, post: 4061004, member: 69232"
So, how's that "future of Cryptocurrency" looking? :roll:
Just fine. India's always been weird ala currency. Anyways if this bill wasn't so harsh I'd be at least ok with it in concept. As it stands it's rediculess.
Posted on Reply
#46
Chloe Price
hat, post: 4061236, member: 32804"
So you want miners to go to jail for 10 years because of graphics card shortages?
Why not. :cool:


...jk

edit: in fact, you can get a lesser sentence from second degree murder here in Finland than 10 years. Our justice system is nothing but a joke.
Posted on Reply
#47
R-T-B
Chloe Price, post: 4061252, member: 123719"
Why not. :cool:


...jk

edit: in fact, you can get a lesser sentence from second degree murder here in Finland than 10 years. Our justice system is nothing but a joke.
I mean, most justice systems are, but that's not an excuse to actively make things worse... lol.
Posted on Reply
#48
kroks
Don't worry it's just this new trend of banning competitors (Iran/Venezuela's oil, Huawei, BTC...)
I wonder who came up with this bill? Banking lobby?
Posted on Reply
#49
BorgOvermind
"found buying, selling, holding, or mining crypto-currency in India "
The efficiency of this will really depend upon how this is practically formulated.
Posted on Reply
#50
Reeves81x
erocker, post: 4060789, member: 28484"
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.
Because of this kind of bs. Get rid of it.


lexluthermiester, post: 4060935, member: 134537"
Wow, India's harsh. Cryptocoin being compared to Murder and Rape? Something about that just seems "iffy" to me.
well... crypto is used for paying for murder and similarly horrible shit anonymously, sooo. You gotta wonder about people who fight for it.
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