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

#51
lexluthermiester
Reeves81x, post: 4062367, member: 159783"
well... crypto is used for paying for murder and similarly horrible shit anonymously, sooo.
Like any other form of technology, it can be used for crime. However, you're making a mountain out of a mole hill with that point.
Reeves81x, post: 4062367, member: 159783"
You gotta wonder about people who fight for it.
No, I really don't...
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#52
RichF
Reeves81x, post: 4062367, member: 159783"
well... crypto is used for paying for murder and similarly horrible shit anonymously, sooo. You gotta wonder about people who fight for it.
A lot of murder is paid for with conventional currency. The last time I checked, most arms sales are not in crypto.
Posted on Reply
#53
Reeves81x
RichF, post: 4062380, member: 154826"
A lot of murder is paid for with conventional currency. The last time I checked, most arms sales are not in crypto.
crypto is a currency made for evading the law... I don't know how anybody could dispute this undeniable fact.
Posted on Reply
#54
RichF
Reeves81x, post: 4062395, member: 159783"
crypto is a currency made for evading the law...
As I said before, Japan is beginning to phase out cash. Some believe that cash shouldn't be used because it's used to evade the law, including tracking. It's debatable, though, isn't it?
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#55
Reeves81x
RichF, post: 4062399, member: 154826"
As I said before, Japan is beginning to phase out cash. Some believe that cash shouldn't be used because it's used to evade the law, including tracking. It's debatable, though, isn't it?
Debatable yes, hell i never use cash i usually use debit, But thats all traceable. if you can't "follow the money" there's a reason for that. I'm not big on government control, But crypto doesn't seem like a legitimate currency, and the world governments are beginning to realize that it has become a haven for every illegal activity on the face of the earth. And it needs to be regulated properly and if it can't it needs to be banned.
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#56
R-T-B
Reeves81x, post: 4062367, member: 159783"
well... crypto is used for paying for murder and similarly horrible shit anonymously, sooo. You gotta wonder about people who fight for it.
So is like, every currency ever. That is a nonarguement. If you think someone is using crypto to pay for murder, how about charging them with ... I dunno, "Murder" kinda seems appropriate. We already have laws for that.

Reeves81x, post: 4062415, member: 159783"
if you can't "follow the money"
Blockchain is literally a big long file with a money trail. The problem is everyone is a number. It has nothing to do with trackability and everything to do with identifying the users.

Reeves81x, post: 4062395, member: 159783"
crypto is a currency made for evading the law...
Oh come on, that was in like, 2013. That doesn't happen much anymore because exchanges now enforce KYC laws that make crypto unattractive to criminals in a major way. Why? Because when the users are identifiable, crypto is actually less anonymous than banks.

lexluthermiester, post: 4062378, member: 134537"
No, I really don't...
Thanks. Sometimes I wonder how people judge me for just using internet money... (The frog avatar probably doesn't help. Please stay away, I'm not a witch!)

Reeves81x, post: 4062395, member: 159783"
crypto is a currency made for evading the law... I don't know how anybody could dispute this undeniable fact.
Looking at the tech might help you start.
Posted on Reply
#57
lexluthermiester
Reeves81x, post: 4062395, member: 159783"
crypto is a currency made for evading the law...
Incorrect, crypto is just digital currency. And honestly, cash is better as it's almost untraceable.
Reeves81x, post: 4062395, member: 159783"
I don't know how anybody could dispute this undeniable fact.
Easy, it's not a fact. It's total nonsense. India might be banning it, but many governments around the world are accepting/using it. As that use continues, crypto values will stabilize.
R-T-B, post: 4062536, member: 41983"
Thanks. Sometimes I wonder how people judge me for just using internet money... (The frog avatar probably doesn't help. Please stay away, I'm not a witch!)
:toast:

RichF, post: 4062399, member: 154826"
It's debatable, though, isn't it?
Very.
Posted on Reply
#59
medi01
India: Hey Zuckerberg!
Zuckerberg: sup?
India: F*ck you!!!
Posted on Reply
#60
R-T-B
Reeves81x, post: 4066877, member: 159783"
Merica! lmao!
Cool story bro. Unsure how related though... is it the 4th of July already?
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