• Welcome to TechPowerUp Forums, Guest! Please check out our forum guidelines for info related to our community.

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

btarunr

Editor & Senior Moderator
Staff member
Joined
Oct 9, 2007
Messages
46,283 (7.69/day)
Location
Hyderabad, India
System Name RBMK-1000
Processor AMD Ryzen 7 5700G
Motherboard ASUS ROG Strix B450-E Gaming
Cooling DeepCool Gammax L240 V2
Memory 2x 8GB G.Skill Sniper X
Video Card(s) Palit GeForce RTX 2080 SUPER GameRock
Storage Western Digital Black NVMe 512GB
Display(s) BenQ 1440p 60 Hz 27-inch
Case Corsair Carbide 100R
Audio Device(s) ASUS SupremeFX S1220A
Power Supply Cooler Master MWE Gold 650W
Mouse ASUS ROG Strix Impact
Keyboard Gamdias Hermes E2
Software Windows 11 Pro
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).



View at TechPowerUp Main Site
 
Joined
Oct 17, 2011
Messages
857 (0.19/day)
Location
Oregon
System Name Red 101
Processor 9th Gen Intel Core i9-9900k
Motherboard EVGA Z370 Classified
Cooling Custom Primochill and Heatkiller water cooling loop
Memory 16GB of Gskill 3200Mhz CL14
Video Card(s) EVGA GeForce GTX 1080 FTW2 with Heatkiller block @2114Mhz
Storage 4- Samsung Evo 250GB, 1- Pro 512GB and 1-512GB M.2
Display(s) LG 38" UW
Case In Win 101 customized a lot and painted red
Audio Device(s) Razer Kraken 7.1 Chroma
Power Supply EVGA 850w G2
Mouse Razer DeathAdderv2
Keyboard Razer Ornata Chroma
Software Win10Pro and games
Benchmark Scores NA
should be easy to enforce *eyeroller*
 
Joined
Apr 12, 2013
Messages
6,729 (1.68/day)
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!
 
Joined
Aug 20, 2007
Messages
20,714 (3.41/day)
System Name Pioneer
Processor Ryzen R9 7950X
Motherboard GIGABYTE Aorus Elite X670 AX
Cooling Noctua NH-D15 + A whole lotta Sunon and Corsair Maglev blower fans...
Memory 64GB (4x 16GB) G.Skill Flare X5 @ DDR5-6000 CL30
Video Card(s) XFX RX 7900 XTX Speedster Merc 310
Storage 2x Crucial P5 Plus 2TB PCIe 4.0 NVMe SSDs
Display(s) 55" LG 55" B9 OLED 4K Display
Case Thermaltake Core X31
Audio Device(s) TOSLINK->Schiit Modi MB->Asgard 2 DAC Amp->AKG Pro K712 Headphones or HDMI->B9 OLED
Power Supply FSP Hydro Ti Pro 850W
Mouse Logitech G305 Lightspeed Wireless
Keyboard WASD Code v3 with Cherry Green keyswitches
Software Windows 11 Enterprise (legit), Gentoo Linux x64
Rather harsh, regardless of how you feel about the subject...
 
Joined
Sep 15, 2007
Messages
3,944 (0.65/day)
Location
Police/Nanny State of America
Processor OCed 5800X3D
Motherboard Asucks C6H
Cooling Air
Memory 32GB
Video Card(s) OCed 6800XT
Storage NVMees
Display(s) 32" Dull curved 1440
Case Freebie glass idk
Audio Device(s) Sennheiser
Power Supply Don't even remember
Man, their insecurities sure do run deep from a physical appendage.
 

Ebo

Joined
May 9, 2013
Messages
778 (0.20/day)
Location
Nykoebing Mors, Denmark
System Name the little fart
Processor AMD Ryzen 2600X
Motherboard MSI x470 gaming plus
Cooling Noctua NH-C14S
Memory 16 GB G.Skill Ripjaw 2400Mhz DDR 4
Video Card(s) Sapphire RX Vega 56 Pulse
Storage 1 Crucial MX100 512GB SSD,1 Crucial MX500 2TB SSD, 1 1,5TB WD Black Caviar, 1 4TB WD RED HD
Display(s) IIyama XUB2792QSU IPS 2560x1440
Case White Lian-Li PC-011 Dynamic
Audio Device(s) Asus Xonar SE pci-e card
Power Supply Thermaltake DPS G 1050 watt Digital PSU
Mouse Steelseries Sensei
Keyboard Corsair K70
Software windows 10 64 pro bit
That bill should be inplemented all over the world.
 

Space Lynx

Astronaut
Joined
Oct 17, 2014
Messages
15,800 (4.58/day)
Location
Kepler-186f
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.

That bill should be inplemented all over the world.

Agreed. I think it will happen in due time.
 
Joined
Sep 15, 2007
Messages
3,944 (0.65/day)
Location
Police/Nanny State of America
Processor OCed 5800X3D
Motherboard Asucks C6H
Cooling Air
Memory 32GB
Video Card(s) OCed 6800XT
Storage NVMees
Display(s) 32" Dull curved 1440
Case Freebie glass idk
Audio Device(s) Sennheiser
Power Supply Don't even remember
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
 

Space Lynx

Astronaut
Joined
Oct 17, 2014
Messages
15,800 (4.58/day)
Location
Kepler-186f
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.
 

btarunr

Editor & Senior Moderator
Staff member
Joined
Oct 9, 2007
Messages
46,283 (7.69/day)
Location
Hyderabad, India
System Name RBMK-1000
Processor AMD Ryzen 7 5700G
Motherboard ASUS ROG Strix B450-E Gaming
Cooling DeepCool Gammax L240 V2
Memory 2x 8GB G.Skill Sniper X
Video Card(s) Palit GeForce RTX 2080 SUPER GameRock
Storage Western Digital Black NVMe 512GB
Display(s) BenQ 1440p 60 Hz 27-inch
Case Corsair Carbide 100R
Audio Device(s) ASUS SupremeFX S1220A
Power Supply Cooler Master MWE Gold 650W
Mouse ASUS ROG Strix Impact
Keyboard Gamdias Hermes E2
Software Windows 11 Pro
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.

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.
 

Space Lynx

Astronaut
Joined
Oct 17, 2014
Messages
15,800 (4.58/day)
Location
Kepler-186f
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.
 
Joined
Apr 12, 2013
Messages
6,729 (1.68/day)
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.
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.
 
Joined
May 8, 2018
Messages
1,495 (0.69/day)
Location
London, UK
Funny, the more bans bitcoin has, the more its price rises.
 

Space Lynx

Astronaut
Joined
Oct 17, 2014
Messages
15,800 (4.58/day)
Location
Kepler-186f
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
 
Joined
Mar 10, 2010
Messages
11,878 (2.31/day)
Location
Manchester uk
System Name RyzenGtEvo/ Asus strix scar II
Processor Amd R5 5900X/ Intel 8750H
Motherboard Crosshair hero8 impact/Asus
Cooling 360EK extreme rad+ 360$EK slim all push, cpu ek suprim Gpu full cover all EK
Memory Corsair Vengeance Rgb pro 3600cas14 16Gb in four sticks./16Gb/16GB
Video Card(s) Powercolour RX7900XT Reference/Rtx 2060
Storage Silicon power 2TB nvme/8Tb external/1Tb samsung Evo nvme 2Tb sata ssd/1Tb nvme
Display(s) Samsung UAE28"850R 4k freesync.dell shiter
Case Lianli 011 dynamic/strix scar2
Audio Device(s) Xfi creative 7.1 on board ,Yamaha dts av setup, corsair void pro headset
Power Supply corsair 1200Hxi/Asus stock
Mouse Roccat Kova/ Logitech G wireless
Keyboard Roccat Aimo 120
VR HMD Oculus rift
Software Win 10 Pro
Benchmark Scores 8726 vega 3dmark timespy/ laptop Timespy 6506
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.
 
Last edited:
Joined
May 8, 2018
Messages
1,495 (0.69/day)
Location
London, UK
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.
 
Joined
Nov 24, 2017
Messages
853 (0.37/day)
Location
Asia
Processor Intel Core i5 4590
Motherboard Gigabyte Z97x Gaming 3
Cooling Intel Stock Cooler
Memory 8GiB(2x4GiB) DDR3-1600 [800MHz]
Video Card(s) XFX RX 560D 4GiB
Storage Transcend SSD370S 128GB; Toshiba DT01ACA100 1TB HDD
Display(s) Samsung S20D300 20" 768p TN
Case Cooler Master MasterBox E501L
Audio Device(s) Realtek ALC1150
Power Supply Corsair VS450
Mouse A4Tech N-70FX
Software Windows 10 Pro
Benchmark Scores BaseMark GPU : 250 Point in HD 4600
Joined
Mar 28, 2007
Messages
2,490 (0.40/day)
Location
Your house.
System Name Jupiter-2
Processor Intel i3-6100
Motherboard H170I-PLUS D3
Cooling Stock
Memory 8GB Mushkin DDR3L-1600
Video Card(s) EVGA GTX 1050ti
Storage 512GB Corsair SSD
Display(s) BENQ 24in
Case Lian Li PC-Q01B Mini ITX
Audio Device(s) Onboard
Power Supply Corsair 450W
Mouse Logitech Trackball
Keyboard Custom bamboo job
Software Win 10 Pro
Benchmark Scores Finished Super PI on legendary mode in only 13 hours.
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).
 
D

Deleted member 158293

Guest
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
 
Joined
Apr 18, 2019
Messages
836 (0.46/day)
Location
The New England region of the United States
System Name Daily Driver(gaming, browsing)
Processor Ryzen 7 3800X
Motherboard Gigabyte X570 Aurus Pro Wifi
Cooling Noctua NH-D15 chromax.black
Memory 32GB(2x16GB) Patriot Viper DDR4-3200C16
Video Card(s) EVGA RTX 3060 Ti
Storage Samsung 970 EVO Plus 1TB (Boot/OS)|Hynix Platinum P41 2TB (Games)|Kingston KC3000 2TB (Misc)
Display(s) Gigabyte G27F
Case Corsair Graphite 600T w/mesh side
Audio Device(s) Logitech Z625 2.1 | cheapo gaming headset when mic is needed
Power Supply Corsair HX850i
Mouse Redragon M808-KS Storm Pro (Great Value)
Keyboard Redragon K512 Shiva replaced a Corsair K70 Lux - Blue on Black
VR HMD Nope
Software Windows 10 Pro x64
Benchmark Scores Nope
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.
 
Last edited:
D

Deleted member 24505

Guest
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.
 

Space Lynx

Astronaut
Joined
Oct 17, 2014
Messages
15,800 (4.58/day)
Location
Kepler-186f
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.

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.
 
Top