Another Setback for Indian Cryptocurrency users
Just a few days ago I wrote on how Indians are sceptical about buying crypto and the fear they have because it has been termed as illegal and yet again another lash comes out proposing a draft of Banning of Cryptocurrency with a 10 Year Jail for anyone dealing in Crypto directly or indirectly in any way.
So what do you think, if rest of the world regulates Cryptos and if India does not will this decision set the country behind economically in the global markets? If Cryptocurrency is spreading like fire and eventually the MNCs and the Giant firms will also get into this space in such a scenario if India does not adapt how it will function in isolation. These are questions to ponder on.
But for now this decision is spreading a lot of fear amongst people. I am sure they will be trying to find out ways and means to operate but still if the punishment is life ruining it will surely be one major setback for everyone. Ideally a hope for people to make some financial gains are getting crushed by the law makers because they fear losing their control over the people. Also there are many other reasons but for small time investors for who this is a ray of hope this proposal if passed will surely be a major hit.
They say this move is to tighten the strings for those who are dealing in Cryptos but couldn’t they come up with a better proposal on a positive side of regulating it in some way rather than coming up with punishments. If this gets passed all the Crypto trading firms who are eagerly waiting to set up in India they will also be doomed. India is a big market and the law will surely impact everyone.
This is a published news but as we are all aware Media plays its own frenzy so it also can be a rumour as the news has still not been confirmed so let’s hope for the best for everyone’s best interest and wish that no such rules get passed.
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That sounds ludicrously overbearing setting jail terms just for dealing with Cryptocurrency - hopefully nothing like that will ever become law.
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Yes, we think that such a law will not pass. The Supreme Court has most of the time been in favour of the democracy and hopefully it'll always in future too.
It appears that the statement came from the central bank of India and not the parlament in the form of legislation. Your title would appear to be misleading and FUD generating.
https://thenextweb.com/hardfork/2018/04/06/no-india-not-just-banned-virtual-currencies/
Thank you for highlighting. Yes there is lot of rumors and uncertainty but Indian finance Minster has always claimed that dealing in Ctypto is illegal and hence people are always scared to invest in it. My sister works for a government bank and they have been given strict warning if anyone caught will result in severe punishment. I hope there is some light to this sooner the better.l
I am glad that our Central bank here in my country is just crypto-friendly, in fact my bank has a bitcoin ATM in their main branch in Manila @nainaztengra :D
That's really nice, your government is supporting its people to grow financially. I hope we can see that in my country too soneday
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