India Putting Legislation Together to Criminalize Bitcoin – IOTW Report

India Putting Legislation Together to Criminalize Bitcoin

Reuters

India will propose a law banning cryptocurrencies, fining anyone trading in the country or even holding such digital assets, a senior government official told Reuters in a potential blow to millions of investors piling into the red-hot asset class.

The bill, one of the worldโ€™s strictest policies against cryptocurrencies, would criminalise possession, issuance, mining, trading and transferring crypto-assets, said the official, who has direct knowledge of the plan. More

17 Comments on India Putting Legislation Together to Criminalize Bitcoin

  1. I don’t think India realizes what’s about to happen. Nothing like the heavy hand of government to make something scarcer, harder to trace, more valuable, and more prone to criminal activity.

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  2. Bitcoin and other cryptocurrencies make it harder for the government to tax and control things. With cash being used less and less and citizens becoming more dependent on credit/debit cards, who’s to say that the government won’t eventually tell Visa, Mastercard, Amex, and Discover which “subversive” people to cut off. And then they’ll tell stores to no longer accept cash. Cryptocurrencies currently avoid that type of government control.

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  3. Crypto WILL be taxed, regulated, and monitored.
    Governments are waiting for it to become more essential and ingrained and then they will step in.
    Redeeming them can be relatively expensive and the electrical infrastructure it uses is enormous.
    Ruskies, commies, cartels, and shitholeistan nations all use them for various nefarious acts.
    Every once in a while “Cold Wallets” are lost, locked or found to be empty etc.

    Use at your own risk.

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  4. I’ll stick with precious metals… you know brass, lead, copper etc.

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  5. Plenty of web resources explaining the major crypto currencies to any depth you care to study. You might enjoy learning the basics of blockchain, the major differences between the two biggies – Bitcoin and Ethereum, the impacts of Mining vs Proof of Stake, etc. It’s all readily available.

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