Han2x 187 #1 Posted July 20 Guys I just heard a news that India is already having a draft law banning cryptocurrency. It's mandated there that Bitcoin user's can fall in to prison. What do you think will be the effect of this? I know it's still not happening right now, but what if it will happen? Will you still have or use Bitcoin? You will be like selling illegal drugs. Quote Share this post Link to post Share on other sites
UltraChief 1,279 #2 Posted July 20 It was a draft law and was never finalized. In theory you can put them in prison but in practice you cannot because they dont have so many prisons in the world. Governments are made by idiots who dont have even basic knowledge of economic systems and they are only interested in making more cash for themselves. They fear about any new system coming in and thus they do these things. 3 Han2x, phpkiller and Byteking reacted to this Quote Share this post Link to post Share on other sites
Han2x 187 #3 Posted July 20 6 minutes ago, UltraChief said: It was a draft law and was never finalized. In theory you can put them in prison but in practice you cannot because they dont have so many prisons in the world. Governments are made by idiots who dont have even basic knowledge of economic systems and they are only interested in making more cash for themselves. They fear about any new system coming in and thus they do these things. I guess it is @UltraChief. Maybe this new system will stop what they are doing right now we really don't know what it is. But for sure they are benefited by that. Quote Share this post Link to post Share on other sites
UltraChief 1,279 #4 Posted July 20 2 minutes ago, Han2x said: I guess it is @UltraChief. Maybe this new system will stop what they are doing right now we really don't know what it is. But for sure they are benefited by that. You are getting me wrong here. I meant bitcoin to be a new system. The politicians never want something that would ruin their power or reveal their corruption. So they oppose crypto in every way they can. Quote Share this post Link to post Share on other sites
Han2x 187 #5 Posted July 20 14 minutes ago, UltraChief said: You are getting me wrong here. I meant bitcoin to be a new system. The politicians never want something that would ruin their power or reveal their corruption. So they oppose crypto in every way they can. Thank for making it clearer but I really get what you mean. They really see Bitcoin as a treat to their current system. Quote Share this post Link to post Share on other sites
Byteking 41 #6 Posted July 20 they can't even find me, even if i did got found They can't catch me, even if they catch me, they can't lock me in prison, even if they can lock me in prison, they can't stop me from breaking it, even if they stop me from breaking the prison, they can't stop the people protesting to allow crypto and release the prisoners. Quote Share this post Link to post Share on other sites
maluss 15 #7 Posted July 20 11 minutes ago, Byteking said: they can't even find me, even if i did got found They can't catch me, even if they catch me, they can't lock me in prison, even if they can lock me in prison, they can't stop me from breaking it, even if they stop me from breaking the prison, they can't stop the people protesting to allow crypto and release the prisoners. That's easy to say online, but difficult to handle when it really happens IRL. Not many people will protect an ideal they have while facing prison or any other kind of punishment that takes part of their "freedom". Quote Share this post Link to post Share on other sites
sheenaz.bay 398 #8 Posted July 20 If that happens, it is only for the country of India, there are countries that approve the presence of bitcoin and there are countries that oppose it, of course there are always pros and cons about bitcoin. That is just a draft law that has never been resolved. you can imagine how many or even billions of the world's population uses bitcoin, what if everyone who uses bitcoin is in jail? is prison enough to accommodate people who use bitcoin? Quote Share this post Link to post Share on other sites
Scotland7643 3 #9 Posted July 21 There was a lot of information about India banning electronic money. I think it's just a rumor and not a truth. If you live in India, I advise you not to give up electronic money Quote Share this post Link to post Share on other sites
MrNice23 401 #10 Posted July 21 Oh you know where i live Bitcoin is illegal , maybe i can to jail for selling it or even using it but i don't care , those laws are so stupid and most of times the are not applied. Quote Share this post Link to post Share on other sites
williamsh 291 #11 Posted July 22 I really hope that this law does not get passed. I do not live in India, but I know many users on Primedice who come from India and it would be super sad to see their country ban something they are passionate about. Quote Share this post Link to post Share on other sites
rembo2 263 #12 Posted July 22 I think that many users will still use crypto while in the shadows. But in my opinion it is too much, a prison sentence for using cryptocurrency. First you need to provide and so the poor population, and then imposes bans. The authorities simply deprive ordinary people of at least some income, this prohibition. Quote Share this post Link to post Share on other sites
samelinda 0 #13 Posted August 7 As far as I know, the Indian government does not enforce jail sentences for Bitcoin users and instead pays fines. There is no law in the world to issue jail sentences for crypto investors Quote Share this post Link to post Share on other sites
zerowing 0 #14 Posted August 24 If the Indian government decides to jail sentences for Bitcoin users, I believe that investors in India will move to countries that accept Bitcoin to live. and the Indian government will suffer heavy losses Quote Share this post Link to post Share on other sites
nitch 1 #15 Posted August 24 How crazy are they doing so no one can decide such a ridiculous thing, what will electronic money investors do ????? they can accept such a thing Quote Share this post Link to post Share on other sites
JstLikeMagyk 156 #16 Posted August 24 "governments are made by idiots" Words of a looney toon in my opinion like wth lmao Quote Share this post Link to post Share on other sites
bitboy26 12 #17 Posted August 31 aw thats scary if that true but i think that is really true because i read an article on the past about the country that bans bitcoin and i see that india is one of them . a government can do what they wanted to do , they can ban or legalize crypto at thier own descrition . we dont have the power to revise it so we should follow them or else you will be fined and worst you can to the jail too early but lets look at the bright side , not all countries have that law . majority of the countries are still pretty open to cryptos . luckily im one of those countries . Quote Share this post Link to post Share on other sites
@zulfandina 173 #18 Posted August 31 in my opinion the news will indeed begin to be carried out by local law enforcement, but if the cryptocurrency users in the country are increasing, it will not be able to be dammed, it is unlikely that law enforcement will catch all cryptocurrency users in one country in large numbers. .. this is just silly news in my opinion ... we take the example of narcotics users ... in some countries narcotics is strictly prohibited, even in some countries have set death laws to narcotics and psychotropic users, but still narcotics cannot be completely eradicated which makes the law no longer valid ... I think this will also apply to crytocurrency users in the Indian country ... maybe at first the law will be enforced, some people who get caught will be subject to punishment according to what has been set, but if the level of cryptocoin users increases, the law will no longer function .. 😴😴 On 20/07/2019 at 14:43, UltraChief said: It was a draft law and was never finalized. In theory you can put them in prison but in practice you cannot because they dont have so many prisons in the world. Governments are made by idiots who dont have even basic knowledge of economic systems and they are only interested in making more cash for themselves. They fear about any new system coming in and thus they do these things. You're right, UltraChief moderator ... this is just a stupid rule created by fools who feel smarter than people like us ... they think their prison is enough to accommodate cryptocurrency users ... they think that their laws can scare Follow the cryptocurrency users ... they are just jealous, they are afraid of many rich people in the country because of cryptocurrency ... they are afraid that their position will not be meaningful anymore ... Quote Share this post Link to post Share on other sites
Ph4ntom 2 #19 Posted August 31 (edited) Any drastic change in society can weaken or strengthen the current system and its "status quo". Cryptocurrencies, more than a trend, are already a widespread and consolidated reality in many countries. At some point, governments will have to accept it. That's what I think anyway. Edited August 31 by Ph4ntom Quote Share this post Link to post Share on other sites
CntryBoy 188 #20 Posted August 31 4 hours ago, Ph4ntom said: At some point, governments will have to accept it. I agree. There is not much that they will be able to do in the future when crypto is so widely used. They would spend all of their time trying to enforce whatever crypto laws they try to enforce, and all of the real criminals would roam free... Quote Share this post Link to post Share on other sites
Chikou1306 97 #21 Posted August 31 well it will be impossible to throw every crypto holder in jail, first,, they can not track the crypto currencies, and second they have no more jails to throw millions of people in, but still, indian crypto holders should be carefull since their government has banned the cryptocurrencies, and i am afraid they catch singpays one day 😄 Quote Share this post Link to post Share on other sites
Lelikts 14 #22 Posted September 10 India is a very poor country, the authorities wouldn’t have to do this, they carry basins on their heads and live in trash, and they decided to catch people who are engaged in cryptocurrency! Quote Share this post Link to post Share on other sites
@zulfandina 173 #23 Posted October 8 On 11/09/2019 at 05:23, Lelikts said: India is a very poor country, the authorities wouldn’t have to do this, they carry basins on their heads and live in trash, and they decided to catch people who are engaged in cryptocurrency! it's true, india is indeed a poor country and one of the most populous countries in the world with the smallest income. I think this is only an emphasis on a few individuals and not globally Quote Share this post Link to post Share on other sites
