India Plans To Make Bitcoin Illegal With 5-Year Jail Time

So, India is gearing up to pass a law that would outright ban Bitcoin and other cryptocurrencies. The government thinks a proper legal framework would work better than that old circular from the Reserve Bank of India (RBI). A senior official mentioned that the finance ministry is kicking off consultations between different ministries. According to India Time on June 12, the push for this draft came after the Supreme Court tossed out the RBI's April 2018 order that stopped banks from dealing with cryptocurrencies back on March 4. The draft law says that if someone commits the same offense again, they could face up to 5 years in prison, and it could even reach 10 years along with a hefty fine. That fine could be three times what they lost or caused in harm, three times the profit they made, or up to 25 crore rupees (about 3.29 million USD).

There is a lot going on in India, the Supreme court just overturned the ban imposed by the RBI on cryptocurrency exchanges and i was expecting the government to come out and do something outrageous and if not for the Corona virus they would have already made some headlines by now in relation to BTCitcoin. The draft bill was ready for a long time and now the reports are coming out that the government will push the bill and since the cabinet is filled with senseless individuals who does not care about the repercussions when they implement certain laws the example is CAA and NRC and even with protect all around they tried to shut everyone and many died protesting against it, you need to be skeptical on what will happen in the future.

Well, it seems this issue is still far from over in India. Earlier, it was the RBI which banned Bitcoin and cryptocurrency through a circular. Later on, the Supreme Court struck the same circular down as illegal. I am not familiar with India's law, but here in my country a Supreme Court decision is supreme as far as legality is concerned. As such, it forms part of the country's law. It will become a legal precedence and all other courts shall abide by it, being part of the country's jurisprudence. If this is the same principle that applies in India's legal system, I don't know how a bill would argue against a Supreme Court decision. And if this will pass and becomes a law, how it will overrule a Supreme Court decision.

Today's news, you will hear that bitcoin is now legal in India. The next day you will hear another storyline of bitcoin illegality in India. In this case, the final verdict passed by the Supreme Court stands and it can not be overruled by any group or organization. The India's government are confused, they don't know what they want. They should set their laws straight about bitcoin, so that her citizens will know the status of bitcoin whether legal or not

I'm expecting that India will now have a focus about there stand about bitcoin as they have organized there election. They have been up and down about there decision for long but with new government in place, maybe we can start seeing a refocus in the crypto business.

If they really start putting people in jail for using Bitcoin they're going to show they world they're a totalitarian regime. What are they going to do next? Put street vendors in jail? They already were hitting people with batons for leaving their homes during quarantine, so I bet they're going to at some point send the army to shoot protesters, just like it was done in the good old Soviet Union and China.

Actually if government wants to change the laws then it is possible, all they need to do is to get the majority of members to support them from total number of minister or whatever.But this is not going to happen in days, at least it will take years in that time next election will come so ruling party will hesitate to bring such laws because it can backfire on their election results.

Yes, that's true! The current situation is very dynamic and we don't yet know what's going to happen! But looking at the current government, I don't see anything positive really! Modi runs a cabinet full with criminals and uneducated ministers so I don't think crypto will ever be legal in India, or until the current government stays in power. Right now, we don't have a specific legal framework around cryptos. The finance ministry is now trying to create a law that will ban bitcoin. But that will take years to come into effect and an exit period will be given. At this moment, we are just speculating about what's gonna happen!

For any news related to the legal status of crypto in India I would really steer clear away from this as we will always see conflicting news in a weekly basis about this one. It's like the news we always here in China last 2 or 3 years ago. Right now crypto news media outlets are either recycling old news or explaining badly the local news from India that's why we will see news that is more opinionated in nature rather than saying directly what the news really is. I know that people see the legality of the crypto industry in India is important to the crypto market in terms of demand but I won't really use any unofficial news about India as basis on my trades.

I think the law made by the Indian government is too burdensome for its own people, there is no country that has laws like India that will be planned. Inexhaustible india, making rules about banning crypto, yesterday the illegal news is different now, this is really nonsense that india is doing. I'm not sure the Indian government does it all, I know many of the government circles who use crypto now, this law is a rule that doesn't make sense.

India with millions involved in Cryptocurrency will make a big impact in the market, if they are allowed to participate and legalize Cryptocurrency, but anyway even the government of India can stop or hinder the progress of Cryptocurrency, they are the one who will be left behind in this technology.

Cryptocurrency has never been legalized in India. After the recent decision of the Supreme Court of India in this country, the cryptocurrency was and remains absolutely unregulated, and even less legalized. There is a complete legal vacuum in India with regard to cryptocurrency. Therefore, we must expect what regulations will finally be adopted in India by legislators or at least by the government.

Never legalised so everyone is free to own, trade crypto. But the current government wanted to have a hard line stance against it. So regulations won't be effective it they issue a blanket ban. What would you regulate if there is none in the first place? So the first thing the country do is define what crypto is, put a clear framework. But India legislators are too busy that most of the time we will hear contradictory news.

if that happen it's not good at all because india has huge market and opportunity for this.

India is a very large market if government legalize it then we may see some pump in the prize of bitcoin but I doubt indian government will legalize it anytime soon. Government wants ban it while supreme court doesn't so lets see whats happens.

This thing or this law drafting to be particular is going from a long time. I even wrote a thread in the Indian section which discussed about the synopsis of the draft regulation which the committee has forwarded to the ministry. Here is that thread. However I have recently come to know that this draft was sent back for modification. So Actual law might end up being a bit different from this draft.

Not really a god time to ban Cryptocurrency, they are hard on pandemic they need cashless transactions which is why Cryptocurrency is such a good option to take, and besides it's an investors safe haven now that stocks all over the world are falling including theirs, let them help investors and businessman save their business by trading Cryptocurrency.

why some threads says ban and some say legal https://bitcointalk.org/index.php?topic=5230499.0

Let me give you the time line In 2018- RBI banned bitcoin transactions from banking channels. Therefore even though bitcoin wasn't illegal exchanges can't open a bank account therefore were shut down. P2P was working In 2019- government made a committee to know the shortcomings in cryptocurrency and therefore were considering to ban it (have not banned it are just considering to ban it) In 2020- Supreme court of India lifted the ban of RBI and exchanges have reopened Now once again there are speculations that it will be banned again. But it's Not yet banned it's just in consideration of being banned.

oh i see, its look like the government confuse about ban or not the bitcoin