Current Events > India to propose cryptocurrency ban, penalising miners, traders

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https://www.reuters.com/article/us-india-cryptocurrency-ban/india-to-propose-cryptocurrency-ban-penalising-miners-traders-source-idUSKBN2B60R0

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 worlds strictest policies against cryptocurrencies, would criminalise possession, issuance, mining, trading and transferring crypto-assets, said the official, who has direct knowledge of the plan.

The measure is in line with a January government agenda that called for banning private virtual currencies such as bitcoin while building a framework for an official digital currency. But recent government comments had raised investors hopes that the authorities might go easier on the booming market. Instead, the bill would give holders of cryptocurrencies up to six months to liquidate, after which penalties will be levied, said the official, who asked not to be named as the contents of the bill are not public. Officials are confident of getting the bill enacted into law as Prime Minister Narendra Modis government holds a comfortable majority in parliament. If the ban becomes law, India would be the first major economy to make holding cryptocurrency illegal. Even China, which has banned mining and trading, does not penalise possession.

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Imagine going to jail because you bought dogecoin.

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lmao how are they going to stop this?

They can't even stop those spam call centres and they're illegal too
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Now crack down on scammers a bit more

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The Indian government and making stupid decisions. Like chips and salsa.

F*** India

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The heck is going on in India?

India's right about this tbh

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Blue_Inigo posted...

India's right about this tbh

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AtelierRyza3462 posted...

The heck is going on in India?

The measure is in line with a January government agenda that called for banning private virtual currencies such as bitcoin while building a framework for an official digital currency.

There's your answer. They're trying to make way for their own cryptocurrency. Good luck trying to regulate people. At most, they can only prevent people from buying on regulation compliant exchanges. But once you're in, there's nothing they can do, you can always declare your crypto lost in a mysterious boating accident or was hacked or whatever.

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It's just a proposition

Just like how the us proposes all kinds of dumb shit that never passes

Nigeria actually successfully banned it. Which is reality dumb because it was actually helping the youth out of poverty.

Some say it's the IMF bank leading a push to these isolated countries to ban cryptocurrency

For India it would be about control, thats what the Modi government is all about.
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Cuticrusader09 posted...

For India it would be about control, thats what the Modi government is all about.

India is an authoritarian, fascist country that is also committing genocide on their Muslims. They're also oppressing and trying to take over Kashmir.

They're also murdering and imprisoning Sikhs for participating in the farmer's protests. Banning crypto is not a surprise and is small potatoes compared to everything else on the list of things they've done.

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