10 years jail term for mining, holding, selling, issuing, transfer or use of cryptocurrency in India

[sri_india]

this is leaked draft bill , so govt is considering crypto as money laundering ....

 

[Spartan]

i think private coins ke anukunta.

noth for std coins like BTC, ETH.

[sri_india]

small and poor countries like El Salvador accepting bitcoin but large countries like India / USA and other major countries are afraid of it as govts going to loss control 

[sri_india]

1 minute ago, Spartan said:

i think private coins ke anukunta.

noth for std coins like BTC, ETH.

they didn't decide yet but yes , stable coins ni accept chesthaaru .... they can't ban crypto  

[Spartan]

Just now, sri_india said:

small and poor countries like El Salvador accepting bitcoin but large countries like India / USA and other major countries are afraid of it as govts going to loss control 

first the regular approval needs to put in place on who can do the crypto transactions..

and then open up.

india lo evadu denikosam vadtado telvad kada...

its same like in other European and UK nations..they also have same rules..

if u like to do crypto transactions, u need prior approval.. ledante it will be illegal

[Spartan]

Here is how other economies are dealing with cryptocurrencies around the world:

China

China has now become one of the most restricted crypto-markets in the world after initially welcoming all crypto-related activities early on. The country officially banned trading cryptocurrency since 2019. However, it continued online through foreign exchanges.

Chinese state intuitions had warned buyers earlier this year that they would have no protection for continuing to trade in Bitcoin and other currencies online. In May, the government officials vowed to increase pressure on the industry. The next month, banks and payment platforms were told to stop facilitating transactions. The country also issued bans on mining the currencies. In September, China made it clear that those who are involved in these virtual currency-related businesses are criminally liable and will be prosecuted.

European Union

In European Union, each country has its own regulation for cryptocurrencies. Most of these have opted for a soft-touch regulatory framework. The European Commission released draft legislation in September last year titled ‘Markets in Crypto-Assets Regulation’. It says that cryptocurrencies will be treated as regulated financial instruments. Any firm holding, trading, offering brokerage services, or providing investment advice regarding cryptocurrencies will need prior approval from the regulators as per the draft.

United Kingdom

In the UK, the trading of cryptocurrencies is not directly regulated. However, offering services such as trading in cryptocurrency derivatives do require authorisation. The Financial Conduct Authority (FCA) is the body that grants licenses to authorised cryptocurrency-related businesses. The FCA periodically issues warnings to investors that they should invest with caution.

United States of America

Different states in the USA have varying regulations. Overall, the USA has been in favour of allowing all cryptocurrency activities.

Canada

Cryptocurrencies are not legal tender in Canada. However, cryptocurrencies are legal in the country. Further, tax rules apply to digital currency transactions, including those made with cryptocurrencies. Using digital currency does not exempt consumers from tax obligations in the country.

France

France began regulating cryptocurrencies in 2019. In France, cryptocurrency is taxed in the same way movable property is.

Turkey

In April, Turkey banned the use of cryptocurrencies and crypto-assets to purchase goods and services. The country’s central bank published legislation saying cryptocurrencies and other such digital assets based on distributed ledger technology could not be used, directly or indirectly, as an instrument of payment.

El Salvador

El Salvador is the only country in the world to recognise Bitcoin as a legal tender. According to the country’s law, any good or service previously payable in dollars can now also be paid in bitcoin.

[sri_india]

Just now, Spartan said:

first the regular approval needs to put in place on who can do the crypto transactions..

and then open up.

india lo evadu denikosam vadtado telvad kada...

its same like in other European and UK nations..they also have same rules..

if u like to do crypto transactions, u need prior approval.. ledante it will be illegal

it is not that crypto tho illegal transaction / money laundering peruguthundi ani .... its all about fiat currency , once people start using crypto , fiat currency existence question kavachu (in long term no govt can stop this) .... if fiat has no value , govts can't survive .....

[sri_india]

3 minutes ago, Spartan said:

Here is how other economies are dealing with cryptocurrencies around the world:

China

China has now become one of the most restricted crypto-markets in the world after initially welcoming all crypto-related activities early on. The country officially banned trading cryptocurrency since 2019. However, it continued online through foreign exchanges.

Chinese state intuitions had warned buyers earlier this year that they would have no protection for continuing to trade in Bitcoin and other currencies online. In May, the government officials vowed to increase pressure on the industry. The next month, banks and payment platforms were told to stop facilitating transactions. The country also issued bans on mining the currencies. In September, China made it clear that those who are involved in these virtual currency-related businesses are criminally liable and will be prosecuted.

European Union

In European Union, each country has its own regulation for cryptocurrencies. Most of these have opted for a soft-touch regulatory framework. The European Commission released draft legislation in September last year titled ‘Markets in Crypto-Assets Regulation’. It says that cryptocurrencies will be treated as regulated financial instruments. Any firm holding, trading, offering brokerage services, or providing investment advice regarding cryptocurrencies will need prior approval from the regulators as per the draft.

United Kingdom

In the UK, the trading of cryptocurrencies is not directly regulated. However, offering services such as trading in cryptocurrency derivatives do require authorisation. The Financial Conduct Authority (FCA) is the body that grants licenses to authorised cryptocurrency-related businesses. The FCA periodically issues warnings to investors that they should invest with caution.

United States of America

Different states in the USA have varying regulations. Overall, the USA has been in favour of allowing all cryptocurrency activities.

Canada

Cryptocurrencies are not legal tender in Canada. However, cryptocurrencies are legal in the country. Further, tax rules apply to digital currency transactions, including those made with cryptocurrencies. Using digital currency does not exempt consumers from tax obligations in the country.

France

France began regulating cryptocurrencies in 2019. In France, cryptocurrency is taxed in the same way movable property is.

Turkey

In April, Turkey banned the use of cryptocurrencies and crypto-assets to purchase goods and services. The country’s central bank published legislation saying cryptocurrencies and other such digital assets based on distributed ledger technology could not be used, directly or indirectly, as an instrument of payment.

El Salvador

El Salvador is the only country in the world to recognise Bitcoin as a legal tender. According to the country’s law, any good or service previously payable in dollars can now also be paid in bitcoin.

China/india / EU whatever the countries against it , the change is already started ...... it may take another 10 or 50 or 100 years ...... fiat currency existence is questionable ..... whoever adopt crypto early , they will lead .....   

[Tomb__ayya]

9 minutes ago, sri_india said:

small and poor countries like El Salvador accepting bitcoin but large countries like India / USA and other major countries are afraid of it as govts going to loss control 

ayithe El Salvador laws/procedures benchmark antava parik uncle

 

 

 

[sri_india]

3 minutes ago, Tomb__ayya said:

ayithe El Salvador laws/procedures benchmark antava parik uncle

 

 

 

no , it will not .... when I say crypto , it is not accepting bitcoin ... it is about adopting  blockchain , smart contact technology , dApps and web3 ... 

[Tomb__ayya]

25 minutes ago, Spartan said:

i think private coins ke anukunta.

noth for std coins like BTC, ETH.

avunu BTC and ETH ni odhilestharu!! 😂 musk mella gaadu cheppadu ani DOG coin, jinping cheppadu ani PIG coin ni odhilesthara bhayya. . ban ante ban, ban everything thats all

 

this gravitas guys post mostly reliable news. . 

And this ban is the much needed at this moment.

[cool_boy]

Just now, Tomb__ayya said:

avunu BTC and ETH ni odhilestharu!! 😂 musk mella gaadu cheppadu ani DOG coin, jinping cheppadu ani PIG coin ni odhilesthara bhayya. . ban ante ban thats all

 

this gravitas guys post mostly reliable news. . 

And this ban is the much needed at this moment.

anthe koncham ma middle class vallu cheparani SHIBU ni kuda vadilesteh bagundu

[Tomb__ayya]

5 minutes ago, sri_india said:

no , it will not .... when I say crypto , it is not accepting bitcoin ... it is about adopting  blockchain , smart contact technology , dApps and web3 ... 

blockchain tech tho sampada srustisthunnar anamata out of the air, smart wealth generation without value creation

[Tomb__ayya]

1 minute ago, cool_boy said:

anthe koncham ma middle class vallu cheparani SHIBU ni kuda vadilesteh bagundu

bhayyoo. . listen to what modi says . . clearly bitcoin antunnadu, crypto ani clear ga chepthunnaru, BTC is crypto and SHIBU is also crypto right, not a stock/commodity regulated by US SEC or Indian SEBI

[sri_india]

4 minutes ago, Tomb__ayya said:

blockchain tech tho sampada srustisthunnar anamata out of the air, smart wealth generation without value creation

LOL ... I am going east you going west .... enjoy bro