Friday, June 7th 2019
10 Years Jail for Buying, Selling, Mining Crypto-currency in India: New Bill
The Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019, on its way to the Indian Parliament for debate and possible legislation, seeks to impose a stunning 10-year imprisonment as penalty for any person or business found buying, selling, holding, or mining crypto-currency in India. It has wording to tell wilful mining apart from "crypto-jacking" (malware that mines crypto on a computer or portable computing device without its user's knowledge). Violations of this Act will also be treated as "cognizable" and "non-bailable," meaning that the accused cannot seek bail, anticipatory or in custody, while their case is being taken up by India's criminal-justice system.
A Cognizable Offense under Indian law, is comparable to a Felony under U.S. law, and some of the most heinous crimes, such as homicide and rape, are classified as these. The Indian Government has reportedly taken this step to clamp down on rampant tax-evasion, "hawala" money transfers (illegal money transfers disconnected from the banking system), and financing of terrorism, drug-trade, and social unrest by foreign NGOs and eco-terrorists. The Bill is expected to have smooth sailing through Parliament as the incumbent political administration enjoys a simple majority in the Lok Sabha (essentially House of Commons); and has a good sway over the Rajya Sabha (Council of States, but essentially House of Lords).
Source:
Bloomberg Quint
A Cognizable Offense under Indian law, is comparable to a Felony under U.S. law, and some of the most heinous crimes, such as homicide and rape, are classified as these. The Indian Government has reportedly taken this step to clamp down on rampant tax-evasion, "hawala" money transfers (illegal money transfers disconnected from the banking system), and financing of terrorism, drug-trade, and social unrest by foreign NGOs and eco-terrorists. The Bill is expected to have smooth sailing through Parliament as the incumbent political administration enjoys a simple majority in the Lok Sabha (essentially House of Commons); and has a good sway over the Rajya Sabha (Council of States, but essentially House of Lords).
60 Comments on 10 Years Jail for Buying, Selling, Mining Crypto-currency in India: New Bill
I mean the Roman empire fell because the erosion of enforcement of law of the 3-4 centuries. and we are reaching that point again in many areas of civilization, the rich get away with everything, celebs get a slap on the wrist for drug use while the common man goes to prison for decade for same charge, etc. People lose faith, and it just has a snowball effect.Agreed. I think it will happen in due time.
just have to wait for another generation of voters to die out, to get the corrupt politicians replaced. won't happen in america any time soon, but i see that being the future in 30-40 years. if the IRS is truly all powerful like they seem to be, then this would be best option for them to keep tabs on everyone.
The Supreme Court however put a stop to making it mandatory across the board.True but if they can make (more) money off of it then I doubt this bill could pass both houses. I'm not talking about just the polity, there's lot of chefs involved in this halwa. We'll see what the govt does about it.
our species will have to change very very fast to save this world. sadly we won't, because greed and envy rule all of us. but no matter, mother nature will wipe us out and start over. so all is well
To be honest, I am not too concerned about crypto being made illegal if it is then so be it, but 10 F£$£$£ng Years, Equal to rape, murder, etc.
LAWS PUT MONEY ABOVE PEOPLE, wtaf is that about.
robbing cash or fraud or trading bingo coins or crypto or some such is nowhere near murder or rape, and perhaps the signal that the law sends is that the latter aint so bad, wtaf India, Killing someone or imposing yourself via rape on someone is far far more extreme then what, fraud.
@lynx29 there are people going on holiday in planes 2-12 times a year, do we ban that shit, I say yes too then.
or what of the millions of selfish gits sitting wasting electricity to GAMe on a high end overclocked (inefficient) pc, err im not signing up to that
or the billions of selfish twats who choose to drive to work in Their OWN car wtaf , car share world, err I'm not signing up to that either.
nah but crypto wastes electricity, not like moving money round in trucks or having billions of ATMS sat doing f all 90% of the time but powered eh.
ILL SIGN UP BUT ITS ALL OR NOTHING, SAVE the world ,live bored or we balance shit and i dont listen to your BS point about us all saving the Earth.
A) It just ran out of things to conquer. Rome was great at conquering other nations, but terrible at holding large areas of "uncivilized land" (like the steppes of Asia, and the Germanic forests), thus when the Greeks, Egyptians, early Celtic kingdoms, etc, were conquered, Rome really had nothing left to do. Read about Augustus' terrible attempt at conquering Germania -- and that was hundreds of years before the final sack of Rome.
B) It didn't really fall. It split into two kingdoms, and the Eastern Roman Empire continued on for another millenia.
C) There's weird theories about lead poisoning (perhaps), and even homosexuality (unlikely: usually brought up by fundamentalist Christians in the US, who themselves are probably are suffering from lead poisoning).
Not impressed by Bloomberg...
1. This is a proposed first draft for a bill
2. Clickbait article that's kept Paid