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
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Seriously I'm not into crypto (I was for a short while muchos years ago), but what's the difference between speculating and shady dealings of crypto mining and so-called stock exchanges? Speculation on both end. Scaring people to drive prices up and then selling before everybody else manages to catch-up. Hedge-funds - glorious example of pure legal thievery. Organizations which produce/manufacture nothing, sell nothing, circulate fictional funds/goods round and round and round the clock, yet they always profit from others misfortune. It is in the name "hedge" (like bush, shrubbery*). How the F legal thievery is 'legal' on stock exchanges but crypto mining is bad? Politicians are lowest form of life in this Universe. Period. :mad:
* - all hedge funds are probably ran by Knights who say Ni. :laugh:
Kill it with fireI agree completely. But on what level? The actual 'tool' here is not cryptocurrency, because that is still primarily used not as a currency (we come upon the old discussion of its intended use versus the way it has been implemented and what use results out of that = speculation only).
The tool here, in my book, is the hardware used to mine crypto. The buying and selling of it is only a result of it getting mined.
So this law does exactly what you say it should be doing. It keeps the tool (GPU/ASIC) safe from the nefarious activity done with it. Or, at least, intends to :D And of course a range of beneficial side effects to the normal economy as well.
On a larger scale, crypto mining and trading is a tremendous and pointless waste of resources that offers zero benefits to society as it is today - and the miners created that reality themselves.The stock exchange is tied to the real economy and crypto is not. Different degrees of wrong, I agree, but different nonetheless. The difference lies in the presence of checks and balances. The stock market has tons of those in the way of regulation (should be far more strict iMO) but mostly in the way of its effects on everything else. Stock markets are about emotions, trends, moods of the day and psychology. That alone is a powerful mechanism that crypto doesn't really have to the same extent - after all, crypto boom or crash has no effect on our daily lives, but a stock market crash really does.
The problem there is that there is a shadow economy that will infect the real one, which eats away at that mechanism we have in the real economy. That creates friction countries really don't like, its a lack of control they will seek to regain.
Drugs and other illegal stuff can still be bought with cash like always, no need for toy money there also. :D
...jk
edit: in fact, you can get a lesser sentence from second degree murder here in Finland than 10 years. Our justice system is nothing but a joke.
I wonder who came up with this bill? Banking lobby?
The efficiency of this will really depend upon how this is practically formulated.