Re: Holding unregulated crypto asset may attract punishment in India
If it becomes a law, this amounts to full fledged banning. And on top of this, they are mulling enforcing a state-backed crypto: https://qz.com/india/1418897/after-strangling-bitcoin-india-may-launch-its-own-cryptocurrency/
While they keep calling it crypto, it will probably be a CBDC which is basically fiat in digital form. And the panel which set out to "study and research" crypto's effects in India constitutes RBI, SEBI and Ministry of Finance officials. All 3 bodies have been anti-crypto from the start. Not sure if Govt enforces a crackdown, there is much that can be done except for an appeal to the Supreme Court. Though, even that seems like a losing battle considering the petition filed by crypto exchanges against the banking ban is still awaiting a hearing date from the Court after the last set of hearings got over several weeks back.
I think the cryptosphere, in general, will also lose out if a billion people are suddenly cut out of crypto completely. Other countries could take cue from this and start banning crypto too. This is now everybody's battle and should raise a hue and cry across the world.
While they keep calling it crypto, it will probably be a CBDC which is basically fiat in digital form. And the panel which set out to "study and research" crypto's effects in India constitutes RBI, SEBI and Ministry of Finance officials. All 3 bodies have been anti-crypto from the start. Not sure if Govt enforces a crackdown, there is much that can be done except for an appeal to the Supreme Court. Though, even that seems like a losing battle considering the petition filed by crypto exchanges against the banking ban is still awaiting a hearing date from the Court after the last set of hearings got over several weeks back.
Banking ban has already weakened the crypto scene in India and the court trial is getting delayed every single time. Now if they start taking punitive actions, it will put the last nail on the coffin of cryptos in India!
We can't afford to be left behind. Again. I remember commenting on this thread earlier this year about Kazakhstan banning crypto (https://bitcointalk.org/index.php?topic=3232750) without even realising that we could be in their shoes before the year ends I think the cryptosphere, in general, will also lose out if a billion people are suddenly cut out of crypto completely. Other countries could take cue from this and start banning crypto too. This is now everybody's battle and should raise a hue and cry across the world.