Quote from: bryant.coleman on June 07, 2019, 12:19:41 PM

India has decided to completely ban the possession, sale and purchase of Bitcoin or any other form of crypto-currency.

According to the mainstream media, the measures will be implemented this month, with a 90-day waiting period. Anyone who don't "dispose off" their crypto holding within this time period will be charged with non-bailable criminal offenses, which can be punished by up to 10 years in jail.

What makes this measure different from others is that while countries such as Nepal and Bangladesh have arrested random individuals for trading in cryptocurrency (or for exchanging crypto for fiat), none of the authorities anywhere in the world have arrested users just for the possession of crypto-currency.

There are an estimated 100,000 crypto-traders in India, and there are another 5,000,000 individuals who have dealt with crypto at some point of time.

And how exactly the Indian authorities are going to enforce this? Their stupidity is infinite.

Boot Tail OS live linux iso, make cold wallet with Electrum, write your seed words, share your wallet addresses online or whatever, shut off pc.

Where is the money? In the blockchain. People don't "possess" bitcoin, or wallets for that matter...

Now they would have to "prove" an individual could control a group of coins, how are you going to do that? The seed words are perfect for stenography, just pick a random book and mark some words, etc.

India should take a look at its neighbor China to see how well they ended enforcing things like that, ie. quite the opposite result.

Indian people might take it underground, but stopping it is impossible, it is designed to prevent this,

If you are Indian make your cold wallet now and keep your coins safe until those old fools making this "law" leave this plane of existence. Banning Bitcoin is a perfect way to keep wealth away from your country, don't be surprised one of your neighbors adopt it and become rich while you continue the misery for your people.

Please OP, don't say "Third world country", spell it correctly: India wants to impoverish their people even more by banning Bitcoin.