Quote from: squatter on June 09, 2019, 02:24:35 AM

Quote from: jakelyson on June 08, 2019, 09:27:44 PM

Quote from: squatter on June 08, 2019, 05:09:20 PM

I'd love to see someone weigh in on this topic who actually knows how lawmaking works in India. Most of us are completely ignorant. As you said, this is just a proposal, not an actual law. While there is some bureaucratic support for the measure, I'm not sure that means passage is obviously going to happen.

Maybe Pompliano knows something we don't. Even if it does pass, he thinks it will drive adoption even more:

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I highly doubt this will get passed, but if it does, it will have the opposite effect and actually drive adoption.

I am curious how will this drive adoption in India? People there will be too afraid to own cryptocurrency, what more make establishments accept them. Maybe I am not seeing something here.

Here's the full tweet:

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India is proposing a 10-year jail sentence for those who mine, hold, or transact with cryptocurrencies. I highly doubt this will get passed, but if it does, it will have the opposite effect and actually drive adoption. People don't like being told what to do with their wealth.

I agree, the threat of a 10-year prison sentence seems like a huge deterrent. Black markets tend to be much smaller than their white market counterparts. Maybe he thinks it'll cause capital flight, or that wealthy Indians will leave India in order to invest.

I am also curious as to the motive behind this - perhaps to scare normal people away from cryptos? Obviously this law is too strict for a nation aiming to become an economic powerhouse. Perhaps the motive, again, is to deter without actually putting this bill fully into effect.