Post
Topic
Board India
Re: Lets assume the worst. What's next?
by
0zero0
on 30/07/2019, 14:14:09 UTC
Lets assume this tweet is true - https://twitter.com/Nikunj_Ohri/status/1136823903605723137

"India has proposed a jail term of one to ten years for those who mine, hold or sell cryptocurrencies."

What if this become law? How do you plan for your next course of action (and suggest others)?

p.s. Any attempt to divert the discussion with "I believe this will not become law" etc. will be outright deleted.

...

Update on July 22, 2019: https://twitter.com/SecretaryDEA/status/1153302518815834119

https://dea.gov.in/sites/default/files/Approved%20and%20Signed%20Report%20and%20Bill%20of%20IMC%20on%20VCs%2028%20Feb%202019.pdf


Well, we do have other options here. For instance, if I were in this situation then I would still continue using crypto as if nothing had happened.
The problem only arises on buying/selling crypto for fiat. I would stop using the Indian currency and would trade with whatever I have left.
May be at some point in future the government of India will accept cryptocurrencies, I would patiently wait until then.
If required we can also use other currencies for withdrawal such as using USD and getting the amount in paypal.
Also, peer to peer exchanges such as WazirX can be used since it is very hard for the government to judge the amount that it coming from such sources.
If we are in contact with local sellers then we can make the deal in cash too but it's quite risky this way.