Quote from: playboy654 on July 30, 2019, 07:08:42 PM

Quote from: 0zero0 on July 30, 2019, 02:14:09 PM

Quote from: newIndia on June 17, 2019, 11:26:08 PM

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.

If you are holding crypto currencies worth in millions then you can move to countries where cryptos are supported.

Or if you are just holding in thousands means you can make paypal transactions or just use the bank account of your friend from different country and give one percentage as commission or fee to him.

Or p2p like localbitcoin can be.

If jail term proposal accepted by govt, then P2P will also stop, who will take risk to selling crypto, if they will get caught it will be big risk.
P2P will almost finished in India, localbitcoins and other P2P site most probably will unaccessible and Indian P2P platform will be shutdown for permanent.