
India’s draft bill proposes a 10-year jail sentence for using cryptocurrencies - notlukesky
https://www.theblockcrypto.com/tiny/indias-draft-bill-proposes-a-10-year-jail-sentence-for-using-cryptocurrencies/
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bellBivDinesh
Probably will be chalked up to combating “black money”.

Strange and regressive, much like demonetization was.

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notlukesky
Another type of demonetization like you pointed out.

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mirimir
Anyone know why they care so much?

I do see [https://www.coindesk.com/reserve-bank-of-india-denies-
involv...](https://www.coindesk.com/reserve-bank-of-india-denies-involvement-
in-draft-bill-to-ban-cryptocurrencies)

But nothing about why shows up in English. Tax evasion? Capital flight?

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wtmt
It’s more of a move to control the narrative that the government is tough on
“black money” and “terrorism”, since previous actions to bring back such
wealth into the tax net and into the books flopped terribly.

Everyone except the government officials and politicians seems to know that
undisclosed income and wealth are mostly held in real estate, gold and other
assets. But this government has had a hatred for cash and cryptocurrency for a
few years, and seems to believe that curbing cryptocurrency will solve the
problems.

What’s completely absurd is the criminal penalty being talked about. There’s
no law so far on cryptocurrency (except that banks were told by RBI not to
work with companies in this area). What are people who have had these for
several years to do? It’s all very short sighted, and looks like a deflection
from other things.

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fellellor
There is also supposedly a proposal in the works to tax cash withdrawal from
bank accounts if it crosses an annual limit of 10 lakh rupees.

:)

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ronsor
This will never work

