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  1. #1
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    Default India bans Bitcoin and cryptocurrency

    India recently imposed a ban on Bitcoin and all other cryptocurrency, and has given crypto holders 90 days to report their holdings to the government and sell them off. Anyone violating this new law faces up to 10 years in jail. What a freaking joke!! My advice to crypto investors residing in India is to invest in privacy coins.
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  3. #2
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    Wow what a move

    I wonder how many will to sell it off before the government can trace it to them

    https://www.coindesk.com/reserve-ban...yptocurrencies
    If passed, those who “mine, generate, hold, sell, transfer, dispose, issue or deal in cryptocurrencies directly or indirectly” could be jailed for up to 10 years.
    https://www.newsbtc.com/2019/06/08/i...in-ban-crypto/
    Venture capitalist and founder of Digital Currency Group Barry Silbert, who is one of the most influential names in the crypto space known for driving the industry forward, says that the ban will only cause citizens in the country to become increasingly interested in Bitcoin and other cryptocurrencies.
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    Universal4

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  5. #3
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    Default

    So open opposition from India, Russia who want to restrict currency movements.

    How do American citizens feel about their country's continued senate rumblings about doing the same?
    "Land of the free"? Hardly.

  6. #4
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    Absurd!
    are they going to ban facebook next?
    [They are rolling out their own crypto q1 2020 afaik.. we will know more on the 18th apparently.
    https://techcrunch.com/2019/06/06/fa...-libra-launch/ ]

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    It is indeed absurd. Will they jail me if I am on vacation there with ledger wallets? Facebook ultrashitcoin however is not a blockchain. It is a digital money disguised as blockchain. Facebook will have full control over it, so they can just disable and enable it in countries where they will get the licence. Whole facebook project is no less absurd than "banning bitcoin".
    We are all bloodsucking ticks, hungry, devious
    each one latched on to the ass of the previous
    when the last and the first latch on it can be shown
    ass-blood sucked by the first from the last is his own

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    India is also the country where the majority of their citizens are unbanked and poor. Yet still, with no notice whatsoever, they printed a series of new banknotes, made others obsolete, and forced their entire country to change out their money in a very compressed window of time.

    People actually died in line trying to exchange money.

    India as a whole, gives very few ***** about their citizens. It is a very openly corrupt culture where bribes are more common than in Mexico.

    Their more affluent citizens own a bunch of gold, which IIRC India is also trying to curtail and restrict. Governments want control over money, for without it, they cease to have the same power.

    The **** will hit the fan come the next economic depression, which will be world-wide.

    Cryptos will be assaulted. Gold will be assaulted. Bank accounts will be assaulted via Cyprus bail-ins and European negative interest rates where they charge you to hold your money instead of paying you for it.

    This financial tomfoolery of the last decade is coming home to roost.

    Prepare friends.

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    Quote Originally Posted by PROFRBcom View Post
    People actually died in line trying to exchange money.
    crazy.
    50% of em probably died trying to breath that toxic air!

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    Let's see what will do when libra come out.

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    What a ridiculous decision by India to ban Bitcoin and cryptocurrency! Itís doing so well for many people throughout the world and Iím sure itís still going to rise and improve much more over time. I think Itís by far the best cryptocurrency on the market.

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    The government bans cryptocurrency, then you hear that Ripple, the company behind XRP has recently signed up all of the major Indian banks to use xCurrent which is an instant cross border payments solution.
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    What a ridiculous, backwards and primitive decision. India is always going to be a third world country if it keeps embracing old technology and making stupid decisions like this. Crypto may have been a fad when it first came out, but it has the potential to revolutionize banking and speed up payments on a vast scale.

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    Quote Originally Posted by PROFRBcom View Post
    India is also the country where the majority of their citizens are unbanked and poor. Yet still, with no notice whatsoever, they printed a series of new banknotes, made others obsolete, and forced their entire country to change out their money in a very compressed window of time.

    People actually died in line trying to exchange money.
    Was actually there when it happened.

    You forgot to mention that first they decided to skip the smaller bills like 500 rupees and where giving 2000 rupee bills. To get the picture , chai costs 10 INR and decent meal costs 100 (tourist one) - basically they were giving people notes worth half of their monthly salary. Of course most places wouldn't accept them (imagine paying at your grocery store with 2000 euro bill )

    But it wasn't bad for all. I couldn't exchange the older bills i had but without much hustle found someone with connections in local bank brunch willing to help me for 20% fee . I heard that in central cities like Delhi the fees were higher - more in 40% area.

    Imagine how much money those bankers and their friends earned in those 1-2 months.
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    Default

    This is a total joke! How the heck are they going to monitor this and enforce it. If in the most sophisticated countries they would have difficulty.

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  24. #14
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    Default

    Quote Originally Posted by Pokerface View Post
    This is a total joke! How the heck are they going to monitor this and enforce it. If in the most sophisticated countries they would have difficulty.
    They can't fully monitor or enforce it. Let's take Binance for example. From the 12th of September, U.S. residents will no longer be able to deposit or trade at Binance, but many of the current U.S. Binance users are planning to use VPNs and to trade at Binance DEX which is a decentralized crypto exchange.
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