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Bitcoin outlawed and users could be considered to be money launderers in India according to central

Goldhedge

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#1
Bitcoin outlawed and users could be considered to be money launderers in India according to central bank

There was a huge hit on March 28 for Bitcoin proponents as a nation with nearly 20% of the world's population has officially declared the crypto-currency to be an outlaw form of money, and that users of Bitcoin could be considered to be money launderers.

In a statement made by the Indian government in collaboration with comments made recently by their central bank, use of any virtual currency other than the Rupee is to be considered unathorized and users to be assumed as money launderers upon investigation.

The government today said use of virtual currencies like Bitcoins is not authorised by RBI and could result in breach of anti-money laundering provisions. The RBI has already cautioned users, holders and traders of virtual currency, including Bitcoin, about the potential financial, legal and security risks arising from the usage. "The absence of counter parties in usage of virtual currencies including Bitcoins, for illicit and illegal activities in anonymous/pseudonymous systems could subject the users to unintentional breaches of anti-money laundering and combating the financing of terrorism laws," Minister of State for Finance, Arjun Ram Meghwal, said in a written reply in the Rajya Sabha. He further said that the creation of virtual currencies like Bitcoins as a medium of payments is not authorised by any central bank or monetary authority. - Economic Times of India

Over the past several months the Modi government has enacted several monetary policies meant to go after tax evaders, buyers of gold and other hard assets, as well as force individuals into the banking system where he hopes to one day soon bring about a cashless society. And of course the threat of alternative currencies like Bitcoin go absolutely against his and the Indian central bank's monetary agendas.


http://www.thedailyeconomist.com/2017/03/bitcoin-outlawed-and-users-could-be.html
 

the_shootist

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#2
Who uses poo money anyway? You don't know where that's been!
 

Scorpio

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#3
so interesting, as the original concept brought out these objections,

wherein at any time, a .gov could declare it illegal and then what?

so far, bitcoin price is saying 'so what?'
 

tom baxter

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#5
bitcoin bitcoin, for such an abstract "tiny" part of the investment world it has certainly captured the imagination of thousands. I say thousands because outside of forums like this, and zerohedge, no one is in the least bit interested.
 

Joe King

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bitcoin bitcoin, for such an abstract "tiny" part of the investment world it has certainly captured the imagination of thousands. I say thousands because outside of forums like this, and zerohedge, no one is in the least bit interested.
That just means we're ahead of the curve, as in all those others you mention are still oblivious to the coming need for such a thing as BTC
I mean, why do you think India is only now doing this? Because their previous actions piqued a lot of interest in it and they don't want the People to have any alternative to the coin of the Realm.
...and the very act of making something like that illegal shows how much freedom the People of India really have.

The correct way to do it would have been to institute reporting requirements if using BTC that are similar to what's already in place for other forms of cash and currency. Not saying I think those are right either, but instead of just banning BTC I think that would have been a better alternative.
 

GOLDZILLA

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#7
Really the best way to fight being corralled in financially would be to keep your money out of the country you live in. Then you can use whatever money you want because it is out of their jurisdiction.
 

D-FENZ

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#8
Nothing ever disappears because it was declared illegal. It usually just goes underground where it can thrive. But Bitcoin is already there. That's the idea.

Making Bitcoin illegal is the equivalent to throwing in the towel and admitting defeat. But it's also a subtle endorsement of its efficacy.

Might want to get yourself some...
 

tom baxter

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#9
Making Bitcoin illegal is the equivalent to throwing in the towel and admitting defeat. But it's also a subtle endorsement of its efficacy.

Might want to get yourself some...
Never. It has no track record of performance in a collapse. Will it still be redeemable when every man and his dog is trying to sell their shares and bonds and houses? People can theorize all they wish but at such a volatile time in history, at the end of the greatest debt expansion in history, I want to be holding something that has a proven track record of ALWAYS holding its value and ALWAYS being redeemable, even in the worst of times. Bitcoin is a gamble and I don't gamble with my money, it was too hard to get in the first place.