Indian Cryptonians Up in Arms as Media Speculates Crypto Holding Could be Banned

“One of the most trusted sites in the world of Indian finance,” is speculating the Indian government might declare cryptos illegal. They say in news reporting:

“India may look at amending existing laws that could make holding of crypto assets, other than those not approved by the government, a punishable offence…

The government is of the view that unregulated crypto assets should not be allowed to move into the financial system. The Garg-panel is likely to recommend appropriate amendments in existing laws, defining the punitive measures for those found holding illegal crypto assets.”

In addition, they had two of their leading journalists, Sakshi Batra and Gaurav Choudhury (pictured), present an editor’s take on the above news report.

The editor’s take has been highly criticized. One local crypto-media, for example, says it is full of factual errors. An Indian cryptonian likewise details the many errors. An Indian lawyer who has been following the Supreme Court case says just “FUD!”

Yet all of this seems to be addressed at the opinionated editorial. None, as far as we can find, is criticizing the news report which does not appear to contain any factually incorrect information.

Nor does it contain any sources for some of the astonishing claims it makes, including their statement that: “The Garg-panel is likely to recommend appropriate amendments in existing laws, defining the punitive measures for those found holding illegal crypto assets.”

How they concluded this likelihood is completely unclear, with the report not even stating something as general as “sources familiar with the matter say.”

Thus this might just be highly irresponsible journalism, or maybe they know something the rest don’t.

For such ban to be enacted, however, they will have to pass a law through Parliament, meaning there will have to be a period of public debate.

The Indian crypto community can perhaps organize to vent at their MPs’ letter boxes, phones and e-mail addresses, with the country still an ostensible democracy.

If that fails, then India would become the very first nation on earth to pass a law that criminalizes cryptos. Even North Korea has not fallen so low. Even China, which Indians are keen to call a dictatorship, has not passed a law to criminalize cryptos.

Yet that India might, is not out of the cards. Enforcing such law however would be pretty much impossible, especially in a country that practically has no rule of law as shown by the Supreme Court adjourning the crypto case pretty much everyday now for more than a month. Indicating their court system is completely dysfunctional.

As is India’s civil administration in general. This very poor nation often has no asphalted roads, let alone pavements. How they’d find the resources, thus, to enforce such a sweeping criminalization of a tech asset, is unclear.

Then with the same breath they try to promote blockchain tech, when the only thing they’d be promoting if they criminalize cryptos is that India apparently still remains a backward country stuck somewhere in the 1800s.

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