Tone Vays Calls Out India’s Consideration For Harsh Bitcoin Laws

  • Prominent crypto analyst Tone Vays has criticized the Indian government’s stance towards cryptocurrencies.
  • Vays, a former executive at J.P. Morgan, claims the Indian government is set to place major restrictions on crypto dealers and also impose harsh punishments for those transacting in cryptocurrencies.

Despite Tone Vays using legitimate news sources to back up his claims, several social media users are still calling “fake news” on his latest Tweet:

“India Considering 10 Years in Prison for doing anything related to #Bitcoin – And NOW it Begins… If a western country announces something similar we can all say @evoskuil was all over it first!”

Tone Vays Claims Indian Government Has Taken Hostile Stance Towards Cryptos

He did not back down, however, sharply fighting against every nay-sayer.

“The Article I linked is From @BloombergQuint which is a subsidiary of @business so if it’s FAKE then go complain to Bloomberg NOT ME. My research stops with a Reputable news source.”

Fake news arguments aside, he makes a point on his concern with India. If they do pass this bill, it will be illegal and punishable by up to 10 years in prison for 1 billion people to “mine, generate, hold, sell, transfer, dispose, issue or deal in cryptocurrencies, directly or indirectly.”

According to BloombergQuint:

“The penalty imposed on the accused, according to the bill, shall be either thrice the loss caused to the system, or three-fold the gains made by him/her, whichever is higher. If the loss or gain can’t be reasonably determined, the maximum fine that can be imposed may be notified by the government.”

A government watchdog within the Indian government has said earlier this year that Bitcoin was a Ponzi scheme, adding to already high tensions about what unregulated Bitcoin will do to India’s fragile economy (according to those in government). The proposed bill would, of course, not apply to the Indian government’s own attempt at a digital currency – the Digital Rupee. But it would reportedly require everyone in possession of Bitcoin to relinquish it to the government within 90 days of it passing.

What will that mean for the future of cryptocurrencies or Bitcoin if such a huge portion of the world’s population gets blocked from participating in its market? Especially considering there are other nations that have been less than friendly toward cryptos (I’m looking at you, China).

Will less people use Bitcoin and cryptos, or will it just push more users toward privacy-centric coins such as Monero and Zcash?

Only time will tell. One thing is for sure, Tone Vays had a point in bringing it to the forefront of the public conversation.

“This could be Positive or Negative for the price… It depends on which country and at what point in Economic cycle.”

The point is not so much whether or not we should be concerned, the point is that we should definitely be paying close attention.

A Bit About Tone Vays

Tone Vays is a former trader on Wallstreet and for Vice president of JP Morgan Chase, the American financial holding. He is currently considered an expert in cryptocurrency, as well as economic trends, risk analysis, and trading. But people on Twitter always seem to think they know more.

The story on India has started to get picked up by news sites other than bloombergquint, for those of you who are not a member and cannot read their article directly.

The views and opinions expressed in the article Tone Vays Calls Out India’s Unlawful Consideration for Harsh Bitcoin Regulations do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research.

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