Topic: [2021-03-15] [Reuters] India to propose cryptocurrency ban, penalising miners (Read 507 times)

In any case, at this stage of the fight against the pandemic that has swept India so hard, it would be wrong to deprive those who can feed their families from this source of income, or even part of the income. I cannot say that I am deeply immersed in this issue, you are much more aware, but reasoning logically - any way to give the population earning remotely, without leaving their homes, without risking their lives and the lives of those around it, is important. I hope this does not happen this year, and by the time the COVID-19 crisis subsides, the perception of this cryptocurrency problem may have already changed.

Against the background of the third wave of the COVID-19 pandemic in India, such a decision would be completely untimely. People have already lost their income due to the closure of businesses and due to the inability to work. While working with cryptocurrency and trading online could help a large number of Indians get income in this difficult time for the country. I hope that the decision, even if it is made, will not be taken in such a difficult period.

Against the background of the third wave of the COVID-19 pandemic in India, such a decision would be completely untimely. People have already lost their income due to the closure of businesses and due to the inability to work. While working with cryptocurrency and trading online could help a large number of Indians get income in this difficult time for the country. I hope that the decision, even if it is made, will not be taken in such a difficult period.

On the one hand, such a decision can be caused by excessive consumption of electricity and accidents after a high load on the power grid. On the other hand, the state, solving this problem, creates risks for itself to miss out on great opportunities for the budget (replenishment by new taxpayers) and the country's population (creation of new jobs), as well as increasing the level of income of citizens. Difficult decision - but apparently they weighed everything well before making it. Only time will tell whether they were right or wrong, we'll see.

the government of india wants blockchain, but they want to ban bitcoin and altcoins but without that in the process of banning bitcoin and altcoins they do not ban the technologies that come from bitcoin or altcoins. I commented on this in the last post that the government of India is striving to have its own altcoin (its own digital currency) because they are a radical government that takes sovereignty issues very seriously and intend to have the greatest possible control over their people. but at the same time the government of india wants some technologies coming from bitcoin or altcoins

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It is easy to understand government like that of India, for the government of India they must be thinking about the following: why should the people of India use something decentralized and created by anonymous people? this will hurt the country’s sovereignty, so they’re going to force their people to use the digital currency they’re going to create.

and in political terms no doubt that the government of india must be thinking that the more its people use cryptocurrencies that are decentralized the greater the risk that its people will start to demand that in their country government policies are more decentralized and transparent and start demanding more freedoms, and I doubt whether the government of India is willing to be more decentralized, to give greater freedoms to its people

I would like to wish India to get out of this issue without prohibitions and restrictions. The world is rapidly developing and integrating cryptocurrency into its economy. You can give a lot of examples of such integration, including already large and world-famous companies that connect the ability to pay for their goods and services with cryptocurrency. I would not like India to follow the path of prohibitions. I wish you to find a compromise third way that would suit both the bureaucracy and market participants. Good luck!

The difference between a guess and a statement is big. I'm not an expert on India, but these two options just came to my mind first. After rereading the thread, I realized this is that the economy does not play any role in this issue, only politics, and as I understand it, individual groups advocate that this is prohibited (mainly by the top) and the rapidly growing middle class, on the contrary, organizes a struggle for the right to use and against close from bitcoin and etherium. What about the fact that I have no place on the forum - a very loud and harsh statement))) I study here and do not teach anyone. So there is no need to distribute such recommendations, with all due respect to the status.

On the one hand, such a decision can be caused by excessive consumption of electricity and accidents after a high load on the power grid. On the other hand, the state, solving this problem, creates risks for itself to miss out on great opportunities for the budget (replenishment by new taxpayers) and the country's population (creation of new jobs), as well as increasing the level of income of citizens. Difficult decision - but apparently they weighed everything well before making it. Only time will tell whether they were right or wrong, we'll see.

I know all about that, he was also very active here on bitcointalk, but with the updates and when he came back it didn't sound like his guilt was certain. Could have been the wrong person at the wrong time.

Here is the original thread in Bitcointalk that deals with his arrest:
https://bitcointalksearch.org/topic/warning-pankaj-bhardwaj-alias-escrowms-has-been-arrested-dont-escrow-him-1359865

And here is a news article which deals with the same topic:
https://timesofindia.indiatimes.com/city/delhi/Card-frauds-used-bitcoins-to-trade-money/articleshow/50922983.cms

^^^ India do have the second highest number of internet users and it is having the cheapest rates for mobile internet (3G/4G). On top of that, India is home to tens of millions of IT engineers. If the government was at least a bit more friendly towards cryptocurrency, then it could have resulted in huge number of new jobs and billions of USD in tax revenue for the authorities. But as of now, the cryptocurrency users in India face all sort of harassment from the authorities.

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Stand tall Indians, the government are scared of how powerful Indian bitcoiners are

Has he actually been convicted and was he actually guilty? When the story first broke of his arrest it seemed he may have been a scammer but there was no certainty about it.