After China & Russia, now India - page 3.

ahmad21

sr. member

Activity: 672

Merit: 271

Quote from: ambcoin on September 23, 2017, 01:35:13 AM

India’s Government Agencies Still Have ‘Concerns’ About Bitcoin

Indian officials revealed last week that the country’s tax agency and investigation task force have concerns about money laundering and black market activities associated with bitcoin. India’s Special Investigation Team (SIT) is in the midst of drafting a report detailing problematic issues regarding the decentralized cryptocurrency.

What do you think?

Yes, its absolutely true. But I dont think they will ban bitcoin a tax regime may be introduced to account all the transactions. India govt. Is already taking steps to stop money laundering so strict action can surely be taken.

hangar18

hero member

Activity: 676

Merit: 500

Quote from: jc89 on September 25, 2017, 11:13:26 AM

Quote from: ambcoin on September 23, 2017, 01:35:13 AM

India’s Government Agencies Still Have ‘Concerns’ About Bitcoin

Indian officials revealed last week that the country’s tax agency and investigation task force have concerns about money laundering and black market activities associated with bitcoin. India’s Special Investigation Team (SIT) is in the midst of drafting a report detailing problematic issues regarding the decentralized cryptocurrency.

What do you think?

What I think is that this process is somehow considered as an SOP for any country who are considering to implement btc. Thorough investigations and analysis should be done in order for them to understand the risks. And with that they can come up with strategiesbor maybe even a law to lessen, if not prevent, illegal activities and to regulate the use of btc in their respective country. This is normal and there's nothing to ponder on.

Of course, those are the mission of the government, if they do not have any move when the famous of Bitcoin grow more and the crypto market changes to many type, they will have many troubles after long time and cannot fix those troubles.

erikalui

legendary

Activity: 2632

Merit: 1094

These are only concerns and many ministers are somewhat concerned about the user of bitcoins as there have been a lot of money laundering cases that involved bitcoins but some reports say that they are still monitoring the use and haven't yet declared any official statement. even Unocoin and Coinsecure are trading efficiently as it seems that there may be new tax rules applied in the financial statement of 2018 for all crypto currencies. Hope so they do make it legal.

ValyLupy

jr. member

Activity: 56

Merit: 10

India does everything right! As I know they want to legalize all crypto, isnt?

CryptoBeefy

full member

Activity: 378

Merit: 100

I think we'll eventually see most countries government try to regulate cryptocurrecncies in some form or another, the thought they're missing out on something will be too much for them to ignore.

fathur.aza

full member

Activity: 238

Merit: 100

the hope you want to do is secure the country, and there's no problem whatsoever about bitcoin until it ends.

jc89

sr. member

Activity: 364

Merit: 250

Quote from: ambcoin on September 23, 2017, 01:35:13 AM

India’s Government Agencies Still Have ‘Concerns’ About Bitcoin

Indian officials revealed last week that the country’s tax agency and investigation task force have concerns about money laundering and black market activities associated with bitcoin. India’s Special Investigation Team (SIT) is in the midst of drafting a report detailing problematic issues regarding the decentralized cryptocurrency.

What do you think?

What I think is that this process is somehow considered as an SOP for any country who are considering to implement btc. Thorough investigations and analysis should be done in order for them to understand the risks. And with that they can come up with strategiesbor maybe even a law to lessen, if not prevent, illegal activities and to regulate the use of btc in their respective country. This is normal and there's nothing to ponder on.

An0nyMoose

sr. member

Activity: 490

Merit: 255

Quote from: dmamigo on September 24, 2017, 03:45:34 PM

India's User base of Bitcoin is not very large, neither its very widespread across the country so, it might not make any effect, moreover I heard the Government is trying to bring cashless society, and banning it, might only make the process more complicated. Governments can easily track or regulate the transactions, so its useless to ban or perform such activity.

You are joking or what? India Bitcoin user-base is absolutely massive man. I am not from India but they have over a billion people!

in00

newbie

Activity: 40

Merit: 0

everyone is sacred of de irregulation of crypto, so nice to see that

yohan09

full member

Activity: 336

Merit: 100

This is a big threat for us, We won't this things happen , Lets wait and see what comes after this issue , Still unpredictable and precisely btc will slow down and this gonna be a great loss to all who invest lately. We should not put all our money in one basket for security reason's and disastrous thing might happen in the present. But for those who believe then, its up to you to go through.

Pettuh4

sr. member

Activity: 812

Merit: 251

Quote from: dmamigo on September 24, 2017, 03:45:34 PM

India's User base of Bitcoin is not very large, neither its very widespread across the country so, it might not make any effect, moreover I heard the Government is trying to bring cashless society, and banning it, might only make the process more complicated. Governments can easily track or regulate the transactions, so its useless to ban or perform such activity.

Is this news credible st all because just a couple of eeeks back we heard the Indian government had approved Bitcoin usage in this jurisdiction and then we wake up to to this conflicting news. Even if it is true I don't think there are many investors and miners in India as does china and o the implementation effect will be minimal.

dmamigo

sr. member

Activity: 1232

Merit: 250

India's User base of Bitcoin is not very large, neither its very widespread across the country so, it might not make any effect, moreover I heard the Government is trying to bring cashless society, and banning it, might only make the process more complicated. Governments can easily track or regulate the transactions, so its useless to ban or perform such activity.

surix

sr. member

Activity: 274

Merit: 250

So what?
First of all, the volumes come from India is not yet very important, so at this stage, it will not have significant impact on bitcoin price.
Second of all, a country that can declare the paper money to be useless and 99% being recycled by the bank (means all black money are cleaned), I will not be surprised by anything they can do on other money...

Tungsten-1

sr. member

Activity: 994

Merit: 256

Quote from: osmo on September 24, 2017, 10:52:36 AM

should really be supervised using bitcoin because I think bitcoin can be used for crimes, such as money laundering, for its policy depends on each country.

I don’t think the popularity and the price of the bitcoin will go down ever because it is not only one or the two countries that are using the bitcoin. I don’t know which country is going to be the next pone now. It is just the false decision by the people. Bitcoin is the good currency that is good to reduce the unemployment and the poverty in the country so if china wills not it will loss the huge and the best opportunity of the high profit.

Jolyquinzel

jr. member

Activity: 58

Merit: 10

I think soon each country will have its own cryptocurrency.

cryptofunn

full member

Activity: 490

Merit: 100

I think that sooner or later, every country will come to the recognition of bitcoin. Today the process of integration of cryptocurrencies in daily life is irreversible. In going to build farms near power plants, in Ukraine Dash cryptomates are installed in different cities . It is clear that this phenomenon is necessary to develop a legislative framework.And the sooner this happens, the more successful the state in the new digital economy

Cindy1983

full member

Activity: 196

Merit: 100

I don't really care about this one cause China is the country has biggest effect to Bitcoin but Bitcoin still alive when China government ban it in their country so I think India will not affect to much to Bitcoin price. But I'll feel a little bit nervous if Bitcoin is banned in Japan or Us cause there are two countries that Bitcoin was born and accepted.

w5pn73

sr. member

Activity: 635

Merit: 251

This is starting to get annoying with all the different stories out there, barely know what to think no more.

Rinder

hero member

Activity: 868

Merit: 500

Its pretty clear countries are raising a wall to allow or block bitcoin, they had been able to see and realize the power that bitcoin does have already, imagine it being legalized. Japan has been the first country to support and history will record those, they had build already several structure around bitcoin and looks like they are already considering to enter into the mining game, with new and profitable miners to all.

mehcat11

member

Activity: 77

Merit: 10

That will not be happen in short time. I think that India's government will do some research before they take action.
There are some possibilities that they will not forbidden bitcoin (such as China and Russia) if they do the research about bitcoin profit.
For now, India's government just concern about bad impact that can be generated by bitcoin.
It is not only concern by India. There are some countries where worried about the same thing.
But, they can prevent that and begin to legalized bitcoin such as USA, UK and Japan.
If they forbid bitcoin, maybe it would be bad news for bitcoin due to India is one of the most populous countries that can play an important role in bitcoin price.

Topic: After China & Russia, now India - page 3. (Read 3273 times)