Topic: Bitcoin in India. - page 3. (Read 2065 times)
In India bitcoin is not banned it is still legal. Many people use bitcoin money as their main income. The government has announced that close the account of the people who deals with cryptocurrency transaction. No one cannot stop the bitcoin growth. Many traders are using transaction and opened new local exchanges to exchange bitcoin to local currency. But the serious discussion is going on an another side of the government regarding accepting bitcoin.
I think India are very different with China where government still not apathetic or stodgy with the changing times, although the government does not give a neither legal nor banned attitude, but people feel they have the freedom of using it.
Obviously 2 different countries with 2 different views on crypto. China has already turn its back, while India is still in the middle. As far as I know, the Supreme Court of India has issued a injunction against RBI banning banks from facilitating cryptocurrency trades. So this is a win for crypto enthusiast in the country. This may be a sign that crypto currency will still flourish and blossom in India and the government will not put a total hammer ban. Its going to be a long process but I'm sure that in the end, everything works well in our favor. Allowing bitcoin to be fully traded in the country will have a huge impact as we all know that India is one big market for everything crypto related.
Today we see a piece of news about India's policies to restrict its own encrypt exchanges, which may be interpreted as a growing popularity of a large population in India, such as bitcoin, and I think India will not ban the bitcoin trade, and India's economy has a large and appropriate introduction of some restrictive measures.
I believe that the government of India is planning to implement some sort of tax on the transactions of bitcoins, there might be a set limit beyond which bitcoin transaction might be taxed but as of now Nothing have been officially announced.
Indeed, we can see something similar to that of the U.S. Their government considers it as a property and cryptocurrencies are taxed accordingly. It will take time, but I think it's the right way to go.
I think India are very different with China where government still not apathetic or stodgy with the changing times, although the government does not give a neither legal nor banned attitude, but people feel they have the freedom of using it.
Today we see a piece of news about India's policies to restrict its own encrypt exchanges, which may be interpreted as a growing popularity of a large population in India, such as bitcoin, and I think India will not ban the bitcoin trade, and India's economy has a large and appropriate introduction of some restrictive measures.
I believe that the government of India is planning to implement some sort of tax on the transactions of bitcoins, there might be a set limit beyond which bitcoin transaction might be taxed but as of now Nothing have been officially announced.
In india bitcoin is neither legal nor banned. The RBI just announced that to stop the account of the person who done transactions through bitcoin in bank. But still in india people are using bitcoin and there are so many exchanges open and traders are still trading bitcoins. The government will not banned the cryptocurrency in india. Many people are now using bitcoin in india as their main income. The government have a serious discussion about the cryptocurrency legalization in india.
Today we see a piece of news about India's policies to restrict its own encrypt exchanges, which may be interpreted as a growing popularity of a large population in India, such as bitcoin, and I think India will not ban the bitcoin trade, and India's economy has a large and appropriate introduction of some restrictive measures.
As most of you might know that here, in India bitcoin is not considered as a legal tender.
As the Union Budget 2018 in India was announced on February 1 this month. The finance minister of India, Arun Jaitley's statement in that about cryptocurrencies in general was-
“The government does not recognise cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payments system."
Here I just need to know why does the government not support cryptocurrencies. Gold is also not a legal tender and that too can be used in financing illegal activities but still it has a lot more advantages than this. Same as bitcoin has tons and tons of advantages for all!
What do you think about it? Is the government right for not recognising cryptocurrency as a legal tender! Or they should reconsider it?
I am happy that india is part of the investors in bitcoin. As the Union Budget 2018 in India was announced on February 1 this month. The finance minister of India, Arun Jaitley's statement in that about cryptocurrencies in general was-
“The government does not recognise cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payments system."
Here I just need to know why does the government not support cryptocurrencies. Gold is also not a legal tender and that too can be used in financing illegal activities but still it has a lot more advantages than this. Same as bitcoin has tons and tons of advantages for all!
What do you think about it? Is the government right for not recognising cryptocurrency as a legal tender! Or they should reconsider it?
The government will ban crypto only because of one reason - enslavement.
You have raised and highlighted the primary reason behind putting bans on crypto currencies in developing countries like India, Pakistan and so on. Government does not want to give all power to people, they simply are of view that people should not enjoy the liberty that they are given by law because then, corrupt policies would not be able to enjoy the funds of nation.
Well, a lot of people here have criticized the government, citing their agenda of controlling people by manipulating money markets or similar acts. However, it is important to understand both the aspects of this discussion.
A) Yes, the government is threatened by cryptocurrencies, not just bitcoin, but for a different reason. If money is being put in any financial tool, it must be regulated to protect unsavvy investors from getting burnt, and that's why it requires a regulatory framework. The government isn't sure yet, so they're taking their time with the decision.
B) Blockchain technology is in its infancy at the moment. The technology needs to mature enough to receive approval from government organizations, hence, all the regulatory actions. Once the technology has proven to be a reliable one with real solutions, instead of what we see in a lot of ICOs, I don't think that the government would have an objection.
So, guys, let's not get judgemental too soon.
Tell me what you think!!!
A) Yes, the government is threatened by cryptocurrencies, not just bitcoin, but for a different reason. If money is being put in any financial tool, it must be regulated to protect unsavvy investors from getting burnt, and that's why it requires a regulatory framework. The government isn't sure yet, so they're taking their time with the decision.
B) Blockchain technology is in its infancy at the moment. The technology needs to mature enough to receive approval from government organizations, hence, all the regulatory actions. Once the technology has proven to be a reliable one with real solutions, instead of what we see in a lot of ICOs, I don't think that the government would have an objection.
So, guys, let's not get judgemental too soon.
Tell me what you think!!!
India is one of the countries that does not banned it completely yet.
Bitcoin has gained a lot of popularity in India.Bitcoin usage in India is much higher than in other countries.Many people in India are choosing bitcoin as the main occupation.In India, the amount of bitcoin investment is increasing day by day.Even the Indian government is taking various initiatives to legitimize bitcoines.
The government will ban crypto only because of one reason - enslavement.
Government will not ban this completely and it is also not possible.
Main thing is that crypto currencies are decentralized, which means no one can control it especially countries or governments. Another thing is that people profit from crypto currencies not the government, it doesn't have any taxes involved. Lastly, crypto currencies are new. Governments are scared to try something new unless another government successfully tried it.
The decentralization system owned by cryptocurrency is the main factothe government is reluctant to adopt cryptocurrency. The government thinks just instantly, they just want to benefit from the results generated by the people. And unfortunately, I've never seen or predicted cryptocurrency would harm a country. Inflation, illegal transactions, and some negatives as long as we know are unfounded reasons for the government. I do not expect all governments worldwide to legalize cryptocurrency, will always be a lot of consideration and a hopeless hope who expected. I just want everyone to be aware of their need for cryptocurrency not just to see and follow what the government says.
Bitcoin / cryptos wil be huge in inida... as the popiulation is too huge and more populations means more mobile devices (money making machines)
In recent months, the Indian government has discussed the legal framework for how best to integrate the burgeoning digital currency into its structure. A special agency has worked to determine the legality of such things as Bitcoin by law in India
NOt only Indian Govt. but many Govt are pressurised by the fiat companies to keep back the decentralized cryptos and so Govt is forced to do so
The government is threatened by the power of cryptocurrency and what it can do and how it can affect the money they make.
This is one of the reasons behind the objection of the government in cryptocurrency.
if spies work over Govt itself, many local leaders can be found trading btcs with Govermental funds. They have aimed to stop such corrup
even if it aims to eliminate corruption, I strongly agree, because in every country there must be people who are corrupt, and corruption is very menyesahkan our citizens Jump to: