Financial Intelligence Unit of India wants to block URL of Binance and 8 others

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Quote from: pakhitheboss on December 31, 2023, 08:01:58 AM

Quote from: bitcoinblog on December 29, 2023, 11:46:44 PM

Problem within India is majority of those so called Law Makers aks Politicians are illiterate and they dont even understand technologies properly. Any Indian earning whether from Physical Business or Electronic business will spend money in India only. That will help to boost business of others too.

That's not the case in this situation, I do not completely disagree with you that few politicians are illiterate but not in the ruling party. The ruling party is the reason why India is growing so fast and it is in the top 5 economies in the world. A lot of terrorist funding in India and conversion of black money to white has been happening through these International exchanges and that is why a shadow ban will be placed if these exchanges do not comply.

Everyone here in the Indian community also feels that the government of India wants this 1% TDS policy to be implemented in International exchanges. That is the reason they are now trying to use the AML policy to get things right with the International exchanges. It is still one of the worst decisions that the government wants to implement according to me. If they go ahead and ban URLs a VPN would be the tool that can be used by an Indian internet user. BTW, porn URLs are banned in India, and still Indians can view them.

' Terrorist funding ' is always an excuse for Government of a nation to seize anything , reality is to keep citizens under limits.

Kavelj22

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Since few years, It was intended to issue decisions covering all activities in the crypto field, including Indian companies. These latest updates confirm that there is no longer any escape for India from facing reality and that the policy of escaping forward is not very useful.

These decisions are to enforce the compliance of these platforms with the laws of India within the policy of fighting money laundering, and I find this completely logical. This should not open the way for policies of impunity since these platforms operate normally without being completely legal. India is one of the largest crypto markets in the world and has a remarkable development in the field of the digital economy. I am almost certain that these platforms will rush to comply with these laws so that they do not lose the lion’s share of the Indian market pie.

On the other hand, activating these laws in this sudden manner did not take into account the circumstances of users who found themselves overnight unable to access platforms where they had assets, payment obligations, and the like. This will certainly cause indirect losses to both platforms and users.

Let us wait and watch who will be the country that follows in India's footsteps.

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Quote from: bitcoinblog on December 29, 2023, 11:46:44 PM

Problem within India is majority of those so called Law Makers aks Politicians are illiterate and they dont even understand technologies properly. Any Indian earning whether from Physical Business or Electronic business will spend money in India only. That will help to boost business of others too.

That's not the case in this situation, I do not completely disagree with you that few politicians are illiterate but not in the ruling party. The ruling party is the reason why India is growing so fast and it is in the top 5 economies in the world. A lot of terrorist funding in India and conversion of black money to white has been happening through these International exchanges and that is why a shadow ban will be placed if these exchanges do not comply.

Everyone here in the Indian community also feels that the government of India wants this 1% TDS policy to be implemented in International exchanges. That is the reason they are now trying to use the AML policy to get things right with the International exchanges. It is still one of the worst decisions that the government wants to implement according to me. If they go ahead and ban URLs a VPN would be the tool that can be used by an Indian internet user. BTW, porn URLs are banned in India, and still Indians can view them.

TheUltraElite

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Quote from: BenCodie on December 30, 2023, 11:49:38 PM

I don't think that this is the case. I think that is is more in relation to what libert19 said, that the population that is using the blockchain are choosing international exchanges to avoid the costs that come with local exchanges.

The population is doing that as a side effect of the government's oppressive actions on local exchanges, its not the other way round.

Quote

I personally think that governments and lawmakers around the world have come a long way in undersanding the blockchain - yes, there is a long way to go, but I know that they are now wise enough to at least create laws and regulations around what is in their best interests...which might not be good for the people overall, but what laws and regulations are? It's always going to be in the favor of the government...but at least guidelines are becoming clearer.

In the Western countries, perhaps, not in India. Here the government is run by 8th standard fail politicians and they dont even know how to spell the word cryptocurrency yet and have been making policies around the same. Although crypto-literacy is happening but at a very slow rate here and we are hopeful for the future but not anything immediately.

Even the West is drawing out its plan to regulate crypto but failing to make any concrete step, India is way behind on that.

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Quote from: libert19 on December 29, 2023, 04:03:49 AM

Quote from: BenCodie on December 28, 2023, 05:39:15 PM

Interesting news. It is good that India has created a lot of decentralized alternatives through Polygon, so they aren't completely excluded, though I do wonder if any of these are main onramps for anyone in the country or if local exchanges still serve as the main onramp.

Local exchanges were preferred, but after 30% tax, and 1% TDS was implemented, people started to prefer overseas exchanges like Binance and rest as mentioned in op.

This makes a lot more sense, thank you for sharing the insight. Bookmarked this for a merit when I have some sMerits to give

Quote from: bitcoinblog on December 29, 2023, 11:46:44 PM

Quote from: Fline Han on December 28, 2023, 04:46:53 PM

The government of any nation will always want its citizens at its mercy, decentralised systems that doesnt need the government's approval is a threat to them. I hope that they will consider their citizens that make a fortune out of this market

Exactly !

Problem within India is majority of those so called Law Makers aks Politicians are illiterate and they dont even understand technologies properly. Any Indian earning whether from Physical Business or Electronic business will spend money in India only. That will help to boost business of others too.

I don't think that this is the case. I think that is is more in relation to what libert19 said, that the population that is using the blockchain are choosing international exchanges to avoid the costs that come with local exchanges.

I personally think that governments and lawmakers around the world have come a long way in undersanding the blockchain - yes, there is a long way to go, but I know that they are now wise enough to at least create laws and regulations around what is in their best interests...which might not be good for the people overall, but what laws and regulations are? It's always going to be in the favor of the government...but at least guidelines are becoming clearer.

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Quote from: logfiles on December 29, 2023, 06:28:51 PM

Quote from: libert19 on December 29, 2023, 04:03:49 AM

Local exchanges were preferred, but after 30% tax, and 1% TDS was implemented, people started to prefer overseas exchanges like Binance and rest as mentioned in op.

I always thought India was a hub for tech and mushrooming start-ups, and with this I thought Government always had support for them. To see the Government try to strangle innovation with extreme measures is quite disturbing.

I think Nigerian Government tried a similar ban on crypto trading. People went p2p and then a few days back, I saw that they were reversing the decision. They probably regretted what they did in the first place.

Back in 2018, Indian central bank (RBI) had prohibited banks to deal with people dealing in crypto currencies, I think that was even more extreme. People went p2p, and it gave rise to p2p scams. However, in 2020, Indian supreme court ruled out this ban and sometime later we were handed over this new tax rules.

Indians keeps drinking hopium they will bring reasonable tax rules.

bitcoinblog

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Quote from: Fline Han on December 28, 2023, 04:46:53 PM

The government of any nation will always want its citizens at its mercy, decentralised systems that doesnt need the government's approval is a threat to them. I hope that they will consider their citizens that make a fortune out of this market

Exactly !

Problem within India is majority of those so called Law Makers aks Politicians are illiterate and they dont even understand technologies properly. Any Indian earning whether from Physical Business or Electronic business will spend money in India only. That will help to boost business of others too.

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Quote from: libert19 on December 29, 2023, 04:03:49 AM

Local exchanges were preferred, but after 30% tax, and 1% TDS was implemented, people started to prefer overseas exchanges like Binance and rest as mentioned in op.

I always thought India was a hub for tech and mushrooming start-ups, and with this I thought Government always had support for them. To see the Government try to strangle innovation with extreme measures is quite disturbing.

I think Nigerian Government tried a similar ban on crypto trading. People went p2p and then a few days back, I saw that they were reversing the decision. They probably regretted what they did in the first place.

libert19

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Quote from: BenCodie on December 28, 2023, 05:39:15 PM

Interesting news. It is good that India has created a lot of decentralized alternatives through Polygon, so they aren't completely excluded, though I do wonder if any of these are main onramps for anyone in the country or if local exchanges still serve as the main onramp.

Local exchanges were preferred, but after 30% tax, and 1% TDS was implemented, people started to prefer overseas exchanges like Binance and rest as mentioned in op.

Bureau

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That's not the complete news,the government of India would only ban these exchange urls if they don't follow the proper government guidelines of AML policy. The government has only issued a notice and would like to hear from them. If they don't comply then the government would ban the urls. You can read the full story in this article.

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Stupid move,
The much effective way would have been for them to co-operate with the exchanges and let the exchanges
1. Geoblock any IP address originating from India
2. Fully not allow any Citizens of India from trading on their platforms through KYC which is already implemented in most of them. Just could be similar to how these exchanges handle users from Countries like the US.

CryptoHeadlineNews

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Quote from: newIndia on December 28, 2023, 04:41:44 PM

Financial Intelligence Unit India (FIU IND) issues compliance Show Cause Notices to nine offshore Virtual Digital Assets Service Providers (VDA SPs). FIU IND writes to Ministry of Electronics and Information Technology to block URLs of the nine entities operating illegally without complying with the provisions of PML Act in India.

India is not the first country to try to put an end to Bitcoin adoption or it's use in their respective nations, and will definitely not be the last, since Bitcoin happens to a currency which both government, nor individual has no control over it, hence, they they would have like to block it, so as to discourage users from investing in Bitcoin, but however, this will only indirectly promote the use of VPN by all crypto enthusiast who can't afford to lose their business due to this new policy made by the Indian governments.
But however, lets see how this new policy unfolds as we approaches 2024.

_BlackStar

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Quote from: The Cryptovator on December 28, 2023, 05:48:50 PM

This is really very sad news when the market is showing bullishness. India is a large country with a lot of cryptocurrency users. They seem to block all the major crypto exchange URLs. This definitely will affect the trading volume, and using a VPN would be a problem for exchange users. It seems they want to ban crypto again; hence, Indian users can't use major crypto exchanges. The news wasn't expected at this time. We are looking for a bull market here, and we were almost there.

It's a matter of winning to win - The Indian government does not get any benefits from all the services operating in their territory although the Indian government can expect traders or investors to pay taxes on the profits they make. I would also say this is unpleasant news considering India's large population - so of course this will have an impact on the price of cryptocurrency assets in the market being slightly corrected.

I don't know if the price correction in the last 24 hours happened because of this news - but this kind of FUD will likely have an impact on the market even if it is not significant. Of course - this is not related to the bitcoin ban, but it is about licensing a service operating in a country.

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This is really very sad news when the market is showing bullishness. India is a large country with a lot of cryptocurrency users. They seem to block all the major crypto exchange URLs. This definitely will affect the trading volume, and using a VPN would be a problem for exchange users. It seems they want to ban crypto again; hence, Indian users can't use major crypto exchanges. The news wasn't expected at this time. We are looking for a bull market here, and we were almost there.

BenCodie

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Interesting news. It is good that India has created a lot of decentralized alternatives through Polygon, so they aren't completely excluded, though I do wonder if any of these are main onramps for anyone in the country or if local exchanges still serve as the main onramp.

Quote from: Charles-Tim on December 28, 2023, 05:01:54 PM

This is not about bitcoin. Not supposed to be in bitcoin discussion but on exchange board.

Quote from: Fline Han on December 28, 2023, 04:46:53 PM

The government of any nation will always want its citizens at its mercy, decentralised systems that doesnt need the government's approval is a threat to them. I hope that they will consider their citizens that make a fortune out of this market

All the exchanges mentioned are not decentralized but centralized. Most of the exchanges will even require KYC before you can trade on them. Also the exchanges do not give you any key, they have and own all the keys.

Well, one could argue that it indirectly effects Bitcoin as now the main pair on all of these exchanges are likely to be Bitcoin, and without volume from India on all of these exchanges, liquidity and volume from this geographic on 9 different exchanges will diminish until/unless they find an alternative.

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Quote from: Fline Han on December 28, 2023, 04:46:53 PM

The government of any nation will always want its citizens at its mercy, decentralised systems that doesnt need the government's approval is a threat to them. I hope that they will consider their citizens that make a fortune out of this market

True. But, real decentralized systems do not run on a domain name. They employ IPFS or Torrent style P2P. Most Cryptos today do not have this. I saw only PulseChain ecosystem is trying to build something in this line. For example...

For staking HEX, check https://go.hex.com

For token swapping on PulseChain, check https://app.pulsex.com

For bridging with Ethereum, check https://bridge.pulsechain.com

All the above links contain IPFS links and downloadable codes of desktop clients for P2P. These developments makes an ecosystem truly decentralized and thereby uncensorable IMHO.

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all nine of them at once which is kind of blocking the huge crypto market. these are just major exchanges so they left out a few that aren't popular.

if they haven't been on WazirX, i think the traders will start signing up by now unless one of them settles. Binance will usually settle and comply so there is still that after all this is the biggest and will likely feel the loss from a country with a large population of crypto users.

Charles-Tim

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This is not about bitcoin. Not supposed to be in bitcoin discussion but on exchange board.

Quote from: Fline Han on December 28, 2023, 04:46:53 PM

The government of any nation will always want its citizens at its mercy, decentralised systems that doesnt need the government's approval is a threat to them. I hope that they will consider their citizens that make a fortune out of this market

All the exchanges mentioned are not decentralized but centralized. Most of the exchanges will even require KYC before you can trade on them. Also the exchanges do not give you any key, they have and own all the keys.

Fline Han

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The government of any nation will always want its citizens at its mercy, decentralised systems that doesnt need the government's approval is a threat to them. I hope that they will consider their citizens that make a fortune out of this market

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Financial Intelligence Unit India (FIU IND) issues compliance Show Cause Notices to nine offshore Virtual Digital Assets Service Providers (VDA SPs). FIU IND writes to Ministry of Electronics and Information Technology to block URLs of the nine entities operating illegally without complying with the provisions of PML Act in India.

On December 28, 2023, following press release has been issued: https://pib.gov.in/PressReleseDetail.aspx?PRID=1991372

List of exchanges mentioned in the press release...

Binance
Kucoin
Huobi
Kraken
Gate.io
Bittrex
Bitstamp
MEXC Global
Bitfinex

Topic: Financial Intelligence Unit of India wants to block URL of Binance and 8 others (Read 153 times)