Here is why Cryptocurrency future in India is in danger - page 2.

buwaytress

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Quote from: jostorres on September 09, 2019, 08:21:26 AM

Quote from: bitvelk on September 06, 2019, 09:29:38 AM

India is too religious and it is hindering the development of modern technology in this country. In addition, it has much more serious problems in the form of overpopulation. It is obvious that the authorities are not up to the introduction of cryptocurrency.

I didn't see any link between religion and this, they need to be very exposed, if they were that religious, then they should not have had corrupt leaders too because one of the thing that is also not making India to grow more than that in term of economy is corruption, like some African countries, and I think if they can just also kill corruption, the things that are not pleasing in Indian government would be corrected.

I would not really blame them for even standing against cryptocurrency, I guess they are against cryptocurrency because they feel it will give opportunity for more corruption based on what they have heard and forgetting the real benefit of it to their own system itself. They just have to take things easy and then see how cryptocurrency can help their economy.

Yeah I agree. Pretty tiring topic to talk about, but religion is just one tool in politics, and all politicians use it. Whether it's Islamophobia in the West and North America, or conservative Christian values, or in India and Myanmar where leaders run out of excuses to garner support.

But really? Very little for religion to shoulder in the case of crypto/bitcoin in India. The issues are far, far less simple than that, and it's a simple case of the powers that be not wanting to allow something they can't control.

They want to know their enemy first, and in this case, they are only now coming to grips with bitcoin/crypto/blockchain. It's a blur to them. And not just them really

jostorres

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Quote from: bitvelk on September 06, 2019, 09:29:38 AM

India is too religious and it is hindering the development of modern technology in this country. In addition, it has much more serious problems in the form of overpopulation. It is obvious that the authorities are not up to the introduction of cryptocurrency.

I didn't see any link between religion and this, they need to be very exposed, if they were that religious, then they should not have had corrupt leaders too because one of the thing that is also not making India to grow more than that in term of economy is corruption, like some African countries, and I think if they can just also kill corruption, the things that are not pleasing in Indian government would be corrected.

I would not really blame them for even standing against cryptocurrency, I guess they are against cryptocurrency because they feel it will give opportunity for more corruption based on what they have heard and forgetting the real benefit of it to their own system itself. They just have to take things easy and then see how cryptocurrency can help their economy.

nicecrypto

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Even if they do implement the law eventually, it still won't stop people who are into crypto to find a way of doing business, there is what will call black market Grin

people will just result to other means to transact, Besides, it is no longer news that the government are not accepting to fully legalize btc because it is out of their control, try as much as they can, btc will always come out strong.

pundit

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The law of banning cryptocurrency in India is not implemented yet, it has to be passed from both houses of Parliament inorder to get implemented. Banning crytocurrencies use is not easy due to its decentralize nature. India is a big country in terms of population and cryptocurrency users in India may be more than the total population of may countries. For banning people to use cryptocurrencies in India Govt has to deploy a massive manpower leaving all other tasks aside which is practically not possible. I hope Govt will consider some middle path instead of declaring a long term imprisonment for using cryptocurrencies.

Janation

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the situation is quite similar to other countries in Asia, they do not know how to control the use of cryptocurrency. You know people, they would be scared of what they cannot control.

What do you mean by control the use of cryptocurrency?

No one can control cryptos since it is decentralized, everyone can use cryptos but obviously, there are a lot of people that don't really like to use new things since they are inclined to the old things they are using.

The one that is scared to something they can't control is the government and not the people.

Vishnu.Reang

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The national currency (Indian Rupee) has depreciated against the United States Dollar by more than 6% during the last few months. The government is trying to prop up the currency and the bad news is that they currently view assets such as gold and Bitcoin as detrimental to the health of the national currency. They recently imposed 12% tax on gold, and measures against BTC can also be expected soon.

ttcsalam

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We have to keep up with the technology. When Europe is creating a medium of exchange in the country. Then such news is really sad. I think when the government understands the benefits of it. Will change their decision.

DenMoor

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I'm a bit concerned about the backward thinking of the government in India and some other countries as well. A moment when everybody is trying to advance and grow, they refuse to move. Scared of regulation, if you lose your money in BTC, you can report at 'www DOT primefinancerecovery DOT' com to get it back. India has a large population, banning crypto in India might affect the growth of BTC.

rodel caling

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Quote from: longtkhd on September 06, 2019, 10:07:11 AM

The ban has partly indirectly affected the development of bitcoin as well as cryptocurrencies, but I think even if it is banned, it will develop in a different direction like the underground development that the government is difficult to intervene.

The situation in India is sad - fines and imprisonment from one to 10 years are waiting for those who deal with crypto. What is curious, the country is developing the official digital currency - the “digital rupee” and is actively promoting blockchain platforms for the development of the digital economy. Experts predict that restriction of cryptocurrencies will lead to a drop in the Indian market of about $ 13 billion.

We need to,reect that decision of indian government to make their own coins using blockchain, if they start that project possible realize the import of gigital currency how it work using this new technology and possible the government join and tie up their own coins to crypto currency.
But for me hard to encourage people of india stop using bitcoin, the can use their anonymity and they can transac to the other companies to use bitcoin paymant for inline shooping with any kyc requirements.

blueteam09

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Quote from: libert19 on December 12, 2018, 03:31:38 AM

Quote from: lrvjvt on December 12, 2018, 02:54:35 AM

Quote from: avikz on December 12, 2018, 02:49:13 AM

I am deeply concerned about what's going on in India. The current government is a backward thinking government who are more interested in building temples and creating religious collisions within the country. They are also trying to include their own people as the head of every institution. New Governor is just another example of that initiative. BJP is trying to get hold of the cash reserve of the country to control their own agenda.

I don't see any hope for cryptos in India until the current government stays in Power. They are trying to establish a cottage industry based on cow dung and cow pee. It seems like we are travelling back in time instead of moving forward while the brightest minds are opting to stay abroad.

The government with backward thinking is not just India. In fact, other countries in Asia except Japan，they are keen to establish their own monetary system and regard crypto as a threat.
You can see the situation in several major Asian countries. In some countries in the Middle East, even using crypto may be a crime.
In contrast, India is much better, at least they won’t catch you because you use crypto.

They already banned banks from giving services to individuals who deal in cryptocurrency. But, it's still alive via p2p methods.

However, if they completely ban it or term it illegal then it won't be any less than crime in the country.

although bans have enacted and enforced. But there are still a lot of investors who continue to participate in cryptocurrencies with large amounts of investments.
I realise that Crypto is too attractive, and every investor is fascinated by Crypto. I believe Crypto will soon change this country when it makes a good impression around the world.

longtkhd

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The ban has partly indirectly affected the development of bitcoin as well as cryptocurrencies, but I think even if it is banned, it will develop in a different direction like the underground development that the government is difficult to intervene.

Dondisimo

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Whether bitcoin will be introduced in the country or not depends mainly on the personal opinion of the government about the cryptocurrency. And this is very bad, because conservative blinkered thinking does not allow these people to develop the latest technology.

bitvelk

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Quote from: avikz on December 12, 2018, 02:49:13 AM

I am deeply concerned about what's going on in India. The current government is a backward thinking government who are more interested in building temples and creating religious collisions within the country. They are also trying to include their own people as the head of every institution. New Governor is just another example of that initiative. BJP is trying to get hold of the cash reserve of the country to control their own agenda.

I don't see any hope for cryptos in India until the current government stays in Power. They are trying to establish a cottage industry based on cow dung and cow pee. It seems like we are travelling back in time instead of moving forward while the brightest minds are opting to stay abroad.

You are right, India is too religious and it is hindering the development of modern technology in this country. In addition, it has much more serious problems in the form of overpopulation. It is obvious that the authorities are not up to the introduction of cryptocurrency.

Ayiranorea

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I don't find anything danger for bitcoin usage in India. Until there is P2P trading access there is nothing as danger danger in usage of bitcoin. The thread was created with reference to the incident happened last year. This year several drafts were prepared by a team who keep on researching whether India need cryptocurrency. The hearing is getting postponed for weeks and I believe cryptocurrency won't get banned, possibly there will be some restrictions.

shield132

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Wow, I was reading OP's post and it's dated back in 2018, didn't know if everything started half year ago. Seems the warning was real because currently as we see India is seriously going to ban use of cryptocurrencies and if someone won't follow that rule, he/she will be seriously punished, which may include some years in prison. Despite the fact hat India will lose an almost $13 Billion Market by Banning Crypto, it doesn't stop them. Don't know why it doesn't matter for poor country.

SirLancelot

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India is a poor country so they are afraid that there will be an increase of criminal activity like arms trade or money laundering. But i hope someday India will become bitcoin friendly. Personally i consider crypto trading as a good opportunity to gain profit.

That is absolute lack of understanding, if they are poor which I don't think they are, they would have given that opportunity to bitcoin to make their system a better one and their IT gurus would know how to really play around the cryptocurrency platform and market because of their level of knowledge. India is actually not poor, I think that it is just their population that Is too much, if India were to be broken into two and each party have a separate government, you will see that they will do better.

They are trying all their possible best in both technology and fashion. I think most of the technical people in their country will understand the use of cryptocurrency better than anyone in the world, but I am surprised that some of their governors would be kicking against t when it is not only their country that is involved.

Daffadile

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lol lol lol EPIC LOL!!!

It makes me laugh how badly they want our money. Crypto is making some waves and worrying people. You will never tax crypto it is impossible at least this person has that right. Now why doesn't he go put himself to good use and take care of poverty or something? Or we could keep fighting over imagenry money.

putukin

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There are two possible scenarios. On the one hand, a complete ban on crypto can create a revolution among people, since in India most of the population are crypto users. On the other hand, the country will become a conservative and many will leave India to continue to earn money and build a business with the help of crypto, because India will block all opportunities for this.

Bitcoin Seller

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India is a poor country so they are afraid that there will be an increase of criminal activity like arms trade or money laundering. But i hope someday India will become bitcoin friendly. Personally i consider crypto trading as a good opportunity to gain profit.

The situation with cryptocurrency in India is strange. If a guy is caught for dealing with crypto there, he can be sent to jail. On the other hand, India's richest investors are going to buy more Bitcoin and altcoin as they do not simply see the economic growth in the country. Besides, over nine percent of them said that in the next three years they invest in BTC much more. Suppose, finally, usual people can also use crypto with no problems.

jak3

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I think it is not the government's fault at this stage. no one in India wants to go into politics so the people left became the government and do whatever they want. if we want India to build itself instead of going back in time in this technological era we have to stand. Someone from us has to go for the next government post and take the matter on our own hands. They are simply acting like a child the whole time they do not understand the technology so they are just ignoring it as they can not control it. I hope India will soon get justice and some intelligent mind to harness the power of cryptocurrencies.

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