How about contacting IEPFA regarding CryptoCurrency ban in India?

baristor

sr. member

Activity: 637

Merit: 262

Quote from: RapTarX on May 07, 2019, 12:13:01 AM

It's shame. After 10 years of bitcoin, still people think it as a ponzi scheme. It's more shame that Agarwal is thinking like that. I guess they are trying to create bad image of bitcoin among people.

Whether its a ponzi scheme or not . Dont think the choice is his to make whether to make it illegal .

It's the peoples choice whether they want to invest in it or not.

legendster

hero member

Activity: 1778

Merit: 764

www.V.systems

Quote from: RapTarX on May 07, 2019, 12:13:01 AM

It's shame. After 10 years of bitcoin, still people think it as a ponzi scheme. It's more shame that Agarwal is thinking like that. I guess they are trying to create bad image of bitcoin among people.

Just because something has been existing for a while it does not mean it would inspire confidence in people's mind. Whether that thing is good or bad.
For example, US has had Trump for a few years now, does that mean he has gained legitimacy among his opposition (basically everyone with a functioning brain)? Nope.

While Bitcoin and Trump don't equate. One is good the other one is an orange pile of shit. But the argument holds I guess.

RapTarX

hero member

Activity: 1358

Merit: 851

It's shame. After 10 years of bitcoin, still people think it as a ponzi scheme. It's more shame that Agarwal is thinking like that. I guess they are trying to create bad image of bitcoin among people.

avikz

legendary

Activity: 3080

Merit: 1500

Quote from: Rotten Egg on May 04, 2019, 03:02:56 PM

Quote

As per https://www.coindesk.com/indian-government-again-discussing-ban-on-cryptocurrencies-report, CEO of the Investor Education and Protection Fund (IEPF) Authority, Anurag Agarwal, said...

"When it comes to investor protection, the IEPFA has to take a stand against certain things. Against Ponzi schemes, we are taking a stand. We think that cryptocurrency is a Ponzi scheme and it should be banned."

Now, as per http://www.iepf.gov.in/IEPF/contacts.html, Email ID of Shri Anurag Agarwal is [email protected].

Do you think we should mail him to explain why Bitcoin is not a Ponzi and request reconsideration?

Source: https://www.reddit.com/r/CryptoIndia/comments/bko94b/how_about_contacting_iepfa_regarding/

Lol!! Seems like Mr. Agarwal is just another ignorant beaurocrat who doesn't have much exposure to technological things! There's a typical comparison I can draw which sounds funny but true at the same time.

Japan and Germany are two economically strong and technologically advanced countries and both of them have officially legalized bitcoin.

Pakistan and Bangladesh are two economically unstable and third world countries who officially criminalize bitcoin. It seems like India wants to join the 2nd league!

Saint-loup

legendary

Activity: 2604

Merit: 2353

Quote from: Rotten Egg on May 04, 2019, 03:02:56 PM

Quote

As per https://www.coindesk.com/indian-government-again-discussing-ban-on-cryptocurrencies-report, CEO of the Investor Education and Protection Fund (IEPF) Authority, Anurag Agarwal, said...

"When it comes to investor protection, the IEPFA has to take a stand against certain things. Against Ponzi schemes, we are taking a stand. We think that cryptocurrency is a Ponzi scheme and it should be banned."

Now, as per http://www.iepf.gov.in/IEPF/contacts.html, Email ID of Shri Anurag Agarwal is [email protected].

Do you think we should mail him to explain why Bitcoin is not a Ponzi and request reconsideration?

Source: https://www.reddit.com/r/CryptoIndia/comments/bko94b/how_about_contacting_iepfa_regarding/

Very good initiative I like it, thank you for that.
But I think the Ponzi scheme accusation is just an excuse IMO, a scarecrow to frighten potential users.
The main reasons why governments dislike cryptos are related to tax evasion, black market and money laundering.
There is already a big amount of money stored in gold in India, far from the banks and the government eyes. So I think the government is mostly scared to have now to deal with an 'electronic gold' in addition to that.

https://cointelegraph.com/news/government-tracking-of-crypto-is-growing-but-there-are-ways-to-avoid-it

Rotten Egg

member

Activity: 178

Merit: 22

Quote

As per https://www.coindesk.com/indian-government-again-discussing-ban-on-cryptocurrencies-report, CEO of the Investor Education and Protection Fund (IEPF) Authority, Anurag Agarwal, said...

"When it comes to investor protection, the IEPFA has to take a stand against certain things. Against Ponzi schemes, we are taking a stand. We think that cryptocurrency is a Ponzi scheme and it should be banned."

Now, as per http://www.iepf.gov.in/IEPF/contacts.html, Email ID of Shri Anurag Agarwal is [email protected].

Do you think we should mail him to explain why Bitcoin is not a Ponzi and request reconsideration?

Source: https://www.reddit.com/r/CryptoIndia/comments/bko94b/how_about_contacting_iepfa_regarding/

Topic: How about contacting IEPFA regarding CryptoCurrency ban in India? (Read 203 times)