Topic: If india bans Cryptocurrency as per the draft law, What happens to the community - page 2. (Read 646 times)
July 07, 2019, 04:27:43 AM
Please don't ban crypto, what will happen to bitcoin and the altcoins. Ouch my portfolio of 100% HST decision token would be crush if this happens.
July 07, 2019, 04:26:14 AM
I think the Ban will not affect the community, it will be possible to trade and Hodl cryptos if they know how to do it?. As cryptocurrency does allow Anonymous Transaction. I am not sure about wallets, What do you think and What can you suggest?
I suggest that you continue doing your thing even if Bitcoin is already banned by your country. I guess, India cannot close down everything related to Bitcoin. This forum for, example, is a very huge help for all of the Indian people here. This is enough for them to discuss what steps they need to take in order for their support and use of Bitcoin to continue. The internet is more powerful than a country nowadays.
June 13, 2019, 07:02:15 AM
I think some crypto communities in India will always use crypto even though the Indian government will officially ban cryptocurrencies.
they will not give up easily to use cryptocurrencies in India.
they will not give up easily to use cryptocurrencies in India.
June 13, 2019, 06:56:34 AM
Ban of the use of cryptocurrency will be implemented but the community could still use cryptocurrencynin discreet way.
Are you a representative of the government by any chance? How can you say for sure that the proposal has already passed and that the ban will become effective? Do you even realize what you are saying here?The RBI themselves have no idea regarding this stupid proposal. If they truly wanted to impose such a law, don't you think they would have done it already probably after the 2017 rally itself? Why did RBI simply settle with banning crypto and not punishing investors?
June 13, 2019, 06:47:40 AM
It's just a draft and if crypto is banned, one would need to use foreign exchanges and foreign banks to store cryptos or convert it into FIAT. So that's one legal way of dealing with cryptos but trading it in the country would be a lot risky just as gambling which is banned.
Well said, already there were more countries that have banned bitcoin. Nowhere there is official ban, from my learning in the past several countries faced it. Overcoming the same people continued to use it same as earlier, this is how cryptocurrency users within India too will do. There will be alternate ways of using cryptocurrency, people will look for the loop holes. June 13, 2019, 06:15:44 AM
Ban of the use of cryptocurrency will be implemented but the community could still use cryptocurrencynin discreet way. However, this is a real problem especially when it cmes to converting crypto to fiat and vice versa. Definiteltly the use of bitcoin will definitely lowered down but hey we should not be sad because there is a current tlhype of whom a billionaire wishes to buy 25% of the total supply for bitcoin. This will create a good pump with bitcoin.
June 13, 2019, 06:07:41 AM
Yeah I also think that community will not effect too much as compared to market.. as my opinion, it will effect more to market.. the idea of using wallet is best.
June 13, 2019, 02:19:07 AM
It's just a draft and if crypto is banned, one would need to use foreign exchanges and foreign banks to store cryptos or convert it into FIAT. So that's one legal way of dealing with cryptos but trading it in the country would be a lot risky just as gambling which is banned.
June 13, 2019, 02:07:04 AM
Well there is a way to hold crypto in India as not all wallet and exchanges doesn't require any kind of KYC verification. But there would be a decrease in trading.
Absolutely. They can hold it for a long term investments. I was just thinking, if a crypto trader will use a vpn for their government not to trace them, it is possible, right? The banning of cryptocurrency will surely affect the crypto space. But as long as there is an internet, there is a way.
June 12, 2019, 11:47:25 PM
Well there is a way to hold crypto in India as not all wallet and exchanges doesn't require any kind of KYC verification. But there would be a decrease in trading.
June 12, 2019, 04:47:58 PM
I think the Ban will not affect the community, it will be possible to trade and Hodl cryptos if they know how to do it?. As cryptocurrency does allow Anonymous Transaction. I am not sure about wallets, What do you think and What can you suggest?
it will not really affect the community if they really want to be anonymous in bitcoin there is some possible waybut they cant cash it out in their country but the law itself in unreasonble and only insane person will approved it
so in my own opinion that law will never get approval because its not only unreasonable but punishment is higher than other law.
June 12, 2019, 04:31:46 PM
India government is not going to ban cryptocurrency. More so if the worst happens, they can resolve to other peer to peer means of buying and selling bitcoin. I first bought my first bitcoin in 2017 using a trusted whatsaap escrow group, and most of my daily transactions are done there, my bank doesn't know what I do to get my account credited, I don't get to pay tax or charges in exchange.
I am not sure how you are able to trust some social media group to act as an escrow to get the deals done, most of the members here who are aware of the risks involved will not even try to do such things, there are reputed P2P exchanges that acts as an escrow and i am not sure about the situation in India other than the news sites publishing stories about ban and so on, the government here is trying to push the bitcoin market underground and people who invested money in bitcoin will not move away simply because some government passed a bill and i am sure there will be many loop holes that comes with these bans if that happen. June 12, 2019, 12:58:19 AM
I think the Ban will not affect the community
Are you talking about the Indian community? if you are talking about the Indian community, then it will affect them and I doubt that the people of India will want to use cryptos knowing that they can be arrested if they are found to use cryptos.
it will be possible to trade and Hodl cryptos if they know how to do it?
the people of India will not risk, because they can be arrested
They can't be arrested. They will use crypto even if it is made illegal. You can't prove someone owns crypto in court sorry. Also the wasted man hours and tax payerd money? Do you think people will be happy to know their murderers and rapists get away scot-free because money is more important to them because of greed. Many things are illegal and people still do them everyday.
Furthermore, it is unconstitutional to take peoples freedom away from the way they want to. Not even China could ban crypto. They banned google and people still use it.
Which community?The Indian community of the the global crypto community?
There are enough tech savvy and smart people in India,who know how to fly under the radars of the regulatory authorities.I am not worried about them at all.They will be fine.
This exactly. There are so many threads regarding this topic popping up recently which I find irritating since the proposal has not even become the law and people are losing their shit like its already effective currently.There are enough tech savvy and smart people in India,who know how to fly under the radars of the regulatory authorities.I am not worried about them at all.They will be fine.
I remember the Indian government banning porn, but did people stop watching? Hell no. They found alternative means(Alternate links etc). These people seriously need to calm down at the end of the day.
Ikr. People don't know how to read. They also don't know the law at all and bow to authority. If they made crypto illegal here I would tell them to kiss my arse. Thankfully it is open-minded here ^^
The government here doesn't give a crap where your money comes from they just want you to spend it so they can get the 15% V.A.T
June 11, 2019, 02:43:55 PM
Which community?The Indian community of the the global crypto community?
There are enough tech savvy and smart people in India,who know how to fly under the radars of the regulatory authorities.I am not worried about them at all.They will be fine.
This exactly. There are so many threads regarding this topic popping up recently which I find irritating since the proposal has not even become the law and people are losing their shit like its already effective currently.There are enough tech savvy and smart people in India,who know how to fly under the radars of the regulatory authorities.I am not worried about them at all.They will be fine.
I remember the Indian government banning porn, but did people stop watching? Hell no. They found alternative means(Alternate links etc). These people seriously need to calm down at the end of the day.
June 11, 2019, 02:07:58 PM
If a cryptocurrency is officially banned in India, it will still be used illegally by the population and this will create very big problems for the government, which will still not be able to control its ban. Such a decision will greatly raise the level of dissatisfaction with the government by the people and it is even difficult to predict what will come of it. As a result, sooner or later they will be allowed to go there anyway.
June 11, 2019, 01:06:44 AM
I don't know how they can enforce this, as VPN's and proxies will make sure you have access to crypto for sending/receiving. Fiat conversion is dangerous, but you can still buy stuff with crypto no?
So technically, only the fiat conversion can be banned, not crypto access.
So technically, only the fiat conversion can be banned, not crypto access.
June 10, 2019, 02:18:17 PM
I think the Ban will not affect the community
Are you talking about the Indian community? if you are talking about the Indian community, then it will affect them and I doubt that the people of India will want to use cryptos knowing that they can be arrested if they are found to use cryptos.
it will be possible to trade and Hodl cryptos if they know how to do it?
the people of India will not risk, because they can be arrested
June 10, 2019, 01:47:39 PM
First of all, I do not think that cryptocurrency in India will be prohibited. Not all submitted bills are considered, and considered are accepted. However, even if this happens, the population of the country is fully capable of their protests to force the government to change its decision. It is only a matter of time. In addition, the government will not be able to control this decision. To do this, you need to invest a lot of money, but they may also be ineffective.
June 10, 2019, 12:19:54 PM
I think the Ban will not affect the community, it will be possible to trade and Hodl cryptos if they know how to do it?. As cryptocurrency does allow Anonymous Transaction. I am not sure about wallets, What do you think and What can you suggest?
Which community?The Indian community of the the global crypto community?
There are enough tech savvy and smart people in India,who know how to fly under the radars of the regulatory authorities.I am not worried about them at all.They will be fine.
June 10, 2019, 12:15:20 PM
If the ban gets passed then it will be a big blow in the market and it can slip down. Because this law is very strict and dealing in cryptocurrency after the law passed will be like dealing drugs. So who ever going to try to work for crypto currency will be doing illegal work. So i think 90% of them will stop working for cryptocurrency. Which also will be good if the law is not permitting to work on cryptocurrency then better to leave it. I am just waiting that they pass on some other law and give some rules and regulation to work on cryptocurrency.
But I don't think it will have a lasting effect on the market price. Remember there are lots of news coming from China in 2017 around September, yes it dampen the market but it didn't stop bitcoin from reaching its ATH in December 2017.
One think is still confusing as Indian government proposes to ban and give 10yrs of imprisonment but same time they are thinking of introducing their own coin to be released. How is it going to work as they are banning the users to not work on crypto currency and other side you are introducing your own coin. How the users are going to use it when it is banned
We haven't seen any crypto back by government being successful. So I'm expecting that it's a wrong move by the Indian government to ban and at the same time have their own cryptocurrencies. Crypto enthusiast are well too smart and knows what the government is trying to pull at, (high taxes, centralisation).
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