Topic: If india bans Cryptocurrency as per the draft law, What happens to the community - page 4. (Read 646 times)

cryptos will become informal and illegal, india takes the role of the soviet union and cryptocurrency market the role of the american chaos

Ofc it will be possible, just like currently people trade illegal goods on the Internet, except it's even easier, because Bitcoin is not physical, so there's no problem with delivery, although it still can be found, because there are seeds, flash sticks with wallet files, hardware wallets, ASIC's and so on. But the question is how many people will be deterred by the ban, and how far India will go to enforce this ban - if they will be really harsh with it and actually throw hundreds or thousands people in jail, than Indian crypto community will be significantly reduced.

The scene would grow, and the interest regarding cryptocurrencies would not dwindle knowing that India is one of the largest tech hubs in the world. Many people would surely continue their trading activities albeit on a discreet manner and on underground platforms. The government could prevent centralized exchanges from stepping foot into the country but decentralized and P2P exchanges would surely flourish. Hopefully then, we can see a fully-working DEX platform where each side of the market is satisfied.

If anything, I see innovations would sprout from the Indian crypto enthusiasts on how would they deal with such problem.

The community will only go "underground" There are tons of wallets out there that they can use without revealing their identity. They can also use mixing services to have their anonymity intact or they could take advantage of the privacy features of other coins like monero, etc..

i think it's a bit different because on China we still can hold bitcoin while on India if they law accepted they cant hold, selling and dealing cryptocurrencies if you do this they will land you in jail for 10 years

If money is a big issue here, then never connect to an Indian They do not want to spend money on things that do not fancy them unless they have the investment. To be precise they will never use VPN as they can still be traced, I am not from India but, I have to spend a considerable amount there. as an Investment in India and Indians. I am sure they have invested a lot on Bitcoin," they are smart".

What they will do to earn a profit?

They will use the back door. They know what they want, the government does not. I doubt this draft solve any Crypto issue. This is somewhat the same to a Chinese Ban

I think it will temporatily affect the market, but the market will recover from it. It would be difficult for Indians to invest and transact crypto if ever the bill passes. It would be risky for them if they will still onvest and hold crypto since it will be also difficult for them to trade or even cash out their crypto due to their country's regulation.

These news do not affect the market anymore, they will of course affect the Indian community as they are a big part of the crypto market. I personally think, privacy coins will rise a lot if countries like India and others start banning cryptos, India itself is coming out with a new cryptocurrency as far as I know.

If the India bans Cryptocurrency and approved the draft law, then I believe it will have a huge impact in the Indian local board.  It will somehow affect the Bitcointalk Community because there is a possibility that several Indian citizen that is active and helpful in this forum need to adjust.  They have to shutdown all their sort of cryptocurrency trading and their participation on the economy especially the marketplace section.  but I guess the discussion won't be affected that much.
With regards to Bitcoin as a whole, I do not think that it will have a huge impact because India had been a bit hostile to cryptocurrency for some time now.


I believe they can still develop blockchain technology and their fintech, its that Indian citizen will be restricted to sell and buy cryptocurrency if they approved that said draft law.

So many drama coming out from India about crypto-currency/bitcoin ban. If government ban officially  then people's will use it anonymously. They can't sild it legally then people's will choose illegal way to trade it. Government will loss TAX. And people's will not loss anything. So may local exchangers available to sell bitcoin and people's will use it in order to sell their bitcoin or other crypto-currency. So overall I don't think there will be huge negative effects on crypto markets.

India is one of the world's fastest-growing hub in the industry of technology, cryptocurrency and blockchain certainly suit them, their government is just a bunch of id*ots restricting their people and IT for this tech adoption.

I’ve been reading a bit about cryptocurrency in India, and what I’ve read so far points in the direction of the current situation not been that easy as it is, let alone with the potential, yet to be approved, law on cryptocurrency prohibition. Currently it seems the people in India need to use mainly P2P crypto trading sites such as (Bitbns, Wazirk, CoinDCX, KoindexLoop, Localbitcoins, Coinmama, Purse, Changelly and so on (see: Best Indian Bitcoin Websites To Buy Bitcoins [Mega List – 2019]).  Regular centralized exchanges such as Coinome y Zebpay have recently seized there activity in India.

In 2018, the Reserve Bank of India prohibited banks from offering their services and accounts to cryptocurrency exchanges, therefore driving a shift towards P2P solutions. These of course are not fully anonymous, and could be at any moment required by the Indian authorities to pass on information as to their customers and TXs (screenshots in the above referenced thread show how even some P2P TXs leave trace on the system).

Going a step further may lead people to move on to other more anonymous solutions such as Wasabi Wallet for BTC, or a shift towards Monero and ZCash. Usage of VPNs can further help to evade any ban while (if chosen properly) should provide privacy. The real issue may reside in the FIAT to Crypto to FIAT swaps, since they would need to be completely opaque from the system. Also raising or even maintaining awareness in a clandestine type of situation is not going to be easy.

It would be interesting to receive input here from residents in India.

I just read a few days back that P2P trading has stopped in India, I am referring to localbitcoins. They are not accepting any requests.

I don't think the draft would pass as such. Even if it did, India would not be able to enforce the law completely. Even though users may not be able to trade with their bank accounts. There would still be P2P trading and bitcoin cryptocurrency would be further popular and accesible to the people.

Yes, I think it is a Good Idea but, what about bank account KYC as for all kinds of bank account you have to go through KYC.

Yes, I think it is possible, the best thing to do is to use any wallet (hot or cold) that does not require any kind of KYC, like verification of email address and personal docs.

Trading cryptos on exchanges that never ask you for your details/KYC. Deleting your personal profile on all social media outlets. Opening up a Foreign currency Bank account within India. What do you think? will this info help the community

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?