Topic: India Considering Cryptocurrency Ban (Read 595 times)
this topic is useful. I'm newbie, thank you for bringing
there are always rumors for india in terms of the prohibition, i am not listening and looking in detail for what actually happened.
according to the latest news I read for India and its prohibition.
India has made regulations and obtained crypto trade from per to per.
have many indian friends who have more living doing crypto than their average salary, wonder why would indian government doing this to control what? I have a nice meaning talk with an indian guy who told me working 10$ per day would cost them 12 hours of labor!
Didn't india already did it some time ago?
As far as i remember, you can't buy or sell any crypto reletad thing in india. Only otc is there.
As far as i remember, you can't buy or sell any crypto reletad thing in india. Only otc is there.
First of all that's something that's been considered since a long while, what we know right now is there are many people in this Bitcoins business and more or less it won't be controlled by the government they will be the one controlling their decision to be engaged with Bitcoins or not .
Even if everything is banned still they will be able to do person to person transactions and thats something that no government can stop..
Ban can happen and if it does then the price will go down but it will recover soon enough and India won't be the first country to do this thus I don't think that we need to think that much about it .
Even if everything is banned still they will be able to do person to person transactions and thats something that no government can stop..
Ban can happen and if it does then the price will go down but it will recover soon enough and India won't be the first country to do this thus I don't think that we need to think that much about it .
I don’t think that such a stupid decision will be made in India. Most likely, a decision will be made on the need for legislative regulation of cryptocurrencies. The maximum that the court can do is to postpone the resolution until the adoption of relevant legislation.
Yes came to know about it yesterday and it was very sad to know that our government is having such a negative approach towards cryptocurrency. Earlier this year when banks were detached from working with exchanges that was a calculative move by govt for the safety of citizens and it was said that a community was formed which is learning about this space.
I don't know what they learned but this step is going to prove a set back for India's progress as digital India.
I don't know what they learned but this step is going to prove a set back for India's progress as digital India.
No doubt it's a pathetic and unexpected news for Indian crypto holders. A huge number of crypto traders are going to face trouble to make payment and transaction but still, there is a hidden way to do crypto business. In this digital world, people will find out another way to use cryptocurrency in India. Nothing can be banned perpetually in this world so cannot crypto.
Enough with these bans. What they want from crypto. They are too late for this kindnof actions they cant ban anything. We are living in internet world now. If they ban people will find another solution. They need to ban all internet
Yes it was right that indian government ban bitcoin in their country. According to Indian government online bitcoin sites like zebpay, unocoin, koniex etc cannot exchange bitcoin or any other cryptocurrency with Indian currency. You can do all bitcoin or other cryptocurrencies related work in India except mining but you cannot convert your earned bitcoin into Indian currency. According to Indian government bitcoin affects their country economy by affecting their country national currency value and bitcoin users doesn't pay taxes and this thing ultimately affects the country economy While other country are easing on bitcoin and other cryptocurrency, India seems moving backward. Though we understand their action but they prefer to protect their economy. But India are benefiting from cryptocurrency boom too, like many Indians got opportunities in this new category. India is a big market, and I hope that sooner, their government is ready and open to crypto.
Restrictions may restrict some Bitcoin and Cryptocurrency activities and activities in the country. This will make it difficult to operate and expand, but it will not have a significant impact on investors here if all transactions are through anonymous exchanges.
I got a idea for the people who want to make the bitcoin completely legal in India,just bribe the most powerful government official in India then the problem will be solved.
I think now India is the most corrupted country in the world.
The level of corruption in India is very alarming. Hope a good change occur within though!
India intending to ban Bitcoin will only cause more harm to them than the cryptospace generally. With the dilapidated economy they have yet they want ignore such great technology, surely they need serious help.
Enough with these bans. What they want from crypto. They are too late for this kindnof actions they cant ban anything. We are living in internet world now. If they ban people will find another solution. They need to ban all internet
Yes it was right that indian government ban bitcoin in their country. According to Indian government online bitcoin sites like zebpay, unocoin, koniex etc cannot exchange bitcoin or any other cryptocurrency with Indian currency. You can do all bitcoin or other cryptocurrencies related work in India except mining but you cannot convert your earned bitcoin into Indian currency. According to Indian government bitcoin affects their country economy by affecting their country national currency value and bitcoin users doesn't pay taxes and this thing ultimately affects the country economy
The Indian leadership has long been trying to put pressure on cryptocurrency, but before that they had not expressed a total ban on the use of cryptocurrency. As far as I know, earlier in India it was forbidden by a banking institutions to conduct any operations with cryptocurrencies and banned crypto-exchanges, but the use of cryptocurrency for the population was not prohibited. I'm not sure that they will be able to prohibit the use of cryptocurrency to the people. This is technically very difficult to do.
Wait, private cryptocurrencies? Surely Bitcoin doesn't fall under that? And if they're encouraging distributed ledger technology, then that means they're okay with Bitcoin, right?
that is what I don't understand too. my first assumption was that there is some sort of "translation" problem where they translated "crypto" as "private" or something like that. and the source of the news (the link OP posted) is not reliable either so we can not be sure. and this is so out of context, the "council" might have been talking about "anonymous" cryptocurrencies which is translated to "private" which is a whole different discussion!
I'm on my phone so I can't really fact check right now, but maybe private means opposite of distributed ledger, whatever that is? I mean, they're banning one and encouraging the use of another, so it would probably be reasonable to assume that they'd be the opposite of one another. But yeah I see what you're saying, it could easily mean fully anonymous crypto.
If they mean stuff like Ripple and Tether though, I'd have no complaints lol.
I got a idea for the people who want to make the bitcoin completely legal in India,just bribe the most powerful government official in India then the problem will be solved.
I think now India is the most corrupted country in the world.
Wait, private cryptocurrencies? Surely Bitcoin doesn't fall under that? And if they're encouraging distributed ledger technology, then that means they're okay with Bitcoin, right?
that is what I don't understand too. my first assumption was that there is some sort of "translation" problem where they translated "crypto" as "private" or something like that. and the source of the news (the link OP posted) is not reliable either so we can not be sure. and this is so out of context, the "council" might have been talking about "anonymous" cryptocurrencies which is translated to "private" which is a whole different discussion!
Wait, private cryptocurrencies? Surely Bitcoin doesn't fall under that? And if they're encouraging distributed ledger technology, then that means they're okay with Bitcoin, right?
Still, what the hell is the Indian government thinking lol. It's not like India is a cryptocurrency hotspot. All of these developments seem like a waste of time and resources to me. The central bank circular should be more than effective enough in curbing crypto growth, if that was their goal.
Still, what the hell is the Indian government thinking lol. It's not like India is a cryptocurrency hotspot. All of these developments seem like a waste of time and resources to me. The central bank circular should be more than effective enough in curbing crypto growth, if that was their goal.
that's news will kill bitcoin again. but we all know bitcoin can't be dead when goverment such on hearts.
Regulation can be change by time and good news will coming soon
yes, bitcoin will not die with a country that prohibits it bitcoin will only die if there is no internet connection, I am sure in the future all countries that forbid it will change its regulations and legalize bitcoin. Regulation can be change by time and good news will coming soon
Oh great India is the new China, it's banned and unbanned on the weekly. When will these countries quit fooling around?
India after restricting the Banks is now planning to completely make the usage or even crypto-crypto trading to a halt in India. But the irony is they are planning to make their own crypto equivalent to INR. About China recently I read somewhere they are planning to make it legal and regulate it and probably imposing taxes. I guess they will need more time to stop fooling around or after losing some good opportunity related to this.
it is like China in the sense that their government is NOT changing their position about bitcoin. the NEWS is changing what they report about their government stance every couple of days! and that is a big distinction.
for example from about 2012-2013 they have been saying China banned bitcoin but they never did it. what they did was for instance banning "banks" from investing in bitcoin. or some dude in some low government position talked somewhere randomly that bitcoin should be banned and the news reported it as an official law! LOL.
the same thing is happening with India. their "Reserve Bank" closed bitcoin exchange accounts and the media went crazy saying the "government" has banned bitcoin!
Oh great India is the new China, it's banned and unbanned on the weekly. When will these countries quit fooling around?
Only high profiles have the access to the wealth gentleman... Other people have to work hard to stay poor or else they will be homeless. Poor Chinese and Indian, even the possibility of getting extra money from cryptocurrencies are illegal. Jump to: