India Cracks Down on Illegal Bitcoin Activities while Considering Regulations

jtipt

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Quote from: HasHe on June 21, 2017, 04:15:54 AM

Quote from: Vasu Dev on June 09, 2017, 03:29:34 PM

The Indian government is currently deciding whether to regulate Bitcoin. Meanwhile, some Parliament members are working towards cracking down on illegal activities involving the digital currency.

Legitimate Bitcoin Businesses vs Pyramid Schemes

The government’s efforts could be primarily aimed at pyramid schemes, rather than legitimate bitcoin exchanges and businesses.

There was only one member of ruling party who strongly oppose bitcoin by saying it as a ponzi scheme.Pity on him.He don't have enough knowledge about bitcoin.But good news is that india has shown green flag to bitcoin suddenly.Here is the link.
https://cointelegraph.com/news/suddenly-bitcoin-to-be-officially-legal-in-india

It would really be surprising to see India be the first country to legalize and probably regulate bitcoin if this happens. This is a good news for BTC, trying to crack down illegal activities is a good thing in itself but if the legalizing BTC goes any further in the parliament we can see a bump in BTC prices soon.

clickerz

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Backed.Finance

This si a welcome move for India and also to curb those scams who gains millions from fraud. I hope they must strict on this scam activities and those regulation will protect the bitcoin holders and other legit cryptos. Glad that more countries are accepting bitcoin legally.

dissident

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Laws are only useful if people follow them. Just how do they intend to prevent people from buying BTC? I'm torn as there's part of me that understands order is necessary, and the animal part of me (that I suppose is part of everyone) that wishes there was anarchy when I'm sitting pointlessly at a stoplight when there's no traffic around.. the internal battle of fighting what is versus accepting what you can't or shouldn't try to change... having freedom versus having nannies that want to control our lives from cradle to grave to protect us from ourselves, and the happy medium we live in.... why should these nannies tell me I can't go if I'm sitting at a red light and there's no traffic around and it's safe? Why must I drive so damn slow because some government official decided what the speed limit should be when it's bright, sunny outside, and a sunday afternoon and there's no traffic on the road? Part of personal development work is giving up the need to control everything, the neurotic need...

Peter789

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Quote from: Pettuh4 on June 11, 2017, 10:18:27 AM

I absolutely agree with the Indian government for taking such s step , I'm optimistic that if all governments of the world are able to implement similar checks and balances We will all be able to crack down the illegal use of Bitcoin worldwide.

Agreed. Know Your Customer (kyc) regulation is good for btc.
Ponzi, pyramid etc should be eliminated.

Mometaskers

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I'm no economist but IMHO they should have started to regulate bitcoins first before they cracked down on fiat. Coz what's happening now, people with the banned denominations are finding ways to convert it to smaller ones (through informal arrangements) and then maybe try to move those to a bitcoin wallet. If regulations for exchanges were already in place and the government already have capability of tracking transactions, it would have been harder to do for them.

Had bitcoin been regulated first, the banning would have been more shocking for the targets, finding it extremely hard to use their money.

Red-Apple

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many countries are doing the same thing. they just don't hit the spot light. everywhere they are trying so hard to prevent and prohibit illegal activities not just with bitcoin but in general with any currency. and most countries don't have anything against bitcoin, they even consider it as a legit currency even if they have not yet regulated it.

krishnapramod

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Quote from: Eric Cartman on June 09, 2017, 03:40:24 PM

Looks like a copy from some article. Mind to share the link?

Here is the link, https://news.bitcoin.com/indian-government-cracks-down-illegal-bitcoin-activities-regulations/

There are a few ponzi sites in India that are luring investors and I really hope the government bans them, I guess Gain Bitcoin is one of them, cloud mining ponzi and then Igot/bitlio which is scamming users worldwide. I came across a post on Reddit yesterday,
https://www.reddit.com/r/Bitcoin/comments/6id1ut/10k_reward_if_you_can_get_my_15_bitcoins_back/

$10K bounty to get 15 BTC that was scammed by igot.

The government has just speed up the regulation process, by the end of July the government might release rules and regulations regarding legalising bitcoin.

lagostino

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India's approach (even if they try to make it look better saying they are against fraud) is mainly a regulatory approach, to prevent people from circumvent taxes and financial limitations through digital methods, and also to prevent people from sending international payments using india's currency through methods other than banks.
Proof? PayPal, India made the restriction on PayPal making people JUST capable of withdrawing, not sending at all to anyone but just bank withdrawal, considering the VERY regulated nature of PayPal, I think this shows the real intention of India's government.

NJB18

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Quote from: HasHe on June 21, 2017, 04:15:54 AM

Quote from: Vasu Dev on June 09, 2017, 03:29:34 PM

The Indian government is currently deciding whether to regulate Bitcoin. Meanwhile, some Parliament members are working towards cracking down on illegal activities involving the digital currency.

Legitimate Bitcoin Businesses vs Pyramid Schemes

The government’s efforts could be primarily aimed at pyramid schemes, rather than legitimate bitcoin exchanges and businesses.

There was only one member of ruling party who strongly oppose bitcoin by saying it as a ponzi scheme.Pity on him.He don't have enough knowledge about bitcoin.But good news is that india has shown green flag to bitcoin suddenly.Here is the link.
https://cointelegraph.com/news/suddenly-bitcoin-to-be-officially-legal-in-india

Yeah! Great move for India and another great milestone for bitcoin.

Wishing for more countries to open up for this great technology. Countries actually found themselves in a position to really consider the case of bitcoin with seriousness as its use is becoming widespread across the globe. Hotels, airlines, and others are slowly raising their green flags for bitcoin payments. Soon, shopping will be easier to do for bitcoin users.

HasHe

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Quote from: Vasu Dev on June 09, 2017, 03:29:34 PM

The Indian government is currently deciding whether to regulate Bitcoin. Meanwhile, some Parliament members are working towards cracking down on illegal activities involving the digital currency.

Legitimate Bitcoin Businesses vs Pyramid Schemes

The government’s efforts could be primarily aimed at pyramid schemes, rather than legitimate bitcoin exchanges and businesses.

There was only one member of ruling party who strongly oppose bitcoin by saying it as a ponzi scheme.Pity on him.He don't have enough knowledge about bitcoin.But good news is that india has shown green flag to bitcoin suddenly.Here is the link.
https://cointelegraph.com/news/suddenly-bitcoin-to-be-officially-legal-in-india

Pettuh4

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I absolutely agree with the Indian government for taking such s step , I'm optimistic that if all governments of the world are able to implement similar checks and balances We will all be able to crack down the illegal use of Bitcoin worldwide.

MingLee

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Quote from: Vasu Dev on June 09, 2017, 03:29:34 PM

The Indian government is currently deciding whether to regulate Bitcoin. Meanwhile, some Parliament members are working towards cracking down on illegal activities involving the digital currency.

Legitimate Bitcoin Businesses vs Pyramid Schemes

The government’s efforts could be primarily aimed at pyramid schemes, rather than legitimate bitcoin exchanges and businesses.

As long as they target the right issues within their local Bitcoin economy then I don't really see an issue with it, even though I would prefer it if they didn't mess with the economy at all and let it act as a true free market.
I just hope they don't go nuts and start going after everything if/when they start designing their regulations. From what I remember there's a fair amount of Bitcoin in India now so it's not going to be great for a sizeable number of people if they don't take special cases into account and just seek blanket restrictions.

Ucy

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Compare rates on different exchanges & swap.

Quote from: btc_angela on June 10, 2017, 05:15:31 AM

There is a civil war ongoing between parliament and bitcoin enthusiast in India. I don't know why is this parliament member is too harsh with bitcoin. Did he personally scam by someone? LOL. He is always saying bitcoin is Ponzi scheme or used for illegal purposes. I hope he open his mind to see what bitcoin can do good as well and will help the citizens of India.

Maybe he heard Bitcoin makes people Millionaire overnight he freaked out of fear he would be left behind or that the millions of people he deliberately made poor will discover Bitcoin and liberate themselves

Wind_FURY

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Quote from: Kprawn on June 10, 2017, 06:32:12 AM

Quote from: Vasu Dev on June 09, 2017, 03:29:34 PM

The Indian government is currently deciding whether to regulate Bitcoin. Meanwhile, some Parliament members are working towards cracking down on illegal activities involving the digital currency.

Legitimate Bitcoin Businesses vs Pyramid Schemes

The government’s efforts could be primarily aimed at pyramid schemes, rather than legitimate bitcoin exchanges and businesses.

Please provide the link to your source. We have seen India asking input for regulation to govern Bitcoin, which is a good start. The government

has a obligation to protect their consumers against economic crimes like Pyramid Schemes and/or MLM schemes. I just hope they will leave some

room for legitimate users to grow their normal businesses. We have seen what happened with Bitcoin when they over regulate it. {BitLicense} Angry

But what kind of regulations would they make though? If it is to limit Bitcoin by trying to ID users with their coins somehow and also put capital controls on it then no. It would be better to have no regulations.

Kprawn

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Quote from: Vasu Dev on June 09, 2017, 03:29:34 PM

The Indian government is currently deciding whether to regulate Bitcoin. Meanwhile, some Parliament members are working towards cracking down on illegal activities involving the digital currency.

Legitimate Bitcoin Businesses vs Pyramid Schemes

The government’s efforts could be primarily aimed at pyramid schemes, rather than legitimate bitcoin exchanges and businesses.

Please provide the link to your source. We have seen India asking input for regulation to govern Bitcoin, which is a good start. The government

has a obligation to protect their consumers against economic crimes like Pyramid Schemes and/or MLM schemes. I just hope they will leave some

room for legitimate users to grow their normal businesses. We have seen what happened with Bitcoin when they over regulate it. {BitLicense} Angry

FA wings

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India should be careful to regulate bitcoin, which will affect the economy

Digitalbitcoin

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Its up to user to how to use advantages of Bitcoin.

As everyone who is connected with bitcoins, knows importance, power and value of Bitcoin in future. Bitcoin have many advantages as well have few disadvantages too.

Its up to user how to use them.

India is still preparing for future and if bitcoin promoted in wrong way in India then it matters and also affect on economy.

btc_angela

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There is a civil war ongoing between parliament and bitcoin enthusiast in India. I don't know why is this parliament member is too harsh with bitcoin. Did he personally scam by someone? LOL. He is always saying bitcoin is Ponzi scheme or used for illegal purposes. I hope he open his mind to see what bitcoin can do good as well and will help the citizens of India.

Prodigan786

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Actually it has done long before the panel is assigned for bitcoin regulation on April 20 . Again the claim about bitcoin by parliament person was stateless he was comparing bitcoin with ponzy and pyramid schemes

Eric Cartman

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Looks like a copy from some article. Mind to share the link?

Topic: India Cracks Down on Illegal Bitcoin Activities while Considering Regulations (Read 726 times)