India declines Bitcoin Legalization Again

bryant.coleman

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Quote from: proTECH77 on July 30, 2019, 07:33:18 AM

Quote from: barlo357 on July 30, 2019, 07:15:30 AM

I guess we really can't blame India's governement since they have their own reasons for declining bitcoin legalizations again. And indians are just unfortunate because of this. But I think they just wanna clear some rules or guidelines about this so I hope it also turns out good.

The possibility of the Indian government to adjust to the adoption of Bitcoin is very minimal as they never want to see the country growing technologically as in the case of digital money. But with due time, they wll adopt digital money to improve the welfare of their citizens. Hope the next time they come up with this they will accept Bitcoin.and legalize it in the.country.

Dude, the adoption of Bitcoin in India is not huge, but at the same time you can't term it as "minimal". There are millions of Bitcoin users in India and some of the local exchanges (before they closed down) had more than a million users each who underwent the pesky KYC procedure to trade cryptocurrency. There is a lot of activity in the social media channels and this has put some pressure on the lawmakers.

The question about a probable ban was raised in the parliament by an opposition MP from the state of Telengana (where large number of users are concentrated) and this shows that the Bitcoin users form a large enough chunk of the electorate to act as a pressure bloc.

proTECH77

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Quote from: barlo357 on July 30, 2019, 07:15:30 AM

I guess we really can't blame India's governement since they have their own reasons for declining bitcoin legalizations again. And indians are just unfortunate because of this. But I think they just wanna clear some rules or guidelines about this so I hope it also turns out good.

The possibility of the Indian government to adjust to the adoption of Bitcoin is very minimal as they never want to see the country growing technologically as in the case of digital money. But with due time, they wll adopt digital money to improve the welfare of their citizens. Hope the next time they come up with this they will accept Bitcoin.and legalize it in the.country.

barlo357

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I guess we really can't blame India's governement since they have their own reasons for declining bitcoin legalizations again. And indians are just unfortunate because of this. But I think they just wanna clear some rules or guidelines about this so I hope it also turns out good.

Arch.harry

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i am from india and i am very sad by the news i had got that bitcoin is not legalised again in india. RBI has refused the legalisation of the bitcoin in india again. but i am sure that one day bitcoin will be legalised in india. hope it will become as soon.

Bind

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First government should ask for literate people's who had no jobs but has other skills and they are Telling them to fry pakodas instead of giving jobs.and Bitcoins giving them some financial support and moral support also.

Periodik

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Sadly, the Indian authorities in whose hands fall the verdict as to legalize Bitcoin or not, has a limited knowledge on Bitcoin and of the potential advantages if the country legalizes it. They seem to have more of a negative view on Bitcoin rather than an objective one. With this, perhaps a change of personnel in some of the offices might be of great help. If not, efforts such as Pomp's attempt to get a connection to the highest offices and convince them himself through a healthy dialogue might help them guided into enlightenment.

ravina

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Bitcoin BTC appears to be in support of the criminal portion of this society. Purchases can not be verified. From my understanding the bit coin = e money. Crypto exchanges which are not transparent. Blockchain Training in Chennai

Leonardo7

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That is none of anyone's business. The government is yet confused, instead of dealing with what they have at hand they are chasing shadows for selfish reasons when other developed nations are exploring ways they could benefit from Cryptocurrency. I don't care how the Indian government is going to run their country but they should just give the people freedom.

bryant.coleman

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Quote from: 7788bitcoin on July 29, 2019, 04:23:41 AM

Quote from: bryant.coleman on July 28, 2019, 10:40:40 PM

No need to get very excited about this, as we don't know who will succeed him. But I just hope that the replacement will be more friendly to the idea of cryptocurrencies. Also, there is a good possibility that the draft bill will be thrown to the trash bin and a new one will be compiled within the next 1-2 years.

How can the people expect some rapid change when the same government who is against the very idea of a decentralized currency is still ruling. The fact that most of the exchange who were running in India has shut their door and most of them migrated to other countries and that is the best option for companies if they want to survive and to make some profit in a new market and not to stick on to a country to does not care about its investors.

I don't think that anyone in the government (including the finance minister understands the concept of cryptocurrency). On top of that, the Reserve Bank of India (RBI) which took anti-Bitcoin measures earlier is an autonomous body, independent from the influence of the government. The draft bill, as far as I know was the brain child of Mr. Garg. Now it is up to the finance minister (Nirmala Sitharaman) to decide whether she want to accept the bill in its current form or not.

Ideally, India may gain a lot in case they legalize Bitcoin and the other cryptocurrencies. The Indian Rupee is not a weak currency, at least when compared to the national currencies of its neighbors. It had increased its value by 6% vs USD, ever since the NDA government came in to power in 2014. And at the same time, many of the other currencies such as the EUR and GBP went down against the USD.

7788bitcoin

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Quote from: bryant.coleman on July 28, 2019, 10:40:40 PM

No need to get very excited about this, as we don't know who will succeed him. But I just hope that the replacement will be more friendly to the idea of cryptocurrencies. Also, there is a good possibility that the draft bill will be thrown to the trash bin and a new one will be compiled within the next 1-2 years.

How can the people expect some rapid change when the same government who is against the very idea of a decentralized currency is still ruling. The fact that most of the exchange who were running in India has shut their door and most of them migrated to other countries and that is the best option for companies if they want to survive and to make some profit in a new market and not to stick on to a country to does not care about its investors.

Quote from: ?? on ??

In India, for a long time they cannot decide what to do with cryptocurrencies and what status to give them at the state level. But I think that soon they will resolve this issue. India is a huge country and there are a lot of people who want to use cryptocurrencies.

The people might want to use and take advantage of the bitcoin market, what if the government has other ideas and want to ban everything and promote their centralized shit coin Tongue

.

kennen1113

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Quote from: ?? on ??

In India, for a long time they cannot decide what to do with cryptocurrencies and what status to give them at the state level. But I think that soon they will resolve this issue. India is a huge country and there are a lot of people who want to use cryptocurrencies.

India will soon solve the problems and activities that involve bitcoin as a sure thing, they are forced to acknowledge the existence of bitcoin in their country because as you said, the number of people who care about and use bitcoin here has become much more, it has spread with a too large scope, denial or legalization, everything is meaningless, this system can't stop. Instead of constantly retaliating and receiving many complaints from the people, India should probably accept bitcoin, looking for better management options, blocking bitcoin has been too late

Delos

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The Indian government is not interested in the fact that a large part of their population can become wealthy.

People without money are easier to control.

kpcian

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This type of information states that India has taken again against this blockchain system what they have offered by some group of people.
I think this isn't a good initiative for the future purpose, day by day Blockchain system is being developed and organised whole around the world, not only that but also Bitcoin is taking its seat in the monetary world, already it's been recognized as one of the potential future's payment system. Since India has one of the largest population so they have taken a proper initiative regarding this issue.

bryant.coleman

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Quote from: fiulpro on July 28, 2019, 06:10:36 AM

Well also regarding this you should know that the person who was responsible for the drafting of the bill , actually just took an early retirement.

You are talking about Subhash Chandra Garg, the former Economic Affairs Secretary. As far as I know, he was fired and not given VRS. The reason given was "poor performance". I am not sure whether his dismissal had anything to do with the cryptocurrencies. But it was known for many years that he had a very hostile relationship with RSS, the Hindu nationalist organization to which the PM and the President belongs.

No need to get very excited about this, as we don't know who will succeed him. But I just hope that the replacement will be more friendly to the idea of cryptocurrencies. Also, there is a good possibility that the draft bill will be thrown to the trash bin and a new one will be compiled within the next 1-2 years.

fiulpro

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Well also regarding this you should know that the person who was responsible for the drafting of the bill , actually just took an early retirement.
Therefore I think maybe it was for either 2 reasons :-
1. He feels responsible for this bad draft
2. He might be trying to get away from being criticised by people.
I don't think , might be either .
But I don't think this is what a democracy is like.
They are taking away the very freedom they thought they might protect.

diahsw

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Quote from: DreamStage on April 19, 2019, 06:50:20 AM

The Reserve Bank of India (RBI) has published its official document on a draft framework for fintech regulatory sandbox entitled “Draft Enabling Framework for Regulatory Sandbox.”
The document explicitly excluded crypto assets like bitcoin, demonstrating a lack of intent to regulate the local crypto market.

“The entities may not be suitable for RS (regulatory sandbox) if the proposed financial service is similar to those that are already being offered in India unless the applicants can show that either a different technology is being gainfully applied or the same technology is being applied in a more efficient and effective manner,”

From: https://rbi.org.in/scripts/PublicationReportDetails.aspx?UrlPage=&ID=920#S1

Full News Source: https://www.ccn.com/india-bitcoin-shuns-crypto-from-fintech-sandbox

Do you think Bitcoin being legalized will still happen for Indians?

I'm guessing for that they would have to allow exchangers returning to online business again.

The Indian government does not accept virtual money or coins as a legitimate payment instrument and will do everything to save the use of crypto assets in connection with illegal activities or parts of the payment system. Even though in India itself, the growth of users of virtual currencies is quite rapid. Reportedly, there are currently thousands of users of virtual currencies in the country. Worried about possible abuse

bryant.coleman

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Quote from: K21000 on July 27, 2019, 10:52:02 PM

I wonder when governments will learn that you cannot "Ban" a P2P technology like bitcoin. They have been trying to ban torrents for the past decade look how that has turned out.....

It is a pain in the ass to use internet in India. They have banned all the torrent sites, porn sites and even the online casino sites. The only group that has benefited from this is the VPN providers. Millions of Indians are now using VPNs and the providers are making a killing (I just use the free "Secure Connection VPN" which comes with the Kaspersky Anti Virus whenever I visit India).

And you can't say that the government action has been without any success so far. A lot of people sold their cryptocurrency holdings fearing government action. And all of the local exchanges have closed down.

dimox

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i ever read that India government still consider to manage crypto market, because many people play and some big exchanger try to manage their market by themselves. and they wont to legalize bitcoin because they are lack of knowledge. and it same case with other country, that they still make research on bitcoin.

K21000

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I wonder when governments will learn that you cannot "Ban" a P2P technology like bitcoin. They have been trying to ban torrents for the past decade look how that has turned out.....

Vishnu.Reang

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Quote from: lornadane on July 27, 2019, 02:33:05 PM

Bitcoin in India is not legalized enough but it is not illegal too! From the last of 2017 to now, India did not come to a final solution for the cryptocurrency! For this behavior, some of the big Indian crypto exchange already shut down in India. A couple of months ago, I read a news that Crypto is going to be legalized in India, but again it declines! I hope Bitcoin supporter of India will get a good solution very soon and this dram will end!

They don't want Rupee to Bitcoin conversion, as it can negatively impact the national currency. However, the good news is that Subhash Chandra Garg (ex-Economic Affairs Secretary) who was probably the most rabidly anti-Bitcoin government official, was fired by the finance minister last week. It is not yet clear about who will become the replacement, but for me it is a good sign.

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