India declines Bitcoin Legalization Again - page 3.

Vishnu.Reang

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Quote from: r1a2y3m4 on May 14, 2019, 01:36:44 PM

It is not your fault that bitcoin is not accepted on India. And it is also not your fault that Indian Government lack knowledge about cryptocurrency. I guess even though they decline its legalization, I guess that nothing will change on your country. Bitcoin will still be usable the way you are using it.

The users are facing practical difficulties and harassment. A huge number of "suspected" users were served tax notices during 2017-18 (the number is rumored to be a few hundred thousands). Almost all the exchanges have closed down, and the remaining ones are moving out of India. The only option for Indians to purchase BTC now is localbitcoins. But I am sure that the government will soon start its crackdown against LBC.

ngapayak

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current technological developments, for people who don't want bitcoin to be able to love bitcoin in the future and vice versa. every government has its own rules, if there are opportunities for the government, maybe that can change ...

Ayiranorea

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Quote from: niisarearning on May 15, 2019, 05:08:59 AM

Quote from: Nolimitz84 on April 19, 2019, 07:41:28 AM

It is difficult to judge the country in which you never lived and the culture and traditions that you do not know.In this country, a very large number of residents and if they are all categorically denied the use of bitcoin it is very sad.Although I have met many startups from India and I think that the published news is only rumors.

How large number of resident categorically deny ??. There is no possibility in india when there is very few are trading or knowing about bitcoin and other crypto currency. The rules have been done by RBI and government there should be some proper reason for that . Most of the crypto startup left country like Zebpay . Some are Closing business like Coinomi its backed by Billdesk one of the biggest payment gateway provider.

More and more firms that were completely focused on cryptocurrency related businesses have moved to other countries, still there are large number of cryptocurrency users within the country. There is continued arguments going on regarding the legalization of cryptocurrency usage. Probably if India support cryptocurrency usage surely it'll make a big change in the entire market of cryptocurrencies globally.

niisarearning

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Quote from: Nolimitz84 on April 19, 2019, 07:41:28 AM

It is difficult to judge the country in which you never lived and the culture and traditions that you do not know.In this country, a very large number of residents and if they are all categorically denied the use of bitcoin it is very sad.Although I have met many startups from India and I think that the published news is only rumors.

How large number of resident categorically deny ??. There is no possibility in india when there is very few are trading or knowing about bitcoin and other crypto currency. The rules have been done by RBI and government there should be some proper reason for that . Most of the crypto startup left country like Zebpay . Some are Closing business like Coinomi its backed by Billdesk one of the biggest payment gateway provider.

MakeMoneyBtc

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Quote from: Lumi3004 on May 13, 2019, 12:32:06 PM

It is regrettable for India, a country with a weak economy with an average farmer's income is very bad for the people of India by not supporting it bitcoin.
I hope the Indian government can follow in the footsteps of other countries that support Bitcoin, I am sure that Bitcoin can generate the economy of the Indian people if Bitcoin can be received by the governmen.

Accepting bitcoin is not going to help India get out of their bad economy at least not right now. A lot of people there live in poverty and can't even afford a smartphone or pc so they don't have any options for storing and also buying/selling their cryptocurrencies. It's not only government fault that they are not supporting bitcoin because people have to take action first.

r1a2y3m4

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It is not your fault that bitcoin is not accepted on India. And it is also not your fault that Indian Government lack knowledge about cryptocurrency. I guess even though they decline its legalization, I guess that nothing will change on your country. Bitcoin will still be usable the way you are using it.

Alpinat

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Quote from: SaShiRaJaVu on May 13, 2019, 06:58:50 PM

There is no ban for crytocurrency in India, exchanges or companies dealing with virtual currencies cannot conduct regular business with the banking system as the RBI came up with a circular to stop dealing with those entities, Bangladesh have an outright ban and if you are dealing with virtual currencies you might end up in jail, there is no clear regulation in India regarding that and the government is not having the knowledge on how to deal with the new technology and that is the major issue in India.

That is also what i've noticed in the system of India they are not fully open to those improvements that can change their country including bitcoin that can be revolutionary in their country. I am just wondering if they are just not thinking carefully or they are still not ready for cryptocurrency.

SaShiRaJaVu

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Quote from: Rahman11 on May 13, 2019, 07:15:40 AM

Not only for india also other countries from south asia like beside country of india already ban cryptocurrencies and no one can use bitcoin it's a punishable crime yet! I think government is better understand and know over their countries economical way and government do can take any decision about their countries economical system.

There is no ban for crytocurrency in India, exchanges or companies dealing with virtual currencies cannot conduct regular business with the banking system as the RBI came up with a circular to stop dealing with those entities, Bangladesh have an outright ban and if you are dealing with virtual currencies you might end up in jail, there is no clear regulation in India regarding that and the government is not having the knowledge on how to deal with the new technology and that is the major issue in India.

Lumi3004

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It is regrettable for India, a country with a weak economy with an average farmer's income is very bad for the people of India by not supporting it bitcoin.
I hope the Indian government can follow in the footsteps of other countries that support Bitcoin, I am sure that Bitcoin can generate the economy of the Indian people if Bitcoin can be received by the governmen.

proTECH77

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Quote from: Vishnu.Reang on May 13, 2019, 11:50:14 AM

~~~ So they are dependent on their advisers, who on most part are ex-bankers.

Their problem is lack of understanding of the new technology, many third world nations like my, have always be backward when it come to new technologies, so, never blame them (Indian Government) for their inability to understand the technology, but one thing is certain: Nobody can Ban Bitcoin, Kill Bitcoin, becasue Bitcoins is a technology.

Vishnu.Reang

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Quote from: Ibizugbe1 on May 13, 2019, 11:41:20 AM

Maybe the Indian government is still studying about how bitcoin work and when they are done, they have no choice than to give it all full support, let's hope it's still within reach when the government finally tells the public it's safe to invest. The wise fellow don't listen to government on finance, they are responsible for many economic manipulations to keep citizens under control.

They are studying the crypto-currencies ever since 2013. And even after 6 years, they haven't decided whether they should allow it or ban it. To say the truth, India is a third world nation and the vast majority of the politicians don't have enough educational skills to understand the basic concepts of cryptocurrency. So they are dependent on their advisers, who on most part are ex-bankers.

Ibizugbe1

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Maybe the Indian government is still studying about how bitcoin work and when they are done, they have no choice than to give it all full support, let's hope it's still within reach when the government finally tells the public it's safe to invest. The wise fellow don't listen to government on finance, they are responsible for many economic manipulations to keep citizens under control.

Rahman11

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Not only for india also other countries from south asia like beside country of india already ban cryptocurrencies and no one can use bitcoin it's a punishable crime yet! I think government is better understand and know over their countries economical way and government do can take any decision about their countries economical system.

7788bitcoin

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Quote from: psycox on May 13, 2019, 04:29:05 AM

I have repeatedly read the news that India rejects Bitcoin, again. What is the influence of the Indian state on bitcoin?
honestly, I don't know in detail about this

With the huge population they have and the amount of tech savvy work force in India there must have some influence if they are taking bitcoin seriously but what are the contribution at this stage is questionable as they are not having a volatile government and their economic growth is hampered by the decision of demonetization and when that happened people have taken notice of bitcoin and it might be the reason for for delaying the legalization.
Asian countries do have a huge population and it matters if it is an educated crowd.

EMS_REP

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I don't think india will legalize crypto in 2019 but yes its very much possible but after 2027, currently they are making bit coin lovers life harder Shocked

psycox

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I have repeatedly read the news that India rejects Bitcoin, again. What is the influence of the Indian state on bitcoin?
honestly, I don't know in detail about this

dmamigo

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India's Government might be thinking that if they allow Bitcoin or other cryptos, the fraud and the money laundering will increase. Atleast the fact that they tried to legalize is good, showing that the even few of them wants it to be legalized. I hope the others who are yet to understand from all over the world that how important this technology and this system is, gets to understand it fast enough.

Bagaji

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Quote from: metalglowd on April 23, 2019, 01:24:00 PM

Quote from: Woodie on April 19, 2019, 08:00:46 AM

As bad as we want crypto to be legalized everywhere, I think in this case the government is avoiding underselling itself or drafting crypto regulations which will see them shooting themselves in the foot, maybe they need more time to learn about this financial instrument/ technology.

At this rate, I am sure the government has what it is they are facing right now and the main problem is not the government, but the cooperation between the government and banks. I think these two parties are trying to trick us. Banks want to be exist and the Government got what they want from the Banks

Agree, the government actually are getting something reasonable from the Banks and are afraid to change hands with Bitcoin. Decentralization cannot earn any corrupt government good becasue they will always want to steal and cheat others for their selfish interest. Most of these countries where Bitcoin is not be accepted is as a result of the Banks colliding with government to stop decentralization.

pundit

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Quote from: bitbunnny on April 22, 2019, 11:34:45 AM

I can't say I'm surprised with such decision of government of India but I'm pretty much convinced this is not peemanent. At the moment they probably don't know how to deal with Bitcoin and other cryptocurrencies but I'm sure they are looking for some kind of solution, maybe from examples from other countries.
Anyway, to my opinion that will not stop Bitcoin users in India and nothing much will change. There is no room for panic.

I strongly agree to your point, Indian govt is perhaps not prepared yet to deal with use of Bitcoin and cryptocurrencies and its related issues thats why they are not in hurry to legalize Bitcoin. India is a big country in terms of population but only a few people are familiar with blockchain technology, yes some of people have heard about Bitcoin but for them its just an investment and that too thr some third party in which many frauds happen, even bank people are not aware of blockchain and its use and that may be reason Indian govt has not taken any decision to legalize Bitcoin.

vennali

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I doubt this is going to go beyond the draft. I haven't noticed a push towards banning crypto altogether from either of the governments. The current government is against black money and might limit crypto in some sense. As for legalization, I doubt it will happen. It has always been and will continue being a grey area with no complete legalization or it being illegal.

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