Topic: India declines Bitcoin Legalization Again - page 4. (Read 1090 times)
In July Supreme court hearing is there by then we may expect positive news regarding guidelines for cryptocurrencies and thereafter we may see positive developments until then Indians should keep patience nt to conclude any news
Bitcoin does not need government permission.
If governemnt wants to control Bitcoin the have to shut down the Internet, turn off the electricity, and ban handheld devices and personal computers...
Lots of luck with that!
The cat is out of the bag!
Bitcoin is a warning to government and banking cartels, to end their corrupt and theft from the public.
They have been warned, now everyone with a handheld phone can be their own bank and make p2p transactions without government permission.
Government is going to have to shape up.
If governemnt wants to control Bitcoin the have to shut down the Internet, turn off the electricity, and ban handheld devices and personal computers...
Lots of luck with that!
The cat is out of the bag!
Bitcoin is a warning to government and banking cartels, to end their corrupt and theft from the public.
They have been warned, now everyone with a handheld phone can be their own bank and make p2p transactions without government permission.
Government is going to have to shape up.
It would greatly benefit a third world country like india to legalize cryptocurrency and tax it, they are not smart enough to not take advantage of it, or perhaps they are preparing for legalizing it, who knows.
Maybe it would benefit for them, but with the declination of legalization I think there's group of leader who have bad perceptions against bitcoin that's why it seems hard to implement proper bitcoin adoption. Hopefully that preparation wouldn't take so long and behind that declined actions there's great news coming in the future. They should be more particular on a certain aspect, that taxation will always be a concern specially when trading site's operating using bitcoin transactions.
It would greatly benefit a third world country like india to legalize cryptocurrency and tax it, they are not smart enough to not take advantage of it, or perhaps they are preparing for legalizing it, who knows.
If their government is greedy then he is smart to reject crypto because he cannot possibly taxed crypto even if he legalized it since cryptos are known to be decentralized kind of currency . governments can still taxed local establishements or exchanges that are accepting cryptos . or they can also taxed local online exchange and local stores that are under their ip range .
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Do you think Bitcoin being legalized will still happen for Indians?
I have no doubt that eventually the government can be coming up with its long overdue regulatory sandbox for Bitcoin and the whole cryptocurrency industry. This is a matter of time especially if crypto-leaning leaders within and without the country will show their support for this movement. Though I am sad that it is taking some time for this to happen, we have to respect the government's decision on the said matter. I am encouraging cryptocurrency enthusiasts and lovers in India to continue expressing their support for Bitcoin so that the government will eventually see the need to make it legitimate.
It is a sad news indeed, but we cannot do anything about it. It seems that their mind is closed and they aren't open to cryptocurrencies. Well, just continue what we are doing, maybe someday they will realize the benefits and things that bitcoin can do for them. Maybe if we continue what we are doing, maybe they can adapt this technology. That they will soon think that it is inevitable to adapt this. That they will realize that it is the same in what they doing and the only difference is it is online. An example is trading. They obviously do trading physically, maybe one day they will soon realized that trading on an exchange site like Darb exchange ,it is the same on physical trading. That in physical trading, they can trade materials to other, just like trading on Darb where they can trade cryptocurrency that will allow them to earn money. Maybe someday they will see that.
It would greatly benefit a third world country like india to legalize cryptocurrency and tax it, they are not smart enough to not take advantage of it, or perhaps they are preparing for legalizing it, who knows.
It would be a very stupid move for a country that has one of the highest unemployment figures in the world. Crypto currencies will open the global micro payment network for their people and this will create a lot of small informal job opportunities for people without jobs.
I hope they will embrace one of the most exiting breakthroughs in the financial world and use that technology to lift more people out of poverty in their country.
I hope they will embrace one of the most exiting breakthroughs in the financial world and use that technology to lift more people out of poverty in their country.
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.
But to my knowledge India stands next to China in population, and a decision made by the particular government will surely make some difference with the cryptocurrency growth. Already it has got a good number of userbase, and if it is given some legal aid automatically it'll make the growth of bitcoin tremendous. As stated it will not stop as well it is impossible to stop people from using bitcoin. Anyway, to my opinion that will not stop Bitcoin users in India and nothing much will change. There is no room for panic.
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
India pretty much stopped the legal importation of gold to try to prop up their currency not to long ago. It should not be a surprise to anyone who knows even a little about India that government would be against bitcoin. If India somehow legalizes it, it would be huge. Indians are often unbanked and are huge buyers of gold. A lot of that money with flow into btc. That could be a catalyst to push it to new highs like I was talking about it my other thread.
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.
Anyway, to my opinion that will not stop Bitcoin users in India and nothing much will change. There is no room for panic.
From article
Sometimes, no regulation is not bad news. It probably means that the government of India does not see cryptocurrencies as a matter of immediate concern, or something that needs to be regulated right away. This at least means that fears of a ban are not imminent,” Shetty said.
i think like above.In that case and like in many other cases no regulation is not bad news
Better no regulation without ban than regulation what can create problems for users
Tell me in what country we have real crypto currencies regulation
Regulators are trying to avoid regulation
Crypto currencies are to popular to ban them and too much decentralized to fully approve them
However i think that India can follow France and create some space for ICO made in India
There is so many startups there
I totally agree with you, they're still trying to understand how to deal with it. Sometimes, no regulation is not bad news. It probably means that the government of India does not see cryptocurrencies as a matter of immediate concern, or something that needs to be regulated right away. This at least means that fears of a ban are not imminent,” Shetty said.
i think like above.In that case and like in many other cases no regulation is not bad news
Better no regulation without ban than regulation what can create problems for users
Tell me in what country we have real crypto currencies regulation
Regulators are trying to avoid regulation
Crypto currencies are to popular to ban them and too much decentralized to fully approve them
However i think that India can follow France and create some space for ICO made in India
There is so many startups there
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 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.
I mean I don't want to become too optimistic but I think that more and more countries have made BTC legal and as the years pass by more countries have realized how beneficial BTC would be to their citizens and might as well improve economy though I don't know if India will legalize BTC but with many countries legalizing Bitcoin then I am sure India will decide to make it legal once and for all.
Well I dont agree that the Indian government is really 100% against bitcoin legalization including other cryptocurrency. Though the RBI or the reserved bank of India have made a statement last 2018 to declare all bitcoint related transactions as illegal and advised banks to refrain from transacting digital assets; but the government have a two sides of the coin on this matter. Several meetings were held to discuss the legalization of cryptocurrency. There are two groups involved those who are with cryptocurrency and those who are against it. As I have heard RBI lost their battle and the crypto groups are now continuing using bitcoin in India.
This is really a bad news for crypto community as one of the most populated country is ignoring crypto to announce it as a legal one, they want to check the mass adoption of crypto across the globe and how user friendly it has been used. The government want to make favour for the public those who are interested to invest at their own risk, rather than declining it.
I am glad that they are at least not banning cryptos in their country. I have some Indian friends and they can trade on international exchanges and can buy and sell cryptos through p2p. They don't have any regulations as such at this point. That's enough for an investor, trader or believer. Yes, this hinders the crypto awareness to other masses. The way India is behaving, I hope they don't end up banning it .
I want to give a different opinion here. I have a friend in India who thinks that the current Indian government is not open to new technology or the options it is providing. Also, right now, there is election time, and no government is ready to take a chance when it comes to digital/decentralized currency. I hope that the stance changes soon when the elections are completed, and everything settles down. Let's hope for the best! Legalization can open new doors for cryptocurrency and blockchain in general.
Two things we have to keep in mind 1) Advantages and 2) Disadvantages.
India is a democratic country. So the ruling government must have willing power to accept global economic and technical trend. Most of the time, ruling governments think about disadvantages rather than thinking of advantages.
Main disadvantages are not controlling or monitoring the flow and price of BTC. Another issue is no framework for tax calculation on the usage of Bitcoins. And a very important factor is price fluctuation, which is more than 30% against fiat currency globally.
And some considerable advantages are as transparency in accounting and monitoring, speed and governance. Government must have to focus on the advantages of this revolutionary technology by legalizing for a better upcoming future.
India is a democratic country. So the ruling government must have willing power to accept global economic and technical trend. Most of the time, ruling governments think about disadvantages rather than thinking of advantages.
Main disadvantages are not controlling or monitoring the flow and price of BTC. Another issue is no framework for tax calculation on the usage of Bitcoins. And a very important factor is price fluctuation, which is more than 30% against fiat currency globally.
And some considerable advantages are as transparency in accounting and monitoring, speed and governance. Government must have to focus on the advantages of this revolutionary technology by legalizing for a better upcoming future.
Almost a year discussi g about indian goverment for bitcoin guidelines how it regulate because they scares of crypto high volatility fluctuation. Government of india is interested abouy digital currecy to become legal but the problem is some official investing in bitcoin is look like gambling and gamble is not allowed to the muslim country.
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