Topic: India declines Bitcoin Legalization Again - page 7. (Read 1086 times)
lets see.in a few years they will decide to make them own coins who agains to crypto now.its just a matter of time.they will do that when they realized they already miss the train.
Countries are cautious about this. There is no country that offers serious legal infrastructure yet. But for some reason there is an expectation from India.
The Indian government have always been against bitcoin and the entire cryptocurrency industry because the can't control it and is running on a decentralized mechanism. I have never expected any approval from Indian because the bank is in control over all the financial transactions that control the economy.
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.
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.
so can we expect another huge bitcoin price surge over in India? how much higher is it going to go this time?
i remember last time they started cracking down price was around $2000 in USD markets and about 40% higher over in India markets at a premium price of $2800. if they keep it up again we may see that be repeated and new ATH be reached over in India while the rest of the world watches Indians fill their pockets with bitcoin
i remember last time they started cracking down price was around $2000 in USD markets and about 40% higher over in India markets at a premium price of $2800. if they keep it up again we may see that be repeated and new ATH be reached over in India while the rest of the world watches Indians fill their pockets with bitcoin
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
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 Indian government is unable to understand the depth of bitcoin the technology and the government will probably devise a plan to seek a mutual ground with the crypto-exchange firms to regularize it mainly i see that via KYC implementation to ensure no more black-money or money laundering is implemented as they have suffered through that in the past and are trying to avoid the same problem.
Seems like they really are against cryptocurrencies even after some groups in India have already lobbied for the legalization of the said financial tools/assets. This is the second time the draft and framework was reviewed, and also the second time they have rejected or showed negative signs of accepting the said proposal which sucks since there aren't anything really that could harm India's economy should they accept the legalization of crypto. Perhaps people of India need to show more interest regarding cryptocurrencies before RBI and the government of India see this venture as somewhat gainful for their end after all.
The Indian government is preparing guidelines with the help of prominent auditing firm in Delhi for suggestions probably by this year end we may get clear cut clarity from the government before that we can't come to conclusions on Indian government regarding legality of cryptocurrency
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.
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