Topic: India just BANNED Bitcoin? Will BTC now crash? - page 14. (Read 2611 times)

Bitcoin is not legal tender in India, bitcoin will not have a special effect on it, bitcoin is not traded in India, some traders are already doing business with the permission of the government, currency exchange exchangers are also involved in this.

Personally I think India confused. Their stance now exemplifies double standards to the apex. How can you love blockchain and hate on bitcoin? This is like robbing Peter to pay Paul.

Mr Jaitley blasted those who use bitcoin and other virtual tokens for illicit purposes and underlined that his Government has “consistently maintained” this position for months.
source
https://www.google.co.id/amp/s/www.express.co.uk/finance/city/913234/bitcoin-ban-blockchain-news-India-BTC-finance-minister-arun-jaitley-cryptocurrency/amp

what is the great influence of india ban on crypto? how many crypto users in india country? is there any data about this?
I don't think there is any major influence from India ban on crypto. it's just that the market is currently low and very down. This is not the effect of the India ban. I think only a few percent of Indians are involved in crypto.

https://www.ccn.com/no-india-isnt-banning-bitcoin-as-mainstream-media-gets-it-wrong-again/


Contrary to the – now global – news coverage of Indian authorities enforcing an imminent ‘ban’ on bitcoin and other cryptocurrencies, India is, quite simply, not banning cryptocurrencies nor their trading on exchanges.
As CCN reported yesterday, India’s finance minister Arun Jaitley was delivering the country’s budget for 2018-19 when he touched on the subject of cryptocurrencies and their usage in the country.
To quote, Jaitley stated:
“The Government does not consider cryptocurrencies as legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payments system.”
The takeaways from the statement are:
Indian authorities do not recognize bitcoin as legal tender.
Indian authorities will crackdown on cryptocurrency usage in illegitimate activities and;
Indian authorities will dissuade the public from using cryptocurrencies as payment instruments.
Jaitley did not make any pointed remark on a ban of cryptocurrencies, nor signal a clampdown on cryptocurrency exchanges. A side note – India’s tax authorities are, in fact, using the help of cryptocurrency exchanges to chase tax evaders.
However, the immediate aftermath of Jaitley’s remark sparked a torrent of erroneous reporting from India’s national press and mainstream media outlets about the Indian government outlawing and banning cryptocurrencies.
“Arun Jaitley has just killed India’s cryptocurrency party,” screamed a headline from Quartz India, one of the earliest mainstream publications to report on the finance minister’s statement. ‘It appears to be the end of the road for cryptocurrencies in India’, read the introduction to the article with the rest following in a similar tone.
A prominent news anchor for a major TV news channel watched by tens of millions of viewers wrote: “Bitcoin to be banned. Crypto currency illegal in India says Arun Jaitley” on her Twitter account of over a million followers.
“India vows to eliminate use of cryptocurrencies,” read a dramatic headline from Reuters India, pointing to a “no-holds-barred attack on virtual currencies such as bitcoin” by Indian authorities.
Global mainstream reports ran with the same narrative. “Bitcoin Price Slides Again As India Announces Ban Plan” read a headline from Fortune. That has since been amended to “India Just Caused the Price of Bitcoin to Slide Again.”
No Ban. Repeat: No Ban!
As CCN stressed yesterday, none of the above rings true. To be precise, Jaitley spoke of a crackdown on the abuse of cryptocurrencies in illegal activities as well as their use as a method of payment.
Indeed, in an interview with Indian state-owned broadcaster Doordarshan following his national budget delivery, Jaitley was explicitly asked if the government was moving to ban cryptocurrencies.
A direct translation of the exchange reads:
TV Host: We’ve seen a lot of excitement over bitcoins. Why aren’t you banning it instead of stating it isn’t legal tender?
Jaitley: We are discouraging people from using it now. There is a government committee that’s looking into it right now and they will announce their decisions and next steps after they are done.
Still, no ban. The reference to the government committee is the long-established “Virtual Currency Committee’, an inter-disciplinary committee comprising of representatives from a number of ministries as well as those from the central bank and India’s biggest bank (also state-owned) tasked toward proposing a regulatory framework for cryptocurrencies in India. The committee was established by India’s Ministry of Finance in April 2017. To date, no findings have been made public yet.
What’s the Fuss About?
For India’s bitcoin industry, it’s business as usual.  Sathvik Vishwanath, chief executive Unocoin, one of India’s largest -and best-funded – bitcoin exchanges told CCN:
“We did not see any change in the stance of the government. We are pleased the authorities are taking action against illicit usage of cryptocurrencies but, otherwise, there is no reason for any panic. It’s business as usual at Unocoin.”
Zebpay, another leading Indian cryptocurrency exchange, added:
 

To the contrary, India’s bitcoin industry is buoyed by the finance minister’s remarks on cryptocurrencies during a national address in delivering the nations’ budget.
“When a platform as significant as the Union Budget speech mentions cryptocurrencies, it is clear that the sector is coming of age,” read a statement from the Blockchain and Cryptocurrency Committee of India.  “We welcome this positive development, and see it as an important milestone in the journey to policy-clarity and consumer-education.”
Meanwhile, India’s mainstream media has previously jumped the gun with false reporting on cryptocurrencies and their legality in the country. In March 2017, a number of major Indian media sources incorrectly reported bitcoin has been classified “illegal” by the Indian government.
In summary, do not be misled.  India isn’t banning cryptocurrencies, nor their trading in the country.

In fact, the government claimed that instead of this, it would encourage the use of blockchain technology in traditional payment systems, indicating that the Indian government saw the value behind the crypto.

Its fake news, its just rumor. They want you to sell it, so they can buy at cheap price.

Seems like bitcoin was hit hard today, price went under $8k means, people selling their bitcoin, and less people buying it. As new came out about India, but i think it's not related to India only, may be some other reasons too, as we all know India is not a big player in this market. However it hurts to see the price this low. hope it recovers soon.

If youve got any sense you will buy now

We have been watching this negative impact of the market of cryptocurrency. Bitcoin suffers as well as the other altcoins. However India is not the #1 player on the market. That is why BTC will grow again.

The news is having a quite big impact, as evident from the 20% to 30% drop in the exchange rates. India had emerged as one of the major markets in 2016, after the government implemented the demonetization measures. Now a lot of investors (both Indian and non-Indian) are going to lose a big part of their hard earned savings.  

no. I think not like what you say. India does not have full power against bitcoin, unlike the country of bamboo curtain (china)
only small groups are involved in bitcoin within the country of india. so according to my calculations, India will have no great effect on bitcoin and crypto.

I think this news won't have big impact on bitcoin price , because bitcoin is worldwide currency. So this news may have impact for people who live in India and now they affraid that they won't be able to use bitcoin. I suggest to not sell bitcoin now , it can be just news for dumping price. btw. this is good time to buy it for cheap price.

This is not accurate and authentic news. India has not banned Bitcoin but only warned its citizens to be careful with cryptocurrency and in case if anything hilarious happens the government will not be responsible for it. This is not something that could seriously affect the Bitcoin price.

Even if India Ban Bitcoin I think it will have no great effect on the price interms of drop because we have heard bitcoin banned by countries and have seen it as well. My opinion about Bitcoin price changed after China banned Bitcoin I don't any country else than US government are more influential to bring it's price low. So, stay cool and utilize the opportunity to buy BTC @ $8.5K only. I am going to buy as many I can.  Its time to be greedy for Bitcoin.  

I've read in this forum last time that india legalized bitcoin, I'm surprised that they banned it now. what could be the reason for them to ban bitcoin quickly? was it because of the price drop?

It seems like that the markets have responded very negatively to this news, and it is to be expected.

However, the thing of interest is that there is actually no evidence as of now that the government is actually banning bitcoin. It is most likely going to be something like regulation of bitcoin to ensure that bitcoin doesn't get used in the black markets and so on.

If bitcoin was banned from India, then surely Unocoin, one of the top Indian exchanges, would be down. But it isn't. And it even came out with an announcement saying that nothing has changed from their PoV since the government's speech.

This is a classic panic dump right now... Don't sell into this.

i mean, Bitcoin is very good attraction for younger jenaration, BTC never crash

The more FUD the more it validates crypto in my opinion... I look forward to when we have full decentralization via the entire stack so that a government 'ban' has even less meaning

Haters of cryptos in the media uses every available government statement to highlight their dislike of bitcoin. It was a similar situation with South Korea where it was widely reported of ban. Same also with the statement of UK Prime Minister. Some section of the media just wish cryptocurrency dead.

it will not crash bitcoin since market of BTC is not just India, it is worldwide.  India is just a portion of the whole world.
there is still a lot that remains supporting it and continuously increasing community coming in.