Topic: India looking to Re-ban Bitcoin (Read 1007 times)

These are just unsubstantiated rumors. Check my previous post in this thread. No bill related to cryptocurrency is scheduled for discussion during this year's parliament session. Every now and then, some people want to spread FUD and will make rumors such as this one. If they are to be believed, India has banned Bitcoin dozens of times already. Don't fall in to this trap, and I am sure that India is not going to ban BTC for another 4-5 years.

I really don't know what the Indian government is thinking for banning the crypto trading again. There's a rumor circulating around that the Indian government might want to make their own crypto currency so that they can control the people who are trading. This should be a centralized exchange where they only allowed their own crypto currency to be use by the people but I highly doubt it if people would follow their government project.

This is not seems to be accepted one. At first bitcoin was neutral one in India.Some of people secretly inverse on bitcoin.In this year, I had read some news positive movement by India of bitcoin and crypto currency .So I thought,it will increase the bitcoin price.So I can't accept your words fully.

Who the hell cares? We don't live there. They idiots anyway. The Indian government should worry about feeding their people instead of being stupid. Countries like India are where crypto will help the most.
If they are afraid it just means we are getting stringer and are a threat to them. I would love to see people just allowing themselves to be arrested for crypto trading. I'm trading crypto wtf you gonna do about it? 

Re-ban? Does that mean the bitcoin was once banned already in India? well it's a sad news for me to know that India would be one of the country which cryptocurrency or Bitcoin is banned that means more users will not be able to use the cryptocurrency but it seems you said it would take 2-3 years maybe battle on supreme court I hope in you'll win this battle.

I believe it's just few persons in Indian Government that this crypto currency is not their favour that will be pressing for the ban of Bitcoin, because seeing the fact that their supreme Court has over ruled the case ones why are they still pushing. I believe the supreme Court has seen the benefits in Bitcoin. Also I think it will lack of proper knowledge and understanding of Bitcoin that is resulting to all this. Please their should reconsider their actions before taking full step.

In this case, the Supreme Court has taken a favorable view of the cryptocurrency. But still, the judgement can change as per the government policy. If the government comes up with a law banning the ownership and transaction of cryptocurrency, I don't think that the courts can remove that ban (at the most, they can give suggestions). Last time, the loophole was created because the government was not yet ready with a law regarding cryptocurrency.

Exactly my thought too. You just took the word out of my mouth. India may have the population close to China but her activities shouldn't determine what the rest of the world does or believes. From the look of things, Bitcoin isn't going away. The industry has come to stay. Banning Bitcoin will only cut India off the phenomenal tech. It will eventually be her loss, and that will end in regrets. When China banned Bitcoin in 2017, honestly I thought that would be the end of Bitcoin. But look at where we are today without China. I think campaigners should take the Bitcoin awareness thing to Africa. There is a huge emptiness there and a large market too for this tech.

It is a fine line when it comes to the interpretation of the law,  the mobile association approached the Supreme court challenging the ban imposed against institutions by the RBI and the legality of BTCitcoin and the important note i saw in the judgement is that the court reviewed and said that cryptocurrency is capable of being accepted as a valid payment for the purchase of goods and payment services and the RBI should think about regulating it.

The above highlighted is the almost exact quote from the judgement notes which means it is legal in the eyes of the Supreme court. If the government or the RBI come up with a counter point and convince otherwise we might see a different judgement, but as of now this is the situation.

Actually it is really sad news for the users of bitcoin in India. Country like India should allow bitcoin in this digital world. Though it is decentralized but it has a lot of benefits also.

The supreme court didn't declared that Bitcoin was legal. They declared that the banking ban on Bitcoin was illegal. Some of the analysts claim that this mean that Bitcoin is legal in India. As such, there was no ban imposed on Bitcoin. However, there was a ban on the use of bank accounts, for the purpose of cryptocurrency trading. This ban was overturned by the supreme court of India. 

These people are really confused, at first it was legal and then they banned it, after they started going to court and later we saw on the news that it is legal after a long time. Now they want to start another battle in court on this same Bitcoin? Whoever is pulling these strings like this is very dumb, why don’t they just end this once and for all? And btw what’s wrong with Bitcoin, BTC is not bad and why are they fighting against it?

Same supreme court that declared that Bitcoin is legal in India the last time? I am just confused as to why a supreme court would declare Bitcoin as legal, and some people will start up the same cases again, it just doesn’t make any sense to me.

Once again, this rumor has been proved false

Every now and then, some of the Bitcoin whales spread this news, in order to crash the Bitcoin exchange rates. However, this time it didn't had any noticeable impact on the prices.

Here is the confirmation:

https://cointelegraph.com/news/fresh-reports-of-indian-crypto-ban-are-clickbait-says-local-source


Let me confirm this once again: No such bill is scheduled for discussion in the Indian parliament.

The crypto situation in India has been on and off for the last few years. We are already fed up of these repeated judgements from the court.
To be honest it doesn't really matter now whether India accepts crypto or not because we still keep using Crypto now that P2P exchanges have been well established in India.
Even if they don't accept crypto, people will still be able to use it. So it would rather be more favorable for India to just accept crypto and regulate it.

Agreed, with the effort of government it is possible to secure the citizens from the scams in the name of cryptocurrency. Whenever there arises controversy related to cryptocurrency, automatically government come up with the statement that cryptocurrencies are full of scams and illegal trades.

When it comes to my country India, the government isn't strong enough to take good decision on digital growth. But, in each and every manifesto the government states it'll give importance to digital growth.

The Indian government frequently changes decisions regarding the legality of Bitcoin, now planning to ban Bitcoin.
In the near future it will lift the ban on Bitcoin again, this will only hurt investors from India. The Indian government
should not solve the problem of scams by banning Bitcoin, there are still many better ways to help the people of India
from scams in my opinion.

Think the best option would be for governments (such as the Indian government) to introduce their own decentralised coin on the blockchain platform

Instead of India placing a ban on Bitcoin for reasons best known to them, they should also see benefit in bitcoin owing the fact that crypto currency was a rescue route during the covid19 lockdown when all financial institutions were shut down as a means to cub the spread of Covid19. Bitcoin as a crypto currency does not require any building for it's transaction, It can be done at the comfort of your house just with your devices and gadget and internet connection and at a reduced risk or minimum risk if there is. So they can see opportunity in crypto currency rather than placing a ban on it.

Their is a funny comment on the news that the last court injunction that allow bitcoin in India enabled 480% price increase in bitcoin. Thats incredible! I hate this back and forth in regulation, if they want regulations that allow this trade, the country should enact it. In the few months of trade they already have enough to lose, something around $3 billion only in India. ATM I dont think other asian countries rely on India to make any decision on cryptocurrency, they already did.

I must be surprised why Indian government is raising this alarm of banning the usage of cryptocurrency because of some fraudulent acts committed or might have accused bitcoin to be a scam thing, there was a reason why Binance acquired WazirX exchange in India, so that reason could not be fulfilled?
I have really think on the other hand and asked why India banning of cryptocurrency in the country. I have never forgotten the factual news that aroused every corner of India about the Binance acquiring Wazirx exchange in India making every Indian citizens pushing into cryptocurrency and block chain as a whole, they(India citizen) had already sinked into the crypto sphere and I don't think the ban would actually stop them, wazirx made them know more and I'm sure the exchange implemented trading against fiat currency if I'm not mistaken.

They have more than 1.3 billion people and this is a country with a young workforce participating in the world's leading technology jobs. Cryptocurrency is suitable for them because it is convenient and knowledgeable.
India can ban but not completely control everyone. Nigerians have succeeded in their war for their state to accept Bitcoin and cryptocurrencies if in the future Indians are determined to use cryptocurrencies, then maybe their government will do like Nigeria.

This is very good, because while there will be a trial (and this is not a quick process as we know) that at this point the bitcoin will be a legal means of payment. Perhaps this is the best solution for India right now, because full legalization can have a bad effect on the state of bitcoin, because the state will lose huge amounts of capital.

Even though that was just still a plan and for under further discussion and might change up accordingly depending upon the presentation of data if they will re-ban Bitcoin or not, still it looks so tiring for people in India seeing banning, lifting and re-banning once again and for sure that the people are getting sick of it getting confuse on where they would be situated. Before doing such big decisions, the government has to review first all the concerns of the people with regards to that and widen the concept of understanding regarding the issue. The government must conduct and deep and thorough research about the matter and make them understand every concept why Bitcoin must not be put into the stake of re-banning once again. They must see both side of the situation before doing big decision that would supposedly be finalized so that it won't be a hassle and turning point of confusion on what is the real stand of India with regards to the issue of Bitcoin.

There are many governement like this, I understand the feeling of it because our government is doing the same. The economy is going down because of our situation and past problems but government is doing unecessary things that are not connected to the problem but just making new set of problems. It is like the re-banning of bitcoin in India, There are peoples from India who is relying on crypto for their survival and banning it could be a nightmare for them. This can be a domino effect later on if some countries saw the advantages of it and implement it on their own. They should just regulate it atleast not to ban it.

The Gov policies are quite hard to understand,  for the last 10 years they failed to create any new job, so the unemployment rate is too high, rather than creating new industries GOV have sold the GOV undertaking bodies to privet businessmen. Also, the Corona Pandemic has hit hard to the economy. As a result, the current GDP is down below -23%. Rather than looking after those problems and their possible solution, they are concentrating on stupid decisions like banning crypto which will have a more negative effect on the economy.

Yeah, i think you are right Imran232 mate, If there is a proper laws on the crypto currency use in indain govt. That can might possible but every county have their own laws and when they think anything could make any issue to their currency they might stop ban anything.This is not only ban in India it's also ban in some other countries like Bangladesh also ban this and strightly prohaibitate to  buy sell publicly declared as  illegal.But we also hope India will re-think it to unban and easy to use in india.

I don't see money involve in here, it was Bloomberg wanted to tell everyone that the India government do nothing good toward crypto but just making their people become hopeless on Bitcoin. You might have noticed it that this article is made a long-time ago, but the fact that it happens again (banning crypto again), they would also like to published back again.

Well, I'm not sure how consistent they are but seeing their actions, it was terrible and somewhat ridiculous.

Nice strategy from Bloomberg to make some money, there is no recent updates about the pending bill but they released an article about the old news with niche title so they got lot of revenue from their page views, but seriously we need to consider this old news for discussing?

instead of moving forward seems that they are going backwards here. if only their govt knows that some of its citizens are relying from their bitcoin income during this pandemic, they will understand its significance to their community. as ive read some posts here that right now, it is their source of income now that most businesses are still closed in their country.
but i guess, the total banning will not push thru. because when they will finally decide on this matter, a lot of countries already accepted crypto as legal. and i dont think they will want to be left behind.

A country so resolute like this in the ban of an emerging technology even after the Supreme Court invalidate their earlier action could as well channel their energy into endeavors that would better influence the life of their citizens and uplift their purchasing power thereby increasing their GDP and other economic indices. That being said, I think there is still need to understand the Indians way of life and the threat that they see in bitcoin for them to be hell bent on banning it rather than focusing on ways to ensure that its fully utilised and controlled to the best of its ability.

The good thing is that, they still didn't just let this kind of technology to pass such as the blockchain. Even if they ban bitcoin for now, there's still tons of cryptocurrency available for them to use. Though I believe that in the future, India will still have the opportunity to allow the use of bitcoin trading again. So far, we don't have the technology to trace every single transaction especially if they are using bitcoin mixers. Anyways, according the article, they have banned bitcoin trading, that means that some indians still have the capability to store bitcoins from services right?

As every country has it's own provision and  has the right  to passed the law so, it is familiar for crypto society.it can effect a bit but Indians and others are able to exchange it or use it as they want.so it is alright and if it's ban in India.It will spread more than the present time.

government of india only because if we look around us there are other governments that arent really threatened whenever they hear that theres a scamming , hacking and other illegal things happened within thier own country  . they dont ban bitcoin because of that reason but instead they do only trace those offenders  . why cant be indian country like that  ? but i think that arent going to happen based on the numbers of banning and unbanning happened to indian country .

Government will surely reacts when there's threat and there are illegal usages of this alternative currency.

Once they've found good reasons to ban bitcoin citizens don't have anything to do but to accepts the law then make a good images to reconsider again the decision.
Giving the government valid reason such as illegal transactions may really give a big impact to decide from this kind of rules.

I also heared this news. But if bitcoin will be ban in india it afftect to much in indian crypto industry plus indian crypto users. Because after crypto regulation in india lots of youth, lots of   stock market users, lots of tech youtuber coming into this platform and invest their money because they understand that bitcoin is future. They research about bitcoin and they enter this future industry. And they make it their primary investment platform. If it will be ban it affect them too much. I don't think it will be fully ban. I think india thought about this matter and they will make it with some rules like only indian country’s crypto people will use their own platform to buy sell bitcoin. So that government also get their tax from indian crypto exchange. I think it will be the best choice.  Because if it will ban people also use crypto by illegally and it will be tough for them to buy sell crypto. But if government make some rules to buy sell crypto without banning then they can easily buy sell and use it. Its my opinion. I think indian government think like this. Thank you soo much.                         

The Indian government has not yet banned Bitcoin. There was only a definite decision by the Reserve Bank of India, which was later overturned by the Supreme Court. The government and legislators of this country have not yet issued a single normative act in relation to cryptocurrency, and it is precisely these state structures that need to first of all determine their attitude towards cryptocurrency. We hope that it is they who will finally say their final word in relation to the circulation of cryptocurrency. We have long known the attitude of banks towards it.

I am not sure if the Indian government will do it in the end but it should be done for their country. Bitcoin is currently used in various misdeeds in India. Bitcoin is being used as their payment system for various crimes. And the biggest thing is that it is not a coin under any government. So the government is forced to do this to protect these misdeeds and crimes. However, many will suffer at the same time.

I do not understand why the Indian government wants to do this again and again. To my knowledge, unemployment is one of the biggest problems in India. This is why some people use Bitcoin as a way to earn money online. Even then, if the Indian government stops using bitcoin for the unemployed in their country, they will have to face this problem later. So I don't think it should be for the Indian government to declare Bitcoin illegal for their country.

Sounds funny but that is the truth, I guess they found out that banning bitcoin has no effect on them. There are plenty of people that really want to keep their bitcoin and they know that they will never stop those people who hold bitcoin because there is no proof or identity involve even if holding bitcoin while banned in your country is punishable.

What's wrong to them, are they blind? All they saw is the negtative effect of bitcoin they didn't even see how good the potential of bitcoin bring once you can adopt it.

No, they are not strict to Bitcoin but they are just kinda nothing to do with their life. Ban now and lifted it by the following days, it never makes sense anymore (not surprising, really), their people will keep their Bitcoin as they know that soon it was lifted back again. The issue isn't a way to make people become worried nor being hopeless about Bitcoin because their leaders will realize what they are wrong, absolutely wrong.

We have already seen this such news many times and I am not surprised at all with this drama. I think governments use this issue for political purposes. So, even if they really ban Bitcoin, then they will unban again Bitcoin in the future. For me, it is not so different from the government in Russia. They sometimes decide to ban it, then unban again with certain arguments. Well, let them do it, don't worry about it!! 

India is no different from China. I don't understand why these countries are strictly against Bitcoin. They will probably give a reason like Bitcoin is decentralized so its control will not be on them. But still they should know that Bitcoin is a very good alternative for fiat money.

I feel confused by the decision of the Indian government, not having the firmness of its decision regarding Bitcoin. Because it's always
been repeatedly banning Bitcoin, but soon it will lift the ban. Such a thing would be detrimental to their own citizens, I can't imagine
how stressful it must have been for the crypto community in India.

The news of banning the entire market is coming up again and again, there is no official announcement regarding this but some newspaper published a news regarding insider information it seems from the authorities that they are planning to implement a ban, i wont be surprised that the Modi lead government will come up with these ban because they have no idea how to run a country and how to main the economic growth and with all the blunders they did that damaged the economic that went to negative GDP and there is nothing to be surprised if they kill another upcoming market.

Companies who invested money will fight the legal battle but it will take years to get a resolution.

It's laughable to know government of countries still choose not to accept that the invention of bitcoin is revolutionary and it's only a matter of time before it takes over fiat currency to a large extent, if not completely.
Although this may seem as a setback for the crypto space, it is actually a disadvantage to the government of India. They are actually missing out on the numerous benefits of bitcoin and what it can do for the economy.
I do hope that they come around sooner than later to accept that bitcoin has come to stay.

I think the government in India do not fully understand how bitcoin works and having it's opportunity because they are making an awful and a confusing decision. I know they recently lifted the bitcoin banned in their country, and now they want to re-ban it again. So i think crypto enthusiast in India will not have a chance to experience the crypto world.

Of course, it's a shame that some countries cannot take the world of cryptocurrencies for granted and develop. I think this is another unsuccessful undertaking. Indeed, blockchain technology is a breakthrough in the development of mankind. It is a pity that authoritarianism hinders the development of blockchain technologies in some countries.

It seems that they aren't fully studying the whole application of cryptocurrency and still re-banning bitcoin after the lift.

It'll be sad for those crypcurrency enthusiast and businessmens who are trying to enter the crypto world. We all know that DeFi is one of the main project that is mainstream and for sure some of those in india are already planning to create one.

Their perspective of cryptocurrencies' future and potential will be gone because of this case.

This is a sad news to bitcoin users in India if in case the Indian government will likely to Re-ban again the bitcoin.I wonder why Indian governemnt are against the trading of cryptocurrency even if they have witness already that there are many countries out there who are doing good upon fully accepting the cryptocurrencies.

They should not be afraid to cryptocurrencies especially if they like to progress because there is a big possibility that crypto currencies will fully replace fiat in the future.

This government gets high on banning things. What they don't seem to understand is that banning stuff only opens back-door channels and ultimately encourages illegal usage.

Take state of Gujarat for example. Sale of Alcohol is banned and hence it was declared a 'dry-state'. But do you really think that no one there is drinking alcohol? Just recently a transport was caught transferring alcohol worth Rs. 18.85 Lakhs when it was suppose to be travelling with Covid-Medicines.

What they could have done instead of banning alcohol, make regulations on how and where to/not drink. Make it expensive, so not everyone can afford it and that would have stopped the problem of people excessively indulging in alcoholism. State governments get 2000-3000 crore in tax through alcohol only. Banning it is only denting the economy.

Same way, they could keep Bitcoin legal. As it is right now and just add more rules to it on how/not to trade it. Add tax on buying and selling it. And let India be a part of the growth that cryptocurrency is.

But no. It is dangerous because some of the criminals use it to commit crime. So, no body should use it.

---

Want to know what was recently banned? ONIONS! Yes, the government has banned export of Onions because the price is expensive for locals.

And the farmers who grow export quality onions which costs a lot in seed/farming are now forced to sell their crop at local market on cheaper price.

And they're protesting it. Some might even commit suicide because they took loans and they could never pay it back if they sell it for low price.

But who cares? Media doesn't. It is more important for them to show Rhea/Kangana nonsense.

ccto

 LOL

Why is this thing a non-ending for India? Honestly this has been talked for a couple of times. I guess their government should settle for a final decision coz it ruins people who's into bitcoin in India. Imagine they banned it, they give people time to get rid of their bitcoin selling in even low prices then they will allow it again. It's bothering how India's government is indecisive, can't fully commit to something.

I think, it will be difficult for India to Re-ban bitcoin.
Most of their youths are now getting the knowledge of how to make use of bitcoin and how to use it to invest and make massive profit. Bitcoin is a decentralized, isn't control by the government, that is why some government officials in India are not too happy the way their youths are using it to develop their self in the country.
Banning bitcoin in this pandemic it  will really affect their economy, because covid-19 has really reduce the economy to lower level.

Lol, is the never-ending game, not only India... Rusia and China have the same mixed feelings about bitcoin, some days they love it and the next day will try to ban it. We can call them bipolar countries.

Is important to mention India is having some big conflicts with china right now, so, that war tension should be one of the reasons.

I still don't want to believe that the Indian government will re-ban Bitcoin. If a country with a huge economy like India bans bitcoin, I think it will be as harmful for the Indian economy as it is for the crypto world. So the Government of India should not ban crypto but educate the people about crypto and its investments so that they can easily understand, see and avoid frauds. Just as a head should not be cut off for a headache, it is not right to ban crypto for a scam.

Based on what I have read on the article posted by the OP, international crypto exchanges didn't want India to ban crypto trading (Of course) so they also fight for the Indian crypto traders that is why bitcoin trading became legal way back before. Perhaps, at this time, there's an increase of frauds that leads to government to ban trading at all. I am not stereotyping Indians as I know that they are good in terms of technology. But I also see allot of Indian scammer videos in Youtube. China banned their people to invest in ICO's but they allow trading and the profit of their people is considered as Virtual Property, this could also be adopted by India IMO.

India is one of the countries that actually need blockchain to power their economy crisis. This is a ridiculous scandal, specially when all that court money could have been used for something much more productive than this futile argument. Honestly, is like people don't know when to give up, and instead they waste all their efforts aggravating the situation. The people of India should stand up to this unreasonable 'battle'.

at this rate, they are just wasting precious time discussing this issue. I assume that they already knew the pros and cons of bitcoin when they decided that it's it worth to unban bitcoin/cryptocurrency. are their congress incompetent that they doubt their decision to unban bitcoin?

I agree that they will also benefit if they will regulate it instead of banning it, as stated in the article. It is also mentioned the cons of banning it in India

It will affect a lot of traders in India so they should probably look at this thoroughly before implementing a law to ban bitcoin. But I think it will take them a lot of time so maybe it will enough to make a better decision for their country.

Maybe they are out of topic to argue with? Banning Bitcoin seems very ineffective and pointless as anyone can access it with just an internet connection and a computer or smart phone. Not to mention Virtual Private Network which comes very hand whenever websites relating to bitcoin market is blocked. Better accept it and let the entire citizens of India get informed of Bitcoin before the entire world starts to use it. I know a lot of smart people in India and they are very hard working so they should not just ban it instead support Indian developers and investors relating to blockchains and bitcoin.

It looks like I already read a lot of news regarding this banning of bitcoin in India well they have different reasons and they don't want to increase the risk in some instances.

It depends on them if they want to adopt the use of the bitcoin because most of the time we are using the bitcoin as the mode of payment. Also, we can't avoid that there are some issues related to it.

Still, if you want to pursue using the use of the bitcoin you can download a virtual private network so they won't detect your location if you want still using the bitcoin.

For me using the bitcoin is one of the most efficient things they created because it's easier to send some funds without too much hassle.

I don't know if this is just an experiment for them since they've been going back and forth with these bans and regulations. I guess this would take more time and I think we should just let them be for now since they are having a problem with the pandemic now. Since the number of investors of crypto currencies is increasing in India, I think they are thinking that they might not squeeze more tax on these people, just my prediction though.

Seems they're talking mostly about Cryptocurrency Trading and not banning any particular cryptocurrency. I think this shouldn't matter much if you work, earn in Bitcoin and buy things with the Bitcoin.
By the way, it's not good idea to ban something that is good, harmless and useful when you could instead prevent people from misusing or abusing it..       It's important that fellow users in India use/trade cryptocurrency more in decentralized manner. It's better to have the government regulate it in this manner (decentralized) than centralized regulations. That should help keep activities and things within the crypto space decentralized, transparent, accountable, immutable, community-driven, trustless/permissionless, etc.
You could easily take this route ^ without breaking any Good/Just Law of the country.

It is a rediculas matter that India once legalize and after few days think to ban. This circle has been continuing over the years. Majority politicians don't know about cryptocurrency or they don't understand truly what is cryptocurrency. A country Govt can take any decision, it is their legal rights. We  only can expect a good news from the Indian supremecourt.

Why is it India government has back and forth mindset? At first they agreed on bitcoin adaptation then now ban again. Is it the government to be blame for this or just people from this country giving fake news here in the forum? Generally speaking it could be higher chance that the user spreading fake news could be living in India. Anyway, whatever confusions that happen to them still no change will going to happen for bitcoin system. User will tend to use bitcoin either if it is ban in their area or not. Unless India government will strictly implement laws in prohibiting the use of bitcoin.

Maybe, the problem is about the possible regulations of bitcoin in their country. Most of the people in their country are not that knowledgeable or well-informed about the use of cryptocurrency in their country that's why instead of legalizing it, they prefer to ban it. It takes a lot of time and courage for a country to study how bitcoin works and why is it important in the market and economy.

Just like other countries, they still think that bitcoin is a scam, fraud, and not a real currency. It is digital but it doesn't mean that bitcoin is not really existing, it does exist in the market and it dominates other currencies. Hoping that this 2nd to the most populated country will soon understand how bitcoin can change an economy to become greater.

 
The same thing crossed my mind when I read the title. Another page/topic in the Indian saga, the new Mahabharata of the government and bitcoin.


Hihi, what customers? Central banks don't work with individuals.

and just like China all the news has been fake too.
India never banned or unbanned bitcoin similar to China. the only thing that happened was that their reserve back stopped letting bank users to buy bitcoin using their services.
keep in mind that "banning bitcoin" means people would not legally be able to own, use or trade bitcoin which did NOT happen in India ever.

Let them do what they want and it doesn't really matter whether the country allows it or not, Bitcoin price will keep rising without their contribution. If they banned it again, they will make some history where a country has lifted its banned on bitcoin and banned it again for some particular reasons. Now that the price is flourishing in the market even though we have a pandemic, India's banning bitcoin will not really affect the market in a big way. maybe the price will fall but it will continue to rise after that.

Well, they have been in this on-going battle since 2017, so I don't know why the government is taking too long to react.


It's interesting to note that RBI is fighting hard to ban bitcoin. For me, they treat bitcoin as a competition and just hides their excuses like "it is being used by criminal" shit and all that negative stuff. Yes, the country will really benefited a lot if they go crypto, but that's what RBI doesn't want to happen. Unbank people into crypto, they are going to lose a lot of customers and of course money in return.

It's a big country and it will always have all kind of of proposals. Most of them are not going to pass. These kind of bills are from old people that aren't very tech-savvy, and these old people will lose in the end. Big headlines just makes me think that someone wants markets to panic on every bill they propose.

India is just too afraid of the capability of cryptocurrency and with the power and profit it could give to traders, in which they cannot imply nor track all of the Indian or any people that resides to india that trades with crypto and gains in it, nor tax them with such activities. All they can think of is banning it, it wouldn't take years if they would simply ban it with the India's Internet Service Providers or Telecom Companies, unless the court would progress slow with the investigations and the implementations of the law. It's a normal case in many countries, but it usually just fades away with the fact that they couldn't handle the vast network of crypto.

True! India is going back in time under the current regressive government. They are building temples and monuments instead of factories. They are charging people with anti-nationalist charges for criticizing government. India is slowly becoming North Korea under Modi government.

The problem is with the education of the politicians. Majority of the politicians of India are uneducated and corrupted to the core. They only know how to make millions of dirty money through their corruption. Banking lobby is also playing in background and bribing the government officials to push such negative legislation against crypto.

God save the country!

These rumors have been going around for the last 2-3 years and no concrete step has been taken by the government in this regard. Recently the supreme court of India ruled that the banking ban on the cryptocurrency trade was illegal and struck it down. As of now, there are around 1.7 million active cryptocurrency traders in India and it looks very unlikely that the government would do something drastic.

India government are still contemplating the pro's and con's of cryptocurrency in their country. Whatever the final decision, I believe it is all for the betterment of their own nation.

Anyhow,


If they'll gonna take this advice, this may eventually be a good decision, too. They may actually do some implementation and jurisdiction on how and where to use cryptocurrency. Afterall, there is always a good future gain in their country.

on the grounds of fraud they prohibit bitcoin but bitcoin is increasingly accepted by many people, they ban bitcoin in the future they will know that they are getting behind.

They really don't want to let go, many countries are now relaxing on Bitcoin they should take the cue on those nations that it's not harmful for the people and the economy to just regulate Bitcoin, this is old thinking in the future Bitcoin will be the most used Online Currency in the world and they will find out that they are left behind.

It's still under discussion and not a straight-up ban, so I suppose there's still some chance it may actually survive. Still, it seems like they are planning to explore cryptos in general and blockchain, but not Bitcoin itself oddly enough. I see no negatives in allowing Bitcoin, and honestly, their reason for banning due to the string of frauds (according to the article) seems pretty stupid imo, it's like the usual argument of blaming the medium for doing something evil when the owner was the one that did it.

It'd actually be a lot better if they instead educated people about crypto and investments, so that frauds could easily be seen and avoided by most people. Unfortunate for those investors that entered India when they unbanned Bitcoin though, hope that India actually just puts up a proper solution instead of a straight up ban.

India is the new China in terms of banning/unbanning Bitcoin, except India is less important because it doesn't have all those mining farms, and it's also not economic powerhouse, so its decisions are as impactful. Won't be surprised if they will keep trying to ban and unban it for years. It's sad that some or even many investors will be negatively affected by this, kinda ironic that India's governments is doing it to protect people from scams, yet they themselves cause more damage with this ban.

This isn't not yet implemented since they are planning to have a law towards Bitcoin and other cryptos to ban in India.
I heard this before and this isn't a fresh news, we can't blame them if the number of fraud cases that connected to crypto has been grown in that country. But someday they will realize that those fraudulent services must seize not the crypto itself, the RBI has noted this that's why they want to prevented banks from providing services in support of cryptocurrencies.

Their country, their rules. Probably they had already suffered of many fraudulent that involved cryptos. It's better to abide the law because as I read, it is punishable with a fine or imprisonment if some who will caught direct or indirect use any private virtual currency.

It's all speculation. There is tension and there is a chance that it may happen but as long as it's not yet banned, there's no need to think of it. Most people don't seem to be against bitcoin in India and many of them like it. RBI is provoking the whole crypto scene in that country.
Otherwise, there's not that much problem in adoption in that country AFAIK.

They should also look into other fraud schemes not just with crypto. Almost everything that are related to finance have fraud in circle.

They will need a throughly research regarding this matter, it's not necessary to ban it, but it will be better if they will able to spread word or educate their people how to fully use it to avoid scam projects, we all know sooner or later crypto will be adopted by many and they were lucky enough that it was already made legal in them, what they can do now is to harness the possibility that it can be used in better transactions and how they can improve so people will be aware and stay away from scammy projects.

I also disagree with the new ban on cryptocurrencies in India it is utter nonsense. According to the article, one of the problems is to avoid the proliferation of frauds. But that could be solved if the government accepts cryptocurrencies and educates people not to be victims of these scams.

Sooner or later the government will have to give in and give cryptocurrencies a chance as other nations have accepted.

A transformation with currencies, banking and finance will be noticed when China launches the digital Yuan, propelling the economy into the digital age.

Just let them be and actually people got already tired on kind of news which do ban and then lift off then ban again like situations.If they totally get rid of it then so be it if they go back then its a good news, just like that.

Each country do have its own jurisdiction when it comes to things so it wont be a surprising stuff to look or see these kind of decisions but its already getting boring for us to look or make it as a serious thing.

2-3 years battle?  Why they can just focus on one side of things?

Looks like is India is going full circle and trying to ban Bitcoin  again after the supreme court over ruled the previous ruling by central bank of india in March.

They also seem to be taking the blockchain good bitcoin bad argument. Some governments just don't know when to stop.

Im guessing they will be another battle in the supreme court which will carry on for another 2-3 years ridiculous.

Source :
https://www.bloomberg.com/news/articles/2020-09-15/india-plans-to-introduce-law-to-ban-trading-in-cryptocurrency?srnd=premium-asia