India may again ban cryptocurrency - page 2.

Juggy777

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Quote from: pragna on July 23, 2020, 01:51:16 AM

Quote from: Pffrt on June 13, 2020, 08:59:54 AM

There's a possibility of India to ban crypto again. According to an article by decrypt, "A new bill in India may be proposing up to ten years of prison or fines up to $3.3 million for using cryptocurrency."
If the bill passed, the chance of having Indian into the crypto space will be very low as the punishment is too high.
Source- https://decrypt.co/32160/india-considers-another-widespread-ban-on-bitcoin

Actually i think ban and acceptance is a part of any matter specially if it goes with economic sector it need more excrement. Not only INDIA but also many government now in experiment trial with cryptocurrency. As it is decentralized and no world wide regulated body so they must think more and more time before acceptance. I think its a good news for BTC because the more it matter will happen in different countries people will know more about it and lately they will accept it.

Quote from: bryant.coleman on July 22, 2020, 11:30:02 PM

Quote from: ?? on ??

The bill is usually very close to being passed although the ruling was initially legal the Supreme Court later ruled that since cryptocurrency is not a legal tender IMAI filed a lawsuit in the Supreme Court. They claim that cryptocurrency is basically a kind of product these digital currencies are not made by any country's government or central bank so they later banned it.

No. The bill was not even finalized. In short, the proposal was not put in to a bill. The person who came up with this proposal (Subhash Chandra Garg, the then Finance Secretary of India) was fired even before he could finalize it (he was fired for incidents unrelated to cryptocurrency). Right now, there is no ban on cryptocurrency in India. However, there is a ban on the usage of cryptocurrency as legal tender.

@bryant.coleman I did a quick google search to find if Bitcoin’s are yet legal in India, and I have found out that the Indian government is preparing to pass a law which will make it illegal to hold, transfer or even mine bitcoins. Further according to the article the government has swung into action because India’s top court had ruled that bitcoins were legal in India, and they may very soon pass this bill which will completely crush bitcoins market in India.

Source:

https://economictimes.indiatimes.com/news/economy/policy/with-a-law-india-plans-lasting-ban-on-cryptos/articleshow/76330403.cms

pragna

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Quote from: Pffrt on June 13, 2020, 08:59:54 AM

There's a possibility of India to ban crypto again. According to an article by decrypt, "A new bill in India may be proposing up to ten years of prison or fines up to $3.3 million for using cryptocurrency."
If the bill passed, the chance of having Indian into the crypto space will be very low as the punishment is too high.
Source- https://decrypt.co/32160/india-considers-another-widespread-ban-on-bitcoin

Actually i think ban and acceptance is a part of any matter specially if it goes with economic sector it need more excrement. Not only INDIA but also many government now in experiment trial with cryptocurrency. As it is decentralized and no world wide regulated body so they must think more and more time before acceptance. I think its a good news for BTC because the more it matter will happen in different countries people will know more about it and lately they will accept it.

imstillthebest

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I am not so worry about this information because in the past, there are many countries that have published bans to cryptocurrency but by many ways, their citizen still buy and sell their crypto and when a whole host of countries in over the world accept it, that bans will be no more meaning

what do you mean by banning in many ways ? you mean by different degree like low , medium , high ? the country you use on your example will be fall on low to medium degree of ban because you said they can still be able to buy and sell crypto . thats not threatening but im more concerned on the others that thier ban is on high degree . india could be consider as one of them because of thier punishment which is too harsh . this is sad , why indians have never given a freedom to use cryptos .

bryant.coleman

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Quote from: ?? on ??

The bill is usually very close to being passed although the ruling was initially legal the Supreme Court later ruled that since cryptocurrency is not a legal tender IMAI filed a lawsuit in the Supreme Court. They claim that cryptocurrency is basically a kind of product these digital currencies are not made by any country's government or central bank so they later banned it.

No. The bill was not even finalized. In short, the proposal was not put in to a bill. The person who came up with this proposal (Subhash Chandra Garg, the then Finance Secretary of India) was fired even before he could finalize it (he was fired for incidents unrelated to cryptocurrency). Right now, there is no ban on cryptocurrency in India. However, there is a ban on the usage of cryptocurrency as legal tender.

suzanne5223

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Quote from: ene1980 on July 22, 2020, 06:32:30 PM

Quote from: suzanne5223 on July 21, 2020, 06:27:46 PM

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With that been said, the india government dont clearly say they legalize bitcoin but in a situation when government allow the institutions to work with crypto exchange we still say they support crypto market.

This is a situation many countries, most the government did not come up with a regulation or a law that says bitcoin and cryptocurrency trading and transaction are illegal and we are in a grey area and from what i understand these government cannot ban something without understanding the market as people will overcome those bans and it will create a headache if you are not involved in any illegal activities while the market is legal in other countries.

That's correct. This was what caused the situation in India and their government find it too hard for them to ban Bitcoin. However, when bitcoin was banned in China then some people still make use of it but I think the government needs to understand that no matter ban or stunt they pull cryptocurrency is inevitable.

ene1980

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Quote from: suzanne5223 on July 21, 2020, 06:27:46 PM

~
With that been said, the india government dont clearly say they legalize bitcoin but in a situation when government allow the institutions to work with crypto exchange we still say they support crypto market.

This is a situation many countries, most the government did not come up with a regulation or a law that says bitcoin and cryptocurrency trading and transaction are illegal and we are in a grey area and from what i understand these government cannot ban something without understanding the market as people will overcome those bans and it will create a headache if you are not involved in any illegal activities while the market is legal in other countries.

jademaxsuy

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Quote from: shield132 on July 22, 2020, 02:52:43 PM

Don't understand what's the purpose of such actions and decisions. Are they afraid that someone will use cryptocurrencies for illegal purposes? Well, then why don't they ban selling of house knives? Someone can kill someone by it but it's sold legally without requiring any document and psychological situation. Such a silly movements without any logical explanations. After all, this pandemic situation affected indian population badly and instead of giving people opportunity to earn some money, they kill all ways to exist.

Education is really the answer for this problem. If they can educate the community pretty sure that bitcoin willl put to good use in accordance on how it was being created and the feature that bitcoin has offer. There also times that when we do teansaction we do ask to be anonymous and to avoid into getting into influences.

There are many things that should consider here before they will ban bitcoin. First is that if they can't really solve the problem in community and second if it is.really needed to ban bitcoin.amd third if they will need to get back to use the bitcoin system in the future.

shield132

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Don't understand what's the purpose of such actions and decisions. Are they afraid that someone will use cryptocurrencies for illegal purposes? Well, then why don't they ban selling of house knives? Someone can kill someone by it but it's sold legally without requiring any document and psychological situation. Such a silly movements without any logical explanations. After all, this pandemic situation affected indian population badly and instead of giving people opportunity to earn some money, they kill all ways to exist.

Sebas.tian

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Quote from: htsy585 on June 16, 2020, 03:21:49 PM

Quote from: Pffrt on June 13, 2020, 08:59:54 AM

There's a possibility of India to ban crypto again. According to an article by decrypt, "A new bill in India may be proposing up to ten years of prison or fines up to $3.3 million for using cryptocurrency."
If the bill passed, the chance of having Indian into the crypto space will be very low as the punishment is too high.
Source- https://decrypt.co/32160/india-considers-another-widespread-ban-on-bitcoin

I was shocked when i saw the news on icodrop's telegram news channel because the whole crypto space celebrated the victory of cryptocurrency being legalize by the Supreme Court early this year in indian so since then, I've been wondering what could be wrong that warranted the proposal of such action to ban cryptocurrency activities all over again

There's nothing to border about because the Asian countries are most afraid of the cryptocurrency because of it volatility, I guess. Though, this ban has be raised several times from India, they can't ban Bitcoin because; Bitcoin is a technology and from history nothing immerging like technology had be ban, so, Bitcoin can't be ban for any reason for now.

Ridwan Fauzi

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Quote from: Assface16678 on July 18, 2020, 10:12:13 AM

I don't think so that is banning with the use of the cryptocurrency may help your country because today right now it is a good thing to make easier to do also right now we have this pandemic outbreak and one of the easiest things we should do is avoid having the use of the physical money instead use the online method which can possibly use the bitcoin also with other coins to make transactions.

Each country have different manner into crypto currency, in your contry as example you are allow to make your all payment system using crypto currency especially bitcoin because your government has been regulated it. But it would be different in some country who still ban crypto used by a payment system.

Although in this situation where pandemic has spreading you have to use money fiat as a tool for payment system. Other than that there is no merchant who will accept bitcoin and other currency beside your money will be accepted. Anf I think each country have had a digital money, you can use your bank account to make every transaction.

bryant.coleman

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I don't think that the government has any intention to ban cryptocurrencies. Because the last time someone suggested that, he was fired. Subhash Chandra Garg (the then Finance Secretary of India) wanted the government to make trade/mining/possession of cryptocurrencies a criminal offense. He suggested jail terms of up to 10 years for anyone found to be holding cryptocurrency. Just a few weeks after he made this stupid suggestion, he was kicked out from his job by the government and replaced by Rajiv Kumar. Now this guy (Subhash Chandra Garg) is holding press meetings and conferences, demanding that the government should ban cryptocurrency. And from what I have heard, no one takes this loser seriously anymore.

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Quote from: Debonaire217 on July 21, 2020, 11:42:35 PM

This is too hard, upon visiting telegram, we could encounter too many Indian people who are actively sharing airdrops. There are also some mining facilities in India, and I found this news, concerning supreme court allowing cryptocurrency to be part of the formal banking system. And upon looking to the article itself posted by the Op, the fine for people caught using crypto is too high

According to Giottu's co-founder:

Quote

Similar news has come multiple times in the last four years, but nothing concrete has followed.

Perhaps, cryptocurrency being one of the leading payment innovation, and knowing India as one of the most technologically inclined countries, for me, completely banning cryptocurrency is unlikely to happen.

Debonaire217 it's unlikely to happen, and I doubt that India is capable of banning crypto-currencies. India is big country and
the government can't control everything.
I remember I read the same news before, and except news itself I didn't see any actions that could possibly support their
intentions. They are just trying to scare people, to keep them afraid and under control.

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This is too hard, upon visiting telegram, we could encounter too many Indian people who are actively sharing airdrops. There are also some mining facilities in India, and I found this news, concerning supreme court allowing cryptocurrency to be part of the formal banking system. And upon looking to the article itself posted by the Op, the fine for people caught using crypto is too high

According to Giottu's co-founder:

Quote

Similar news has come multiple times in the last four years, but nothing concrete has followed.

Perhaps, cryptocurrency being one of the leading payment innovation, and knowing India as one of the most technologically inclined countries, for me, completely banning cryptocurrency is unlikely to happen.

suzanne5223

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Quote from: ene1980 on July 21, 2020, 09:30:28 AM

Quote from: suzanne5223 on July 18, 2020, 03:42:37 PM

However, I'm surprised that the Indian government decided to raise this issue again after they have supported bitcoin because India is also kind of centralized country but crypto related company CEO are already fighting against the new bill.

I am following cryptocurrency news globally and i have not heard about the Indian government in support of the bitcoin market and i think they banned the exchanges from conducting business by restricting the banks in dealing with them and the supreme court came up with a verdict that helps the exchanges after a long battle and not the government and with that being the case i wont be surprised if the government tries to ban the market altogether.

Youre right about Indian government restricted the banks from working with anything that have to do crypto and later banned bitcoin trading but saying they didnt ban cryptocurrency (bitcoin) then is a lie cause they jailed caught in physical trading.
With that been said, the india government dont clearly say they legalize bitcoin but in a situation when government allow the institutions to work with crypto exchange we still say they support crypto market.

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Quote from: Pffrt on June 13, 2020, 08:59:54 AM

There's a possibility of India to ban crypto again. According to an article by decrypt, "A new bill in India may be proposing up to ten years of prison or fines up to $3.3 million for using cryptocurrency."
If the bill passed, the chance of having Indian into the crypto space will be very low as the punishment is too high.
Source- https://decrypt.co/32160/india-considers-another-widespread-ban-on-bitcoin

I'm really shocked to see this news, I thought India has approved the use of crypto in the country, I feel really sorry for Indian crypto users, I hope they will find another way to use crypto without the consent of their government, I think the difficulty to regulate/control the use of crypto in their country is the main reason for the ban,and this ban is also put in place to avoid money laundry,but I don't support any country banning crypto Roll Eyes

.

ene1980

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Quote from: suzanne5223 on July 18, 2020, 03:42:37 PM

However, I'm surprised that the Indian government decided to raise this issue again after they have supported bitcoin because India is also kind of centralized country but crypto related company CEO are already fighting against the new bill.

I am following cryptocurrency news globally and i have not heard about the Indian government in support of the bitcoin market and i think they banned the exchanges from conducting business by restricting the banks in dealing with them and the supreme court came up with a verdict that helps the exchanges after a long battle and not the government and with that being the case i wont be surprised if the government tries to ban the market altogether.

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Quote from: arwin100 on July 20, 2020, 06:56:55 AM

For having recent attacks and other things involvement with bitcoins it will be a basis for the government to ban it again, but if the citizens will step up and raised their words about it then banning bitcoins will not gonna happen also maybe they will take a consideration for now since the pandemic still occurs and somehow provably when bitcoins is accepted on their nation they see some good things brought on it so let's see if they continue this plan.

Recent attacks related to bitcoin? Can you give examples? Crime related activities to bitcoin and cryptocurrencies in general are way lower than FIAT or even gold and precious metals.
It is related to Indian gov trying to control everything.

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Quote from: arwin100 on July 20, 2020, 06:56:55 AM

Quote from: ?? on ??

I think it will not happen again that India will ban crytocurrency because a large number of indian are already engaged in cryptocurrency. Especially that we are facing this worst situation caused of covid 19 virus,i think it will be the weapon of india to rise their economic situation.

For having recent attacks and other things involvement with bitcoins it will be a basis for the government to ban it again, but if the citizens will step up and raised their words about it then banning bitcoins will not gonna happen also maybe they will take a consideration for now since the pandemic still occurs and somehow provably when bitcoins is accepted on their nation they see some good things brought on it so let's see if they continue this plan.

If they want to do some good for common peoples then surely they must think about this and do some legislation about this because this can bring billions of USD and thousands of jobs for developers and IT related peoples but they must have some stick policies and laws because its very important for long planing and good future of cryptocurrency in India.

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Quote from: ?? on ??

I think it will not happen again that India will ban crytocurrency because a large number of indian are already engaged in cryptocurrency. Especially that we are facing this worst situation caused of covid 19 virus,i think it will be the weapon of india to rise their economic situation.

For having recent attacks and other things involvement with bitcoins it will be a basis for the government to ban it again, but if the citizens will step up and raised their words about it then banning bitcoins will not gonna happen also maybe they will take a consideration for now since the pandemic still occurs and somehow provably when bitcoins is accepted on their nation they see some good things brought on it so let's see if they continue this plan.

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The reason for banning cryptocurrency in India is that there is no third-party control over cryptocurrency. Again, it can be traded without anonymity. However, its encrypted ledger controls all transactions from being risky. No country's government has the power to interfere in the value of cryptocurrency. India initially allowed it but later sought to re-impose the ban. This will not have any effect on crypto as decentralization will increase the demand depending on the market.

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