India may again ban cryptocurrency - page 5.

Kong Hey Pakboy

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Quote from: Botnake on June 16, 2020, 02:45:20 AM

It will be stupid for the government to ban cryptocurrency, they don't have any idea how it would help their economy grow.

What they are doing is they are blocking the revolutionary technology that would change how people treat money and this will eliminate boundaries because bitcoin and its blockchain knows no boundaries. I hope they will re-evaluate this before making a decision because if other countries allows crypto then why can't they? what would be their reason?

I believe banning is bad and the fines is too harsh, government suppose to serve the people so they should listen to people before making a decision.

The thing is governments don't really agrees on bitcoin and cryptocurrencies because of its decentralization that they no one control it. They also think that bitcoin is only being used for illegal activities like scams and fraud, that is why it is hard for them to accept it as a legal currency. They don't look on the good side of bitcoin that it could really help their economy by giving unemployed people a source of income.

Botnake

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It will be stupid for the government to ban cryptocurrency, they don't have any idea how it would help their economy grow.

What they are doing is they are blocking the revolutionary technology that would change how people treat money and this will eliminate boundaries because bitcoin and its blockchain knows no boundaries. I hope they will re-evaluate this before making a decision because if other countries allows crypto then why can't they? what would be their reason?

I believe banning is bad and the fines is too harsh, government suppose to serve the people so they should listen to people before making a decision.

yazher

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There is a high tendency for this bill to pass because there are lots of officials oppose the idea of cryptocurrency in India. It's not been long since they lift the ban and now they're making something to ban it forever unless a strong opposition to the said bill will take this opportunity to educate the people of India on how will cryptocurrency helps them in some of their financial needs. We cannot blame them though because maybe the higher authorities see it as a threat to their economic environment. they look at the other side of the story where the victims will be the most ignorant Indian who might fall for the scammer's frauds.

Bellarg

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This will be big mistake for India and not so good news for crypto industry

Reatim

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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

If this is true then Indian crypto holder will be in bad mood again because they have just got their freedom months ago and here we are again,a banning issue for their crypto activities.

I thought that Indian Government already favored them?why this still in the scene now?

Quote from: Mpamaegbu on June 14, 2020, 01:12:38 PM

This isn't the type of news the crypto community would be glad to hear (at a time such as we are in). I wouldn't promote or profile such news myself. For all I care, India can go ahead and do her worse. After all, China banned cryptocurrency in 2017 just to safeguard her Yuan but the Bitcoin community crossed that setback and Bitcoin is waxing stronger by the day. China is the most populated country in the world, yet Bitcoin survived her onslaught. So, India won't prove a big hurdle. No one should panic on this.

Yeah this kind of news is really devastating and must not be in public unless there is a clear view of this happening soon.

pawanjain

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Quote from: supine on June 14, 2020, 08:43:17 AM

After having a positive news about crypto on their country now they are going to pass on a new bill that would get all the crypto user in their country?
I don't see the reason why they need this one when they was supporting crypto back then why would they need such law now?
This is pretty lame for my opinion letting people know about crypto and making some noise about it and accepting it and now they would make a new law that would imprison the crypto user.

Bud, nobody here said that India is banning crypto. OP is just saying that there is a possibility of such a thing happening.
But I don't see it happening because it's the people who are against crypto who have drafted this so called bill.
These are the people who had raised a case against crypto which was being proceeding in the court since 3 years.
But eventually Supreme court had announce the case in crypto's favour and now since they could not themselves losing the case, they came up with this bill.
Even though they have drafted it, this does not mean that the bill has been passed.
I am quite sure that the Supreme court will not consider this bill and reject it since it has announced the case in crypto's favour earlier.

serjent05

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Quote from: Twinkledoe on June 13, 2020, 09:07:39 AM

It is their loss not the crypto community. Other advanced countries are legally accepting crypto but what's happening to them is opposite. This is unfortunate for Indian crypto users and there are a lot of them that are relying on crypto for their income this pandemic. I don't think the move of their government is good for its constituents.

It is both party's loss not only India or the cryptocurrency industry. Once India government ban cryptocurrency, adoption in that country automatically become sluggish if not stopped. So the cryptocurrency Industry will be missing people from India who support the industry thus removing the majority if not 100% of trades coming from that country. On the other hand, India will then be missing a revolutionary trend that might help their economy to flourish.

I just hope that the lawmaker of India will see the benefits of cryptocurrency and not the negative one.

kotajikikox

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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

If this is legit and true then Indian cryptonians are in Bad shape again because it was just months after their rejoicing about legalization ob crypto and now here we are again having big problem abiut banning?
i Hope that this will not going possible at least not in this year because it will effect the expected growth for the Halving of bitcoin this 2020 and maybe early next year.

btc78

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Quote from: newIndia on June 14, 2020, 01:05:21 PM

I see a lot of misinformation here. This is about the same draft bill that became public last year. It is still a draft and the person, primarily backing it, is already out of ministry. There is no real development in favor or against so far.

This article may provide you with information about the real situation - https://medium.com/wazirx/about-todays-draft-cabinet-note-on-crypto-ban-in-india-4a7fb483a107.

For reference, you may like to check this thread regarding Response from the Ministry of Finance regarding Crypto Currency related enquiry

Thanks for clarifying mate,many has being lure to misinformation while there are some good explanation and nothing to be worry about.

Anyway Indian Government is actually not into against or favor so far?is that what the articles says?

Quote from: ?? on ??

Indian government has decided to ban crypto because they cannot manage the crypto market properly. Actually, it is a very bad decision. If they keep crypto as fully legal, many Indian will invest on it and they are able to earn. If the government legalize crypto many people would be interested to investing in it. on the other hand, the Indians who are already in crypto market now, they will find alternative ways to use crypto . so i think it is bad fight for Indian government to ban crypto , they will be benefited more if they monitor it properly.

So according to you Crypto is already banned in India?or being pushed by the government to be banned?i don't think thats the situation here mate.

Mpamaegbu

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This isn't the type of news the crypto community would be glad to hear (at a time such as we are in). I wouldn't promote or profile such news myself. For all I care, India can go ahead and do her worse. After all, China banned cryptocurrency in 2017 just to safeguard her Yuan but the Bitcoin community crossed that setback and Bitcoin is waxing stronger by the day. China is the most populated country in the world, yet Bitcoin survived her onslaught. So, India won't prove a big hurdle. No one should panic on this.

newIndia

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I see a lot of misinformation here. This is about the same draft bill that became public last year. It is still a draft and the person, primarily backing it, is already out of ministry. There is no real development in favor or against so far.

This article may provide you with information about the real situation - https://medium.com/wazirx/about-todays-draft-cabinet-note-on-crypto-ban-in-india-4a7fb483a107.

For reference, you may like to check this thread regarding Response from the Ministry of Finance regarding Crypto Currency related enquiry

electronicash

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the law wasn't yet approved but its already in the news, lets sell!
the country prefer to deal cryptocurrency issues like banning BTC and didn't care preventing virus from spreading? ya sure! after all they are billions of them.

indians might not get another chance of buying BTC at this current price if they sell today all because of this kind of news.

Indymoney

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Quote from: Rafiqul on June 14, 2020, 11:24:10 AM

If bitcoin and cryptocurrency are banned in a country with a large population like India, I think it will be a great loss not only to the people of India, but to the entire crypto community. But this is just an offer. I hope the Indian Parliament will not pass this resolution on banning crypto. Earlier, the Indian government had taken steps to ban crypto. Then the Supreme Court of India took action and resolved the crypto issue in India.

Some time ago India was taking good steps for promoting CryptoCurrency as they was feeling this can change fortune of country like software but suddenly this step can give them big set back and they can lost big revenue and thousands of new jobs as few big exchanges was thinking to invest big in India which was really great for this country so hopefully they will regulate this and do some positive for thousands of developers and investors.

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If bitcoin and cryptocurrency are banned in a country with a large population like India, I think it will be a great loss not only to the people of India, but to the entire crypto community. But this is just an offer. I hope the Indian Parliament will not pass this resolution on banning crypto. Earlier, the Indian government had taken steps to ban crypto. Then the Supreme Court of India took action and resolved the crypto issue in India.

NotATether

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Quote from: pawanjain on June 14, 2020, 12:34:14 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

This is not the entire truth. This so called bill has not been declared public yet and it's been in the news since a year.
I remember people talking about this bill in 2019 and that crypto might be banned in India but later the Supreme court announced the judgement in favour of the crypto community. So I don't think this bill will be passed since the supreme court is already in the favour of the crypto community.

I don't think an old bill has enough traction to get enough votes and supporters it needs to get it passed, whether it is a bill about cryptocurrency or not. People lose faith in unpassed bills after several debates and those bills are usually abandoned and forgotten about.

bobitza

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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

If India really banned cryptocurrencies again, this would also have a strong impact on the cryptocurrency market in India in particular and the world in general. Firstly, Indians will not participate in the cryptocurrency market because the fine is too high. The prices of cryptocurrencies will also plummet. Other countries will also be affected. We are waiting for the better!

XCANA

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Quote from: virasog on June 14, 2020, 01:44:06 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

If a person has a bitcoin or even less then a bitcoin, how can he pay the fine upto $3.3 million ?
Using bitcoins does not mean that a person is a millionaire. I don't understand what government thinks of those who posses bitcoins Shocked

You're right mate, the cost of selling one bitcoin is smaller compared to the file the government will give if find any India citizens holding the said bitcoin. They should understand that, the value place on those who will eventually violate the laws will be higher than what they will possess in terms of holding Bitcoin. This doesn't add up, they should try and improve on their technology and be able to come up with cryptocurrency regulations that will suit their country.

Yatsan

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So this things were back on the table again, India is trying to reconsider banning cryptocurrency after letting it flow in their country seems to be a sort of decrease on their financial structure. When they did make it legal to their country, about month ago? and jail sentences up to 10 years with a fine of $3.3 million? for me this is some kind of over ruling against cryptocurrency, they taking it like it is an illegal drugs lol.

But how are they going to do it? they can only shut down 3rd party services yet people can still buy any where. Nevertheless, we know IT guys in India they won't be stopped by this haha Cheesy

Nalbo

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Quote from: Igor.Pavlovich on June 14, 2020, 09:58:26 AM

Quote from: 415jeremy on June 14, 2020, 09:28:19 AM

Quote from: AB de Royse777 on June 13, 2020, 09:03:39 AM

I noticed South Asian country authorities are more into banning crypto. Possibly they think it's hard for them to regulate crypto but the reality is - true crypto enthusiast will find their own way and it can't be stopped for real. The wise move will be to study and adopted with crypto culture.

And not only Asian countries are doing that. Russia is going to ban cryptocurrency too. I can't understand this logic. Of cause, regulation is a sophisticated process, but banning isn't the answer.

Russia does not bun cryptocurrencies. It is simply do not regulate cryptocurrences. I do not think that it is possible to bun cryptocurrencies.

Banning cryptocurrency is not possible at all. Highly surveillance countries like China could make it much more hard to get and trade crypto. US would not be able to go on full ban as they can't just punish people for trading tokens. Europe's case is also similar. And for most of the world, they still have no idea about how crypto works.

Igor.Pavlovich

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Quote from: 415jeremy on June 14, 2020, 09:28:19 AM

Quote from: AB de Royse777 on June 13, 2020, 09:03:39 AM

I noticed South Asian country authorities are more into banning crypto. Possibly they think it's hard for them to regulate crypto but the reality is - true crypto enthusiast will find their own way and it can't be stopped for real. The wise move will be to study and adopted with crypto culture.

And not only Asian countries are doing that. Russia is going to ban cryptocurrency too. I can't understand this logic. Of cause, regulation is a sophisticated process, but banning isn't the answer.

Russia does not bun cryptocurrencies. It is simply do not regulate cryptocurrences. I do not think that it is possible to bun cryptocurrencies.

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