Topic: India may ban Bitcoin - page 10. (Read 24868 times)
I don't think so government would do so. Indian government also don't want to be left behind in cryptoworld
According to recent statement,crypto trader need to pay taxes as crypto is taken as capital gain.for there is no news of banning crypto or btc.government has just issued the warning to user which are new to btc that they should avoid taking risk in crypto and government will not be responsible for any loss.
India may ban Bitcoin? The Interdisciplinary committee report on cryptocurrency, submitted three months back, has sought a complete ban on cryptocurrency, reports ET citing unknown government sources had already reported over the ban speculations, it had also filed various RTIs seeking government’s current understanding as Bitcoins led cryptocurrencies’ market penetration has been increasing exponentially in India. In its response, the government had maintained its status quo which is in sync with RBI’s statement dated December 24, 2013. RBI had cautioned the users, holders and traders of virtual currencies including Bitcoins, about the potential financial, operational, legal, customer protection and security related risks that they are exposing themselves to.
no ban , can only regulate
there will be a short-term ban before the regulations that is the most which they can afford to do
there will be a short-term ban before the regulations that is the most which they can afford to do
If they ban,what will we do?any solution?
If they ban,what will we do?any solution?
There is discussion going on and as many developed countries have already legalized it, India might think in that direction too. There will definitely be regulations and taxation. But ban is less likely to happen as many countries(Russia) who had ban earlier have lifted it, this shows Bitcoin need not to be banned just on the basis of being used in illegal activities.
The government is considering the introduction of a regulatory regime for virtual or crypto currencies, such as Bitcoin, that would enable the levy of the Goods and Services Tax on their sale.
The new regime may possibly bring their trading under the oversight of the stock market regulator, Securities and Exchange Board of India (SEBI).
Currently, they are neither illegal nor legal in India.
“The discussion on whether crypto-currencies should be banned or regulated has been on for some time. The pros and cons for both aspects were put forth in the meeting chaired by Finance Minister Arun Jaitley 4 Months ago month,” the official told The Hindu.
Banning will give a clear message that all related activities are illegal and will disincetivise those interested in taking speculative risks, but it was pointed out it will impede tax collection on gains made in such activities and that regulating the currency instead would signal a boost to blockchain technology, encourage the development of a supervision ecosystem (that tracks legal activities and may also assist in tracking illegal activities) and promote a formal tax base,” said another official privy to the development.
The new regime may possibly bring their trading under the oversight of the stock market regulator, Securities and Exchange Board of India (SEBI).
Currently, they are neither illegal nor legal in India.
“The discussion on whether crypto-currencies should be banned or regulated has been on for some time. The pros and cons for both aspects were put forth in the meeting chaired by Finance Minister Arun Jaitley 4 Months ago month,” the official told The Hindu.
Banning will give a clear message that all related activities are illegal and will disincetivise those interested in taking speculative risks, but it was pointed out it will impede tax collection on gains made in such activities and that regulating the currency instead would signal a boost to blockchain technology, encourage the development of a supervision ecosystem (that tracks legal activities and may also assist in tracking illegal activities) and promote a formal tax base,” said another official privy to the development.
There is 50% chance of legalization of bitcoin in india but another 50% chance is to ban bitcoin in india. Since it is a revolution in economy and it is in same thought of demonetization, and use of digital wallet. But government will loose control over it, since anyone can keep secretly bunch of bitcoin in their private wallet. Oversea transaction cannot be trace out.
India may ban Bitcoin ? Why & on what basis?
I dont think government of india will bitcoin instead it will have conditional permission to it or put some regulations on it.
Current government is more concerned abount the Black money.
A parliamentary committee is about to report its recommendations in India.
Currently there are many bitcoin exchanges operating in india like Unicoin, Zebpay, Coinsecure, Coinmama etc.
Many of these have popular wallets also.
In recent cyber attacks, "ransomware'' hackers demanded ransoms in Bitcoins due to events like these RBI have flagged concerns and urged Indians against use of these cryptocurrencies.
I dont think government of india will bitcoin instead it will have conditional permission to it or put some regulations on it.
Current government is more concerned abount the Black money.
A parliamentary committee is about to report its recommendations in India.
Currently there are many bitcoin exchanges operating in india like Unicoin, Zebpay, Coinsecure, Coinmama etc.
Many of these have popular wallets also.
In recent cyber attacks, "ransomware'' hackers demanded ransoms in Bitcoins due to events like these RBI have flagged concerns and urged Indians against use of these cryptocurrencies.
New coin LAXMI is coming. Happy diwali
Declaring bitcoin illegal isn't small step. Government needs to provide suitable evidence in regards of its decision which I don't believe government is competent of. However on the same note I am sure enough government won't even declare it legal as government seems to have clear cut negative attitude towards bitcoin since it is obstacles in government's fight against black money. So on whole, in my views bitcoin will continue as it is and this is best in our interest.
He is absolutely Correct
He is absolutely Correct
Bitcoin should be declared legal , all big nations have declared it legal although its not illegal in India
indian govt may declare it illegal but is it possible to ban bitcoin completely ?? one of my friends discussed the same with me that how any govt can ban blockchain and digital currency , they can only regulate bank accounts but regulating bitcoin digitally is not so easy which it seems .
Declaring bitcoin illegal isn't small step. Government needs to provide suitable evidence in regards of its decision which I don't believe government is competent of. However on the same note I am sure enough government won't even declare it legal as government seems to have clear cut negative attitude towards bitcoin since it is obstacles in government's fight against black money. So on whole, in my views bitcoin will continue as it is and this is best in our interest.
He is absolutely Correct
He is absolutely Correct
clickbait.
Actually i also dont trust Indian government,they can ban the thing they cant control 
YES I DO NOT LIKE THE PRESENT INDIAN GOVT , THEY MAKE DELAYS IN EVERYTHING
This delay may be a good thing because probably government is trying to figure out how the best use of this technology can be used. Because even government has a vision of digital India and this fits into it. So they may be trying to figure out the misuse of it or how can they regulate the bitcoin space or is it better to introduce their own coin. So many things would be going at present with them.
You have much faith in Indian policymakers to compare them to US 
I don't think they like Bitcoin. India has capital controls like China and an ongoing "war" on "black money" (which excludes government employees apparently).
China had a massive adoption of Crypto with a lot of mining. India is still in infancy of adoption so it is much easier for the government to shut down exchanges and ban trading in India without collateral damage. All these things may tempt Government to ban crypto.
But fortunately under current legal framework it is not straightforward to do that. Ratan Tata has invested in Bitcoin remittance startup. It will be a setback for Fintech ecosystem. AP government is part of Ethereum alliance. All these reasons confound government attitude towards Crypto.
I don't think they like Bitcoin. India has capital controls like China and an ongoing "war" on "black money" (which excludes government employees apparently). China had a massive adoption of Crypto with a lot of mining. India is still in infancy of adoption so it is much easier for the government to shut down exchanges and ban trading in India without collateral damage. All these things may tempt Government to ban crypto.
But fortunately under current legal framework it is not straightforward to do that. Ratan Tata has invested in Bitcoin remittance startup. It will be a setback for Fintech ecosystem. AP government is part of Ethereum alliance. All these reasons confound government attitude towards Crypto.
My 2 paisa on the topic.
India is not a dictatorship like China, it will take another Mudi government to get there but I digress.
There are laws in India and RBI, government need to work in the ambit of law.
To ban Bitcoin government needs to make an amendment to ITA act, making an exception for Bitcoin as "Virtual currency is not an electronic document". Only center and not RBI can do this. One of the many reasons RBI stays away from Bitcoin is that it cannot amend ITA to ban virtual currency or it may have done so long time back. This is what law firms mean by "under current legal framework bitcoin is legal" because it fits the definition of electronic document.
RBI has to amend FEMA, RBI act to declare it a currency, which I doubt it will do. Declaring Bitcoin currency opens a Pandora's box for central banks. This is why RBI wants SEBI to regulate it as "virtual good" or movable property. SEBI is pushing back saying it is not a commodity.
The government can ban Bitcoin but it will need amendments to the act.
Banning is hard to enforce and will push Bitcoin underground. India is not like China and it is not easy for the central government to enforce compliance. Remember AP government is part of Ethereum alliance. It is easier for Finmin/government to regulate it, get the taxes and keep an eye on ledgers to track money laundering.
India is not a dictatorship like China, it will take another Mudi government to get there but I digress.
There are laws in India and RBI, government need to work in the ambit of law.
To ban Bitcoin government needs to make an amendment to ITA act, making an exception for Bitcoin as "Virtual currency is not an electronic document". Only center and not RBI can do this. One of the many reasons RBI stays away from Bitcoin is that it cannot amend ITA to ban virtual currency or it may have done so long time back. This is what law firms mean by "under current legal framework bitcoin is legal" because it fits the definition of electronic document.
RBI has to amend FEMA, RBI act to declare it a currency, which I doubt it will do. Declaring Bitcoin currency opens a Pandora's box for central banks. This is why RBI wants SEBI to regulate it as "virtual good" or movable property. SEBI is pushing back saying it is not a commodity.
The government can ban Bitcoin but it will need amendments to the act.
Banning is hard to enforce and will push Bitcoin underground. India is not like China and it is not easy for the central government to enforce compliance. Remember AP government is part of Ethereum alliance. It is easier for Finmin/government to regulate it, get the taxes and keep an eye on ledgers to track money laundering.
India and China have two completely different ideologies, with India being identified more by the policies of United states than China , so we can guess what we are going to follow,
And Why China is cracking down on cryptocurrencies is obvious. US and some other democracies are doing the biggest ICOs in the world. AND THEY ARE CONTINUING WITH IT in some kind of regulated manner. China is a communist country, cryptocurrencies will free people of China's economic hold, which it can't allow. Communism is very strict with having state control over important items. That's why China also has many censorship laws.
Chinese users used Bitcoins to invest in foreign markets, which is somewhat prohibited in China and is allowed only under special conditions. Also, China aims to launch a cryptocurrency built by state to replace its other currency. So ICOs run counter to what it believes is its exclusive right.
and the Chinese exchanges and whales, traders have already shifted to Korea, look at Bithumb's volume.
http://www.financialexpress.com/economy/why-finance-ministry-panel-said-no-to-bitcoin-and-other-virtual-currencies/790455/
Govt may declare Bitcoin illegal in India.
Govt may declare Bitcoin illegal in India.
Its not true. You cannot come to an outcome with this news.
Government of india is trying to understand technology of blockchain and bitcoin. And soon its going to regulate in India.
Bitcoin and blockchain based technology has very bright future in India.
Apparently there was a committee set up which then submitted its report to Jaitley and wonder what happened after that???
Jump to: