Topic: India may ban Bitcoin - page 11. (Read 24868 times)

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.

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 ambit of law.

To ban Bitcoin government needs to make amendment to ITA act, making 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 means by "under current legal framework bitcoin is legal" because it fits the definition of electronic document.

RBI has to amend FEMA, RBI act ot 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 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.

TRUE

Nothing till now.. This is the last update for India.. So lets just enjoy VCs..



Date : Feb 01, 2017
RBI cautions users of Virtual Currencies
The Reserve Bank of India had cautioned the users, holders and traders of Virtual Currencies (VCs), including Bitcoins, about the potential financial, operational, legal, customer protection and security related risks that they are exposing themselves to, vide its press release dated December 24, 2013.
The Reserve Bank of India advises that it has not given any licence / authorisation to any entity / company to operate such schemes or deal with Bitcoin or any virtual currency. As such, any user, holder, investor, trader, etc. dealing with Virtual Currencies will be doing so at their own risk.
Jose J. Kattoor
Chief General Manager
Press Release: 2016-17/2054

china already banned btc trading , which i feel will spread out to india also .

Are you really saying this laughable , Regulating of Bitcoin !!!! Really

Then you even dont know what is the bitcoin .

No one can regulate it , This is the one of the primary goal or feature of bitcoin .

Indian GOV cant even regulate porn which china has done , now china is not able to ban Bitcoin and India will do , go get some real coffee then come for discussion

http://www.thehindu.com/business/Economy/use-of-bitcoin-illegal-says-govt/article17702483.ece

Thanks

There is certainly now chance that bitcoin will get ban. Bitcoin Executive Director have stated that RBI is not comfortable with the cypto currencies. this is direct indication that in coming time India will ban cypto currencies. So all the exchanges, ICO who have raised money etc will be suffering losses it seems as per the below article.



http://timesofindia.indiatimes.com/business/india-business/rbi-not-comfortable-with-cryptocurrencies-bitcoin-executive-director/articleshow/60491916.cms

Botcoin is to be ofecinly lagale in india

What you have stated in your point 1,2 and 3 is applicable on our government issued currency as well. Think about "Demonitization" for a second. Why did our government initiate that? To curb down the black money holders. But even after that the cunning part of our society knows how to handle the situation and they are still holding black money in new currency. Several kidnappers use Maruti Omni but that doesn't mean we should ban the vehicle altogether. It's nonsensical.
Moreover, regarding your 4th point, yes mining is not in mainstream anymore but the high hashrate it is producing each day is making the overall network stable. At the end of the day, what would you want? An unstable network with few miners available or a stable decentralized network? Period.

Why bro while it is not illigel.

government is dick, corrupt fuckers

bitcoin, can't be banned there is number of ways to use. bitcoins

If you aware of it that RBI has published detailed report that 99% black money is not caught and demonetisation was a failure.banning bitcoin will not do anything as plenty of blackmoney holder have their money in foreign banks or in the form of assets.

I read thought the airtical is bitcoin

Pls stick to being a dj and reserve your legal opinions to yourself.

It's easier to regulate and tax than to ban.... Look forward to some sort of guidelines and regulations for cryptocurrencies coming from Indian govt in next 6-8 months.

Hi,

May be India will also ban ICO like China is doing bitcoin exchanges ban

https://www.bloomberg.com/news/articles/2017-09-11/china-is-said-to-ban-bitcoin-exchanges-while-allowing-otc-trades-j7fofh20


https://cointelegraph.com/news/china-ban-on-ico-is-temporary-licensing-to-be-introduced-official

Many startups in New York have left the state due to the impractical policies proposed by NYSDF and the BitLicense. Specifically, even large-scale startups like ShapeShift, which remain as one of the most widely utilized cryptocurrency exchanges, have left New York because of the state’s strict policies in regard to Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations.

Bitcoin is going to be ban in India for sure , As Mr Modi want fight with black money and Bitcoin is a form of black money

Thanks

Thought bitcoin is a easy and very profitable

Indian politics will ban bitcoins because of their mentality as they dont advanced their mind with update knowledgeable areas from which they can also can benefit, if they pay attention seriously on it they will get know value of it, how can they use these in there system.

I don't know how the gov could ban it, they can ban the exchange for companies like Unocoin and Zebpay but people will still use it. Maybe it's better to tax it and regulate it. We use agents in Russia, China, and Indonesia all the time, banning it won't prevent its use. I see your point but hope that is not the final outcome.

Good to hear government may be dickliard is legal