India may ban bitcoin in 2018 - page 5.

Ayush rana

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Quote from: BCMB on November 10, 2017, 02:59:14 AM

What news are you talking about? Sounds like pure speculation.

There was a news article i was reading in which Indian government is not sure about what they will do with the crypto currency in future
Well there is no official statement about this, but may be this will happen in future.
https://qz.com/1121363/no-bitcoins-for-payments-and-settlements-says-the-reserve-bank-of-india/

neowebwallet

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So far, Indian Bitcoin exchanges have not given an official statement. But it is likely they will follow their international counterparts. There is a worry amongst Indians that the exchanges here will not pass on the new currency to them. "It is important to note that the BTC will be available to all the customers who have been holding bitcoins before.

JimmieA

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Quote from: Ayush rana on November 10, 2017, 02:57:18 AM

There is a news that may be India will ban bitcoin in 2018. Make your guess will India really ban it or not?

As far as I know, India is one of the countries that has accepted btc transactions. So I think btc ban India is probably a mistake.You should know how to filter the rampant information on social networking,because maybe it's right or wrong. Let choose a place to provide accurate information.

Rickirs

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Quote from: nikjain422 on November 10, 2017, 04:48:41 AM

I also think its not true bcoz i heard RBI is thinking to launch its own cryptocurrency named laxmi and they are also inspired by blockchain system used in bitcoin.Even one article of the economic times says that in survey done by RBI it shows 2500 users/day gained by btc world.https://economictimes.indiatimes.com/news/economy/policy/another-experiment-with-currency-rbi-is-looking-at-its-own-bitcoin/articleshow/60710700.cms

They can't ban bitcoin, they can make its use illegal but wont' affect anything, India doesn't have much to contribute to bitcoin due to scarcity of miners there.
However, they do want to discourage bitcoin with their own digital currency but then it will be no different with Fiat currency controlled by Govt.

qiwoman2

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I doubt the Indian Govt can keep a lid on btc and digital currencies. They would need to put so many resources into place to clamp down on BTC users and to be honest, being a 'democratic' country, you think that Indians will take any notice? I doubt it quite frankly and it will just create more of a black market/ para economy and make things much worse than they already are. It's easy for a one party state to clamp down on BTC but not for countries like India.

krun4

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I am not really sure if this is true or not, but in my opinion until 2018 there is a lot to happen, I believe that we will see less bans from now on

PX-Z

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Quote from: akamit on November 10, 2017, 04:37:00 AM

I think op is guessing on the basis of the following news.
https://news.bitcoin.com/india-central-banker-doubles-down-on-suppressing-bitcoin/

This is the latest news about bitcoin in india which has been on news.bitcoin.com 2 days ago.
I didn't heard about any further news after the above news.

I guess too, since he didnt mentioned the source of the news.

Quoted from the link
"a finance ministry panel also reportedly recommended that virtual currencies should be banned in the country because of their potential misuse for money laundering and fraud"

Seems they have the same issue like china and vietnam, but this only means that their government is too worthless that cant regulate cryptocurrencies instead of banning them.

sofi@

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I think India saw the negative effect of crypto in the economy because of so many news about bitcoin use to crime added to the fact the China also ban bitcoin but if the demand of bitcoin will continue to grow and the value keeps appreciating maybe these countries will realize that bitcoin is not that bad and it can somehow change the economy of a country for good

Pan Troglodytes

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Quote from: talkbitcoin on November 10, 2017, 04:19:26 AM

you can NOT ban bitcoin because it is decentralized and nobody can control it neither tell others whether or not use bitcoin. they can ban businesses or banks from investing in bitcoin or accepting bitcoin payments and things like that but nobody can ever ban bitcoin itself.

and it has been a couple of months that people spread this rumor for some reason. maybe they want to spread some fear and cause bitcoin price in India come down from $12,000 back to $7xxx level!

Oh, of course they can ban it, like foreign currency was illegal in Soviet Union, read Bulhakov's The Master and Margarita Cheesy

If they found it in your place, you went to Gulag in Syberia for 25 years.

So they CAN make it similarly in India with Bitcoin. Why not? Beacuse they don't have Syberia ? Cheesy

Kingofbitcoin12345

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Quote from: Ayush rana on November 10, 2017, 02:57:18 AM

There is a news that may be India will ban bitcoin in 2018. Make your guess will India really ban it or not?

This news without a link is nothing but hearsay.. I even think that this are used to decrease bitcoin prices because at 7200$ is unaffordable for some.. Funny thing is I would not be surprised that Mars and Mercury will soon ban bitcoin,, just kidding aside.. This are mere untruthful or if it is real,, then I don’t think the community will care so much about it..

nikjain422

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I also think its not true bcoz i heard RBI is thinking to launch its own cryptocurrency named laxmi and they are also inspired by blockchain system used in bitcoin.Even one article of the economic times says that in survey done by RBI it shows 2500 users/day gained by btc world.https://economictimes.indiatimes.com/news/economy/policy/another-experiment-with-currency-rbi-is-looking-at-its-own-bitcoin/articleshow/60710700.cms

avikz

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Quote from: Ayush rana on November 10, 2017, 02:57:18 AM

There is a news that may be India will ban bitcoin in 2018. Make your guess will India really ban it or not?

I have also came across such news from some online blog. But if it happens, that will be the end of the current hypocrite government of India. The current government is very much interested in building up million dollar statues and opening up Hindu religious academies instead of looking at the basic needs of the people. They have failed miserably to provide jobs to its citizens and the government health system is worsening day by day. The young people of India is trying to earn a decent living from the crypto currency market without going for looking a job. So if government bans crypto currency in India, the current government will be doomed to ashes.

akamit

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Quote from: Pursuer on November 10, 2017, 03:10:37 AM

Quote from: Ayush rana on November 10, 2017, 02:57:18 AM

There is a news that may be India will ban bitcoin in 2018. Make your guess will India really ban it or not?

if you have a news, then post the link to it here otherwise you are talking about rumors not news.

and if I remember India was talking about banning bitcoin in the beginning of 2017 and at some point they had set some strict rules for it but people were against it and they petitioned for removal of these rules and they succeeded. and as you can see currently price of bitcoin in India is at least 60% higher than the price in USD markets.

this shows there is a lot of demand for bitcoin there and government can not just ban something with this much people invested in it.

I think op is guessing on the basis of the following news.
https://news.bitcoin.com/india-central-banker-doubles-down-on-suppressing-bitcoin/

This is the latest news about bitcoin in india which has been on news.bitcoin.com 2 days ago.
I didn't heard about any further news after the above news.

travelgear17

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Quote from: eann014 on November 10, 2017, 03:34:59 AM

Quote from: Ayush rana on November 10, 2017, 02:57:18 AM

There is a news that may be India will ban bitcoin in 2018. Make your guess will India really ban it or not?

I think even if that is true, we don't have to be affected. Even if without India, bitcoin will still remain and will still prove its potential. For me, it will still increase its price or maybe remain its price the same, if bitcoin price will drop, for sure it will increase again.

you are talking about rumors not any news i think got it because you have not any clue or reference regarding this issue.
if you have where is the evidence link you should drop it here so that we are get the issue actually what's happens.

talkbitcoin

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All I know is that I know nothing.

you can NOT ban bitcoin because it is decentralized and nobody can control it neither tell others whether or not use bitcoin. they can ban businesses or banks from investing in bitcoin or accepting bitcoin payments and things like that but nobody can ever ban bitcoin itself.

and it has been a couple of months that people spread this rumor for some reason. maybe they want to spread some fear and cause bitcoin price in India come down from $12,000 back to $7xxx level!

atronax

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If that is true, it'll just lead to informal sector expansion. It's much more better to regulate cryptoworld and get some profits out of this, than lose opportunities by wrong decisions. No doubts, price will drop, but as in chinese situation, it won't last long.

NUFCrichard

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I'm not saying that the OP is right, but India is cracking down on bank notes, Gold and Silver as they have a big problem with people storing their wealth outside of the 'system' and they want it to be more controlled and taxable.

Just look at the bank notes being taken out of circulation, with little to no notice. They were happy to screw over almost everyone in the country to get control over their money.

Bitcoin is the exact opposite of what they want! It wouldn't be very surprising for India to try to clamp down on Bitcoin.

sucix

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Quote from: Ayush rana on November 10, 2017, 02:57:18 AM

There is a news that may be India will ban bitcoin in 2018. Make your guess will India really ban it or not?

If you have the link of news it would be better. But if india ban bitcoin is bad news. It could make bitcoin price lower.

Jaxelrell

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Can you give sources ? Because we don't know what you are talking about. If India bans bitcoin btc would drop a bit. Maybe to 5k or even 4k. This also happend after the ban of china.

Bitcoin dropped very hard but it recovered in time. So i think it will also recover after the ban of India if that happens.

iconicavs

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Quote from: Ayush rana on November 10, 2017, 02:57:18 AM

There is a news that may be India will ban bitcoin in 2018. Make your guess will India really ban it or not?

I tried to Google it and I found nothing, you must've heard wrong it's just speculation.

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