Topic: India may completely ban all Crypto as per meeting held on 30 oct (Read 202 times)
Till now we have no news or policy about those so called crypto-currency ban so far. Even if govt bans crypto peer to peer trading will still be active (this will be considered an illegal). Looking at current trend in crypto trade in our country, all incentives from the crypto has been almost evaporated.
December 06, 2018, 05:23:24 AM
That highlighted part clearly states that the Committee has had discussions about ways to ban usage of cryptocurrencies.
November 19, 2018, 03:30:19 PM
This is again a part of spreading FUD. Until some actual news comes up you can relay on mainstream media.
They always have been providing wrong info, its nothing new.
They always have been providing wrong info, its nothing new.
I don't think it's a FUD. The OP has used the word "may" in the statement and the news also says the same! Nothing has been decided yet on cryptos but it is true that India has stopped the banks to provide services to crypto companies! A court case in this matter is still ongoing. This is because the governemnt is negative about cryptos in India.
I won't be surprised if indian government may decide to impose a blanket ban on cryptos. It may be imminent or may be delayed. Even though such kind of bank is very hard to achieve, but it will discourage a lot of Indians from entering into crypto market.
November 03, 2018, 11:20:33 AM
I would not believe in these sources. The RBI does not sit around and discuss their plan of operations with these journalists. As far as I know, the RBI has set up a proper team (not officially) to study the implications and usage of cryptocurrency in India. Moreover, as far as I can recall the interviews of a few Ministry of Finance officials they were clearly in favour of bringing regulations into the cryptocurrency markets and not banning it.
According to a few reports, the government is actively looking at Blockchain technology for implementation in a few pilot projects like digitization of land and health records.
In my opinion, the government though it can ban the cryptocurrency but can never make it go away. If a person wants to hold/buy coins he can surely go P2P owing to the decentralized nature of the platform.
According to a few reports, the government is actively looking at Blockchain technology for implementation in a few pilot projects like digitization of land and health records.
In my opinion, the government though it can ban the cryptocurrency but can never make it go away. If a person wants to hold/buy coins he can surely go P2P owing to the decentralized nature of the platform.
November 02, 2018, 12:14:43 AM
The regulator's viewpoint is pretty clear from this.
That highlighted part clearly states that the Committee has had discussions about ways to ban usage of cryptocurrencies. Its the council's job now to actually decide on what course of action to take.
To be real, i think the regulator is rightly concerned about the possible misuses that the Indian mind can come up with. We already have unethical operators running chit-fund scams, real estate scams, MLMs with the sole purpose is to part gullible fools from their money. The glitz and promises associated with cryptos will be too hard to ignore for millions of lower-middle income people in India. Just look at how many hardware scams propped up in OLX during the mining frenzy last year. The tendency of the knowledgeable to exploit those who know less is too strong in our people.
I ardently hope that there is no ban on possession or individual use. It should be the individual's decision to invest or be a part of the P2P economy.
Quote
The Council also deliberated on the issues and challenges of Crypto Assets/Currency and was briefed about the deliberations in the High-level Committee chaired by the Secretary (Economic Affairs) to devise an appropriate legal framework to ban use of private crypto currencies in India and encouraging the use of Distributed Ledger Technology
That highlighted part clearly states that the Committee has had discussions about ways to ban usage of cryptocurrencies. Its the council's job now to actually decide on what course of action to take.
To be real, i think the regulator is rightly concerned about the possible misuses that the Indian mind can come up with. We already have unethical operators running chit-fund scams, real estate scams, MLMs with the sole purpose is to part gullible fools from their money. The glitz and promises associated with cryptos will be too hard to ignore for millions of lower-middle income people in India. Just look at how many hardware scams propped up in OLX during the mining frenzy last year. The tendency of the knowledgeable to exploit those who know less is too strong in our people.
I ardently hope that there is no ban on possession or individual use. It should be the individual's decision to invest or be a part of the P2P economy.
November 01, 2018, 11:38:30 AM
This is again a part of spreading FUD. Until some actual news comes up you can relay on mainstream media.
They always have been providing wrong info, its nothing new.
They always have been providing wrong info, its nothing new.
November 01, 2018, 02:47:27 AM
as per this news report : https://qz.com/india/1445404/india-may-completely-ban-bitcoin-other-cryptocurrencies/
The Indian government may be considering a blanket ban on the use of bitcoin and other cryptocurrencies.
The Indian government may be considering a blanket ban on the use of bitcoin and other cryptocurrencies.
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