India May Legalize Cryptos But Under ‘Strong’ Rules: Report - page 2.

squatter

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Quote from: Lmaooo on December 26, 2018, 03:33:25 PM

An anonymous senior official who attended the committee’s meetings told the newspaper:

“We have already had two meetings. There is a general consensus that cryptocurrency cannot be dismissed as completely illegal. It needs to be legalized with strong riders. Deliberations are on.”

Good on them for realizing it. Cryptocurrency is here to stay and it's high time that governments plan for it.

Governments who take the authoritarian route and ban cryptocurrencies outright will pay dearly for it -- not today or tomorrow, but years in the future. Capital (both monetary and human) will flow towards crypto-friendly jurisdictions. Brain drain will continue to occur in backwards countries who are intent on fighting innovation and financial progress.

Herbert2020

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Quote from: BuyBuyBitcoin on December 28, 2018, 11:11:09 PM

Quote from: ecnalubma on December 28, 2018, 10:43:49 PM

Well unless they will make it legal, India is one the biggest market for crypto and it will be great if the government starts the adoption. I just wonder how they came up with a very long decision even though they have a bunch brains in their government that will take care of that matter, maybe its not their priority unlike other major countries.

The government knows the rupee is worthless to Indians who have held it for 30 years. Any effort to "legitimize" bitcoin by the government will devalue the rupee even more than it is already.

Doesn't matter if they "legalize" it or "regulate" it. We've known for awhile India will need anonymous exchanges, along with the few that tried to sell bitcoin in the country legitimately. It's a corrupt system, bitcoin still stores value though.

https://www.bestbitcoinbuyers.com/best-bitcoin-exchanges-by-country/buy-bitcoin-in-india/

Bitcoin is valuable because it can not be controlled or confiscated by a government.

The fact that it can technically be confiscated isn't something that affects the average person in India, that isn't running illegal drug operations. Bitcoin affects the millions of people in India that only valued gold until now to store wealth who understand this technology.

exactly, in fact that has been one of the main reasons why bitcoin has been growing more and more in India over the past 2 years despite all the roadblocks that the Indian government and the Indian reseve bank has been throwing in front of bitcoin adoption.
the news is out and people are adopting bitcoin already, and there is nothing they can do about it but try and slow it down. and that has been their goal so far but eventually as they see they can't prevent it, they start regulating it and most probably open up government owned exchanges to monitor everything more.

kalstarzz

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I think that is good, in my opinion the government of India gives very strict rules to avoid crime by using bitcoin, so I consider this a natural thing.

BuyBuyBitcoin

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Quote from: ecnalubma on December 28, 2018, 10:43:49 PM

Well unless they will make it legal, India is one the biggest market for crypto and it will be great if the government starts the adoption. I just wonder how they came up with a very long decision even though they have a bunch brains in their government that will take care of that matter, maybe its not their priority unlike other major countries.

The government knows the rupee is worthless to Indians who have held it for 30 years. Any effort to "legitimize" bitcoin by the government will devalue the rupee even more than it is already.

Doesn't matter if they "legalize" it or "regulate" it. We've known for awhile India will need anonymous exchanges, along with the few that tried to sell bitcoin in the country legitimately. It's a corrupt system, bitcoin still stores value though.

https://www.bestbitcoinbuyers.com/best-bitcoin-exchanges-by-country/buy-bitcoin-in-india/

Bitcoin is valuable because it can not be controlled or confiscated by a government.

The fact that it can technically be confiscated isn't something that affects the average person in India, that isn't running illegal drug operations. Bitcoin affects the millions of people in India that only valued gold until now to store wealth who understand this technology.

ecnalubma

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Well unless they will make it legal, India is one the biggest market for crypto and it will be great if the government starts the adoption. I just wonder how they came up with a very long decision even though they have a bunch brains in their government that will take care of that matter, maybe its not their priority unlike other major countries.

npiappes

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I think this is really a start. I mean, everything has to be regularized so that people will use it well.

Bitfling

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If India regulating cryptocurrency, i am believe more asian country will follow this step. Like or not, regulation from government needed by cryptocommunity if we want mass adoption.

thankyoulord

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indian legalizing bitcoin will surely have a big positive impact on cryptocurrency even if they put down strong rules.

basyang

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Quote from: hubballi on December 27, 2018, 06:58:26 PM

As much i know still their is no progress for legalizing crypto in India and even the case is still pending in court and their is no response to hear it on coming days. So it is totally rumor and nothing

Hopefully, the Government of India will give a chance to legalize Cryptocurrency. But we can not blame them if they can not trust crytocurrency maybe they have a personal reason thats why they banned it. Well, I think Its okay to become it legal but they have a rules before they implement it. Having a cryptocurrency will makes their citizen aware in digital money and helped those people who are jobless.

teejayrichard2

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well i wont be surprised if indian legalizes bitcoin. people and government are beginning to see bitcoin has so much to offer and are embracing the technology. though as you said strict rules will follow, but then legalizing it is a plus to the bitcoin community. lets hope for the best

Matthewmorris4

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so it is indeed a dilemma for countries that will make crypto become legal, on average the government will make rules which of course will certainly make the meaning of crypto deviate from the direction it should be. Decentralized is forced to be centralized

KingScorpio

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Quote from: nicko122 on December 28, 2018, 09:09:31 AM

"With India a member nation of the G20 group, any rules to govern the local crypto space may be influenced by planned regulatory guidance from the international economic forum, the report adds."

ah come on these communists are just annoing

nicko122

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"With India a member nation of the G20 group, any rules to govern the local crypto space may be influenced by planned regulatory guidance from the international economic forum, the report adds."

KingScorpio

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Quote from: kurcalas on December 28, 2018, 08:27:33 AM

We have to think about what might be the strong rules for cryptocurrencies. Decentralized talking about something. In this case, how can he limit something decentralized.

founding a bank in india are already quite "strong rules"

kurcalas

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We have to think about what might be the strong rules for cryptocurrencies. Decentralized talking about something. In this case, how can he limit something decentralized.

kucritt

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i think its okay when the goventment makes the bitcoin legal but with some rules, i think it will give more good things than the strong rules, so it will be okay for that

jrrsparkles

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Quote from: newIndia on December 28, 2018, 06:51:06 AM

2019 is year of election. Nothing is going to happen till a new stable government is formed at the center. Indians know it the best. Wink

Even if there is new government is at the centre it will take too long to implement the new regulations that is how the democracy works in the countries like India.Hopefully there will be a new party will rule who is going to support the crypto currencies as well. Cheesy

KingScorpio

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strong rules -> unlimited money printing and power only for the rich, and superrich.

100bitcoin

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There is no credibility of such report...

@CNBCTV18News on Dec 7, 2018: Anonymous sources have claimed that Garg committee submitted it's report to ministry and recommended ban on Bitcoin.

@NewIndianXpress on Dec 26, 2018: Anonymous sources have claimed that Panel is hinging towards regulating crypto with Riders.

newIndia

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2019 is year of election. Nothing is going to happen till a new stable government is formed at the center. Indians know it the best. Wink

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