India on Bitcoin: Will the Newly Elected Indian Government Pass Crypto-Friendly - page 2.

traderethereum

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Quote from: SaShiRaJaVu on May 27, 2019, 01:26:09 AM

Quote from: traderethereum on May 27, 2019, 01:17:26 AM

But we can hope that the Indian government will not ban cryptocurrency because people cannot use cryptocurrency to help them again.
They need to reconsider the banning of the cryptocurrency because it will not be good for their people to get better life from the crypto.
But I don't know what will happen later, and we could only wait and see.

If the government does not understand what they are dealing with, they will consider banning it and with the current government anything progressive will be shut down by them as far as the past examples we have, as i said earlier in this thread, they have already crippled the exchanges and majority of the old exchanges are shut or in the verge of shutting down. Some of the things you said cannot be deciphered Grin

.

I feel that the Indian government has already learned by secretly about cryptocurrency because they are not doing a fast action to banning the cryptocurrency.
Maybe they need more time to get the result from what they learn, and I am hoping that will change their decision to banning the cryptocurrency.
It is sad if they still want to ban the crypto because as I said before, the people cannot continue what they did in cryptocurrency and probably, they will lose all that they start in cryptocurrency.

SaShiRaJaVu

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Quote from: traderethereum on May 27, 2019, 01:17:26 AM

But we can hope that the Indian government will not ban cryptocurrency because people cannot use cryptocurrency to help them again.
They need to reconsider the banning of the cryptocurrency because it will not be good for their people to get better life from the crypto.
But I don't know what will happen later, and we could only wait and see.

If the government does not understand what they are dealing with, they will consider banning it and with the current government anything progressive will be shut down by them as far as the past examples we have, as i said earlier in this thread, they have already crippled the exchanges and majority of the old exchanges are shut or in the verge of shutting down. Some of the things you said cannot be deciphered Grin

.

uray

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Quote from: Herbert2020 on May 27, 2019, 12:41:08 AM

sometimes even change in government body doesn't mean certain rules would change. they can remain the same if the future governments share the same views as the previous ones. but also that doesn't mean bitcoin adoption would stop, rules can change. the government can only slow it down so much before they realize that they can't stop it and have to give up and accept it.

A government could make things hard for the bitcoin community if they really want to, if any country ban the use of crypto and come up with rules and regulations, then no one will dare to trade them as the legal problems they will be facing if caught will be really huge, no one will risk their life so that they could trade if the government is against the market. The level of legal issues that can arise include, money laundering, terrorist funding and so on and they could put anyone behind bars for a long time with those cases.
Not sure about the situation in India.

traderethereum

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Quote from: Spider A4 on May 26, 2019, 02:40:20 PM

I think there are no big change will be happen in INDIA because same government again win in the recent election.
The all previous rules will continue because of ruling party again win. Without changing government india can't able to adopt crypto just wait another 5 years.

But we can hope that the Indian government will not ban cryptocurrency because people cannot use cryptocurrency to help them again.
They need to reconsider the banning of the cryptocurrency because it will not be good for their people to get better life from the crypto.
But I don't know what will happen later, and we could only wait and see.

Herbert2020

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Quote from: Spider A4 on May 26, 2019, 02:40:20 PM

I think there are no big change will be happen in INDIA because same government again win in the recent election.
The all previous rules will continue because of ruling party again win. Without changing government india can't able to adopt crypto just wait another 5 years.

sometimes even change in government body doesn't mean certain rules would change. they can remain the same if the future governments share the same views as the previous ones. but also that doesn't mean bitcoin adoption would stop, rules can change. the government can only slow it down so much before they realize that they can't stop it and have to give up and accept it.

Netnox

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Quote from: Spider A4 on May 26, 2019, 02:40:20 PM

I think there are no big change will be happen in INDIA because same government again win in the recent election.
The all previous rules will continue because of ruling party again win. Without changing government india can't able to adopt crypto just wait another 5 years.

The opposition in India is even more hostile to the idea of crypto-currency. The very first anti-Bitcoin measures in India were taken by Raghuram Rajan (then the Governor of the Reserve Bank of India), who was an appointee of the opposition party. Ironically, his successor (Urjit Patel) also followed the same policy, despite having a different political affiliation. The problem with India is not with the NDA (ruling alliance) or the UPA (opposition alliance). The problem is with their third world mindset.

Spider A4

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I think there are no big change will be happen in INDIA because same government again win in the recent election.
The all previous rules will continue because of ruling party again win. Without changing government india can't able to adopt crypto just wait another 5 years.

pragna

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Actually we the crypto lovers can hope for this new government of INDIA as they are Committed to young generation for their welfare. So if present government wants next win they must think about new era of economy that everybody expecting. If i say friendly many things can happen in next big budget economic country-INDIA. So lets see what is happening in next few year.

SaShiRaJaVu

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Quote from: Ilhanassar on May 23, 2019, 09:09:00 AM

Complete Crypto-Ban or Stringent Regulations?
Reportedly, an economic committee under the Indian Government has drafted a bill the “Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019.” The discussion on the bill is being held between the various branched of the Government. The bill will be introduced in the parliament for approval if sanctioned by the departments.

I really do not expect any positive changes in the entire market in India simply because the newly elected government is the same bunch of people who were ruling earlier, who ruined the market by a big margin because of their incapability to forecast things and their lack of vision and i do not expect anything different this time around too, i wont be even surprised if there is a blanket ban for bitcoin, they have already destroyed the exchanges and all of them have to shut their business and what more can we expect from them Roll Eyes

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Netnox

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Not a single Indian politician has spoken in favor of cryptocurrency till now. And the RBI officials have adopted a very hostile stance towards Bitcoin and closed down all the exchanges and Bitcoin ATMs. I would say that as a third world nation, India is at least a decade away from regulating Bitcoin. We can expect this to happen sometime after 2030.

Ferris419

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I don't think this time India will accept Bitcoin! Because the newly elected government was the previous government too! I mean no change happened in governance! Bitcoin in India is complicated nowadays, after a long discussion, BTC got banned there a few months ago! But I have still the hope that soon or later, India will open the door for the cryptocurrencies.

uneng

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India is observing others countries actions toward crypto currency to make their own. They have already sent officials to Japan, Switzerland and United Kingdom to see how their regulations work and how they are dealing with Icos.
What we know is that India isn't totally crypto friendly, as their banks were forbidden from dealing with crypto exchanges before, furthermore the government is still the same (reelected), so don't expect anything too different from what was already done.

Ilhanassar

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Quote from: Beerwizzard on May 23, 2019, 11:05:20 AM

Considering how many scammers and shady projects had their roots in India I would be happy if their government bans cryptocurrencies at all. Most part of Indian crypto community is just a bunch of rednecks (there is a word that describes Indian ones but I forgot it) whose only activity is looking for different airdrops and clicking on faucets. Amount of their transactions is incredibly slow comparing it to the other countries, so most people don't really give a shit about what is happening there.

I partially agree with you. First I'm totally convinced that any regulations of crypto needs to clean the space from scammers and frauds to prevent people from losing their money investing in ponzi schemes. On the other hand governments should be more open to the new technologies such as crypto currency industry because it makes life easier in terms of payment methods and fees than the current dominant greedy banks

martina14

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Everyone mostly in INDIA are hoping for a cryptocurrency-friendly leader.
This will give them boost and more hope on the new technology. and also will help the campaign for the world change in currency and mass adoption.

Kakmakr

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I expect a 100% ban on all Crypto currencies, because India has not been open-minded about this technology and the previous corrupt government did not want to have anything to do with it. Roll Eyes

India need technologies like this, because they have some brilliant software developers and something like this has huge potential for creativity and innovation from these developers. The government will be the stumbling block for innovation in their country. Angry

endlasuresh

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Quote from: Ilhanassar on May 23, 2019, 09:09:00 AM

The elections for the seat of power in the largest democracy of the world came to an end on 23rd May 2019. The current ruling political party won the elections again as the people of the nation chose Narendra Modi as their Prime Minister for the second time.
The election in India began on April 11th, 2019, since then India has been under ‘aachar sanhita’ or code of conduct, according to which the Government can pass no new law. Nevertheless, with the election results announced, the pending work of the lawmakers would also resume. Subsequently, cryptocurrency regulations can be expected soon as well.

Complete Crypto-Ban or Stringent Regulations?
Reportedly, an economic committee under the Indian Government has drafted a bill the “Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019.” The discussion on the bill is being held between the various branched of the Government. The bill will be introduced in the parliament for approval if sanctioned by the departments.

Source:
https://coingape.com/india-bitcoin-elected-government-pass-crypto-friendly-laws/

Its not a new Govt so you may have to face problems in future. No one know how demonetization and taxes will happen in future.

jak3

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I am from India and as much as I know people in India love Narendra Modi as a prime minister but he is not just going to make blind decisions because a lot of people want Bitcoin to be accepted in India. Narendra Modi will surely conduct a lot of analysis and he is probably going to ask RBI and other financial departments(cryptocurrency enemy) about what consequences can happen if Bitcoin is accepted in India. And as we know what they are going to say for the cryptocurrency is mostly negative and hence the chances of banning Bitcoin and other cryptocurrencies is not for higher in India.

betty11

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Well it's the same government that has been in power, what they might do is just to suspend the bill and ask for further study of the technology of concurrency and how it possibly affect their economy. I don't see the government banning cryptocurrency, if they decided to ban it, no problem, the world will move faster, and the people of India have their government to hold responsible for hindering their progress.

Nunoluck

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Other countries which accept bitcoin don't have any problem. Even government of developed country such as USA and Japan are accept and regulate the use of bitcoin so I think it can become role model for other country like india and etc. I am sure that at the end most of country in this world will accept bitcoin

Lily_Olive

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Well i think it is not right.. why should banned bitcoin in india? Their government have to do something for ttheir people.. government tackles the problem with full wisdom..

Topic: India on Bitcoin: Will the Newly Elected Indian Government Pass Crypto-Friendly - page 2. (Read 675 times)