Topic: India Want to Kill all Cryptocurrencies - No need to panic though - page 2. (Read 583 times)
February 01, 2018, 09:57:49 AM
Even though there are a lot of transactions that were happening in India, the volume was not that big. So I am wondering why such a big impact on the market with that news. It may be that, people in India have started dumping their holdings and its a temporary effect. Fingers crossed, but bitcoin going back to 8000s would cause bigger problems overall.
February 01, 2018, 09:57:03 AM
Seriously? Who's next? Actually, if we look through the countries that are banning or about to ban BTC they're all not western world countries (except for Japan and South Korea, but they're changing minds now). I think that most of the educated people from developing countries that are against Bitcoin would rather leave the country, than accept these conditions.
February 01, 2018, 09:53:29 AM
The people who are in India, don't get panic. Don't sell your valuable Bitcoin at low prices,due to the ban news in India.The government of India may plan to regulate the Bitcoin in their country and to get some taxes from their people.So don't get panic by seeing the ban news in India and sell your bitcoin at low price.
February 01, 2018, 09:48:35 AM
There's nothing new with that news and it's happening not only in India but almost in every countries around the world, others are just discreet and driving a campaign against the Bitcoin other are too noisy to say their disagreements with the Bitcoin, any government would want to regulate if not banning the Bitcoin because they get nothing from the Bitcoin, it does not have any tax.
The main reason why Governments are trying to ban all this is tax evasion, if you are honest enough to help the Governments by paying your taxes, then they might not take such decisions. I am not taking their side, but it could have saved India from such a decision. Though, I would like to reiterate to what our FM Jaitley exactly said:
"Distributed Ledger System on the Blockchain Technology, allows organisation of any chain of records or transactions without the need of intermediateries.
They agree with Blockchain technology and they're interested in applying it in various things to remove corruption (though, I believe that's never going to happen).
The government does not consider Cryptocurrencies as legal tender or coin. And will take all measures to eliminate the use of these crypto assets in financing illegitamate activities or as a part of the payment system.
He never said it is illegal, but Government is interested in eliminating use of crypto assets in illegal activities such as terrorism funding or extortion activities. They are not considering it as legal tender or coin, but then, nobody can stop us from trading or working for Bitcoins.
My question is:
What about those who are "earning" it by doing work / providing services / even if trading, and are paying taxes for the same?
Why should such people be punished due to the illicit activities that gets carried by the wrong people? Total injustice, isn't it?
February 01, 2018, 09:44:23 AM
More FUD from dumb idiots who find themselves in positions of power.
February 01, 2018, 09:41:03 AM
India contributes around 10% of the entire bitcoin transactions happening through the network. This time the regulation from Indian government has lead to the drop in value of bitcoin. That too, it has lead to a drastic 5% drop in the market capital of the bitcoin into circulation.
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February 01, 2018, 09:34:33 AM
There's nothing new with that news and it's happening not only in India but almost in every countries around the world, others are just discreet and driving a campaign against the Bitcoin other are too noisy to say their disagreements with the Bitcoin, any government would want to regulate if not banning the Bitcoin because they get nothing from the Bitcoin, it does not have any tax.
February 01, 2018, 09:33:10 AM
Indian Prime Minister Mr. Modi tried to make the whole country cashless and he banned cash without a prior notice last year - India is still using cash, he tries to kill Bitcoin? trust me, people are smarter than him.
February 01, 2018, 09:29:04 AM
governors against crypto world, they only want control people and their relations
February 01, 2018, 09:17:25 AM
Where is this ban ban news coming from. It like people now searching for news on cryptocurrency ban on google , if India Government want to ban cryptocurrency they are free to do whatever they like. This will only affect their citizens that are dependent on crypto only.
February 01, 2018, 08:38:17 AM
Oh, please give me a break with all these new news.
I see it this way - newbie creates account - newbie writes "No need to panic, random country will ban bitcoin"
And in topic newbie writes - Don't panic, they might ban bitcoin.
Do you know what FUD is?
I see it this way - newbie creates account - newbie writes "No need to panic, random country will ban bitcoin"
And in topic newbie writes - Don't panic, they might ban bitcoin.
Do you know what FUD is?
February 01, 2018, 08:34:18 AM
Is India a big player in bitcoin? My impression was that adoption in India was less in absolute numbers than in South America, where it has taken off in places like Argentina, Brazil and Venezuela.
The only reason some Indians buy bitcoin is because the Indian govt has capital controls in place for fiat currencies - so perhaps a few rich folk are buying it.
The only reason some Indians buy bitcoin is because the Indian govt has capital controls in place for fiat currencies - so perhaps a few rich folk are buying it.
February 01, 2018, 08:23:20 AM
Exact words from Mr. Jaitley: "The Government does not consider Cryptocurrencies "as Legal Tender or Coin" and will take all measures to eliminate the use of these Crypto Assets in Financing "Illegitimate Activities or a Part of the Payment System".
Wrong interpretation: Bitcoin is illegal.
Correct interpretation: Bitcoin cannot be used as legal tender. Bitcoin cannot be used for illegitimate activities.
Wrong interpretation: Bitcoin is illegal.
Correct interpretation: Bitcoin cannot be used as legal tender. Bitcoin cannot be used for illegitimate activities.
February 01, 2018, 08:17:10 AM
This is another means India government want to implement taxation on cryptocurrency. Let us just wait and see in the next few weeks what will be the outcome of the banning.
Well as far as taxation is concerned it is already being told that you have to pay short term tax i.e if you sell within 3 years and if profit is earned then its 30% of the profit. If you are from India than do consult your CA and file proper taxation. Also in coming days thing will become more clearer as what is the exact outcome of that statement.
February 01, 2018, 08:10:58 AM
Hi,
So you are saying it changes nothing, right?
I agree with you, this is not a reason to start panic selling. Still, the news is quite interesting.
I read the articles and... Well, I am not sure that what they are planning to do is actually technically feasible. I truly don't know. I understand the concept behind it and the idea, but I don't see how they can think it will work. Internet is an open world, without any frontiers and... Well, even though you have a physical address, you can always manage to change it and go through another one, anywhere in the world!
So, of course the Indian government is planning to prevent such "cryptos" from spreading and to become too powerful. The idea is understandable. The means of action though...
So you are saying it changes nothing, right?
I agree with you, this is not a reason to start panic selling. Still, the news is quite interesting.
I read the articles and... Well, I am not sure that what they are planning to do is actually technically feasible. I truly don't know. I understand the concept behind it and the idea, but I don't see how they can think it will work. Internet is an open world, without any frontiers and... Well, even though you have a physical address, you can always manage to change it and go through another one, anywhere in the world!
So, of course the Indian government is planning to prevent such "cryptos" from spreading and to become too powerful. The idea is understandable. The means of action though...
February 01, 2018, 06:30:30 AM
News came today as Indian finance minister finally clarified that they will take actions to ban all cryptocurrencies.
https://qz.com/1148361/budget-2018-indias-government-wants-to-kill-bitcoin-but-it-loves-blockchain/
https://www.bloombergquint.com/global-economics/2018/02/01/india-to-curb-cryptocurrency-use-while-embracing-blockchain
http://www.keralanews247.com/budget-2018-arun-jaitley-speaks-about-bitcoin/
Personally I believe it's a mistake; but hey we are talking about government, which is naturally should be against mostly free and decentralized power of cryptocurrencies.
So, don't panic people. Hold your coins.
https://qz.com/1148361/budget-2018-indias-government-wants-to-kill-bitcoin-but-it-loves-blockchain/
https://www.bloombergquint.com/global-economics/2018/02/01/india-to-curb-cryptocurrency-use-while-embracing-blockchain
http://www.keralanews247.com/budget-2018-arun-jaitley-speaks-about-bitcoin/
Personally I believe it's a mistake; but hey we are talking about government, which is naturally should be against mostly free and decentralized power of cryptocurrencies.
So, don't panic people. Hold your coins.
If you guys go through that document in detailed manner then we will come to know that they are going to explore the advantages of the block chain which means they are going to use it. So the guy Jatley whose finance minister will be going to open the roadmap for the exploration. I also see that southern India has already adopted the block chain in proactive ways and they are having the tie ups with Swedish startup ChromaWay! That is actually more good news than bad I believe. This is major change but the whole idea seems to be going towards the positive direction only. I think its no need to panic. But the effect of this news can be seen clearly on the todays market.
February 01, 2018, 06:28:27 AM
How? Will they ban internet?
I guess they will send a policeman to every household, schools and companies across India and the coops will search for cryptos on every HDDs, USB sticks, scraps of paper and cloud accounts. Probably they will finish in 200-300 years
. 
February 01, 2018, 06:22:48 AM
Op have to change the concept as
The original Points Finance minister said Its not legal tender . And its been said form 2013 December . The same quote repeated . Stop creating fud am creating new thread about healthy discussion happened in union budget.
The original Points Finance minister said Its not legal tender . And its been said form 2013 December . The same quote repeated . Stop creating fud am creating new thread about healthy discussion happened in union budget.
February 01, 2018, 06:13:56 AM
How? Will they ban internet?
Exactly my thoughts. The collective power of all the governments in the world cannot stop bitcoin since it is a dominant force which will only continue to power forward no matter what which is why I feel that the news posted by op seems like FUD and nothing else. Best to ignore such FUD in my opinion since the Indian government know that they can never ban bitcoin, but they are simply trying to regulate it which will obviously not work out at the end of the day. More and more FUD is driving the value of bitcoin down currently and am expecting a rally in the middle of this month.They will glue your hands together if caught using bitcoin. I mean how dare you try to further enrich your life by using a powerful currency run on powerful technology when you could be using our government issued currency that's doing so well that why most of India is not poor at all. It is like china banning facebook and all that crap. It will never work.
What is most stupid about the indian finance minister is that he says "we will ban cryptocurrencies but we will encourage blockchain in payment systems".
Is it a joke?
Is it a joke?
They know they can't really control crypto so they want to use it's technology to create their own currency that they can control.
February 01, 2018, 06:06:04 AM
I do not know if this is certainly true but if it is then this explain the dip in the prices. This rumor was already circulating back in 2017.
They should reconsider because i know some people back there are using bitcoin for their livelihood. Back in the day i chatted with an indian where they use decode captcha and they will earn a few sats.
I hope they reconsider.
They should reconsider because i know some people back there are using bitcoin for their livelihood. Back in the day i chatted with an indian where they use decode captcha and they will earn a few sats.
I hope they reconsider.
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