Topic: Indian government Banning Cryptocurrencies? - page 2. (Read 486 times)

A ban on crypto in India may have an affect to the crypto space but that will not be high. Remember that crypto was not much legal in India couple of months ago. Still now, as far as I know Banks don't cooperate any crypto trading. So, what's the changes or affect are you expecting?

one important thing that you will soon learn about "news" (specially cryptocurrency related news) is that in most cases they are poorly written with very little research because they are aiming to spend the least amount of time to create the most clickable articles to generate traffic and make money.
the country X banned or is planning to ban bitcoin is one of the most common nonsense articles they can come up with and it has been almost 8 or maybe more years that they have been using this topic!

Maybe their country is really having a hard time to manipulate cryptocurrency in their economy. Some of the government officials there are not that knowledgeable about the advantages of cryptocurrencies in the market. They are lacking of proper manipulation and knowledge on how they will make this legalization of cryptocurrency more effective. It really depends on the government if they are willing to trust the bitcoin process and how it can really make an economy grow. But the government are the one who will make laws about this cryptocurrency, so if they don't see it much effective and they are struggling to manipulate it then it is also good for them to illegalize it again in their country.

Didn't India already ban Bitcoin and then unbanned it? It gets so tedious to track countries like China, Russia and now India, they constantly send mixed signals to the point when it's hard to remember what was their last stance and what's Bitcoin's current legal status. And crypto journalists make it worse by using words like "X government" when it's really just one lonely MP with no power to change anything.

Can someone with a good knowledge summarize the history of Bitcoin legislation in India? I'd much appreciate it.

Court decides according to the rules and laws of the nation. The court decriminalized crypto trading cause there were no specific prohibition on the law. The government and the parliament holds the power to modify laws and hence make it illegal to trade crypto. Many have also seen the window was to get rid of crypto for many prominent political keens and as they've done it, now they are making it illegal.

It's only been like what, a few weeks or months since Bitcoin was basically declared legal in India through a Court decision? It's not like it has been legal there for a significant amount of time in order to also significantly affect the price; doubts about this decision have existed ever since then.

Would've obviously been much better to hear that the decision is final and they are not planning to ban it again in the long term future, but I think a fuss larger than needed is made out of it.

India has always been cold to cryptocurrencies. There have been talks about bans for years. However, like 20kevin20 mentioned, I thought the debate was settled recently with Bitcoin declared legal (or at least that it was unconstitutional not to allow banks to deal with cryptocurrencies, an article about it can be seen here). I can see from more recent articles that the talks have been renewed about banning cryptocurrencies, but for now it's more like rumors and intentions of some parties rather than a resolved matter. It sucks that Indians have to deal with this uncertainty around Bitcoin. I do hope the idea of banning will be dismissed.

Now if governments are able to track down Bitcoin users. And these 2 big Economies banning cryptocurrencies many other could follow the steps of these countries. Especially in the Eastern World which is still developing.

“Our focus is on preventing money laundering rather than tracking down criminals,” Robinson told Hard Fork, adding: “To achieve this, we provide tools to businesses such as cryptocurrency exchanges and financial institutions, that allow them to screen cryptocurrency transactions for links to criminal activity.”

It's only been like what, a few weeks or months since Bitcoin was basically declared legal in India through a Court decision? It's not like it has been legal there for a significant amount of time in order to also significantly affect the price; doubts about this decision have existed ever since then.

Would've obviously been much better to hear that the decision is final and they are not planning to ban it again in the long term future, but I think a fuss larger than needed is made out of it.

It's been in news these days that Indian Government is looking forward towards banning of cryptocurrencies. India is one of the major Economic Powers of the World especially in Developing Countries. If after China, Indian government too places a ban on Cryptopcurrencies it could be a drastic state of affairs for the Bitcoin World. A few Months Back a report was submitted by the Central Department of Economic Affairs to Ban Cryptocurrencies in India. I have made a synopsis of the same report in plain English but as being Indian Centric Posted it here in the Indian Section. You can read it here:

Is Indian government going to Ban Cryptocurrency? If yes then how? - https://bitcointalksearch.org/topic/is-indian-government-going-to-ban-cryptocurrency-if-yes-then-how-5258373

It must be noted that Government is putting up strict punishments for those who don't obey the rules which include fines extended upto INR 25 Crores means around $4Million or upto the Amount of Scam involved. Also you might end up in Jail for upto 10 years. It's pretty evident that FBI in a case in US were able to track down a person using his bitcoin Address which reflected that Bitcoin is Pseudo-Anonymous and not Completely Anonymous. Special thanks to the KYC performed by almost all exchanges  
 Here is the Link as to how it can be done: https://thenextweb.com/hardfork/2019/12/26/bitcoin-cryptocurrency-criminals-law-enforcement/

Now if governments are able to track down Bitcoin users. And these 2 big Economies banning cryptocurrencies many other could follow the steps of these countries. Especially in the Eastern World which is still developing.

It's only been like what, a few weeks or months since Bitcoin was basically declared legal in India through a Court decision? It's not like it has been legal there for a significant amount of time in order to also significantly affect the price; doubts about this decision have existed ever since then.

Would've obviously been much better to hear that the decision is final and they are not planning to ban it again in the long term future, but I think a fuss larger than needed is made out of it.

RBI is planning to fight the decision of IDC a couple of months back when they overturn RBI's circular. So the table has turn now, however, I think this will be a lengthy process, as it will involved even the parliament if I'm not mistaken.

And with the pandemic around, I'm sure this could be decided later as there are more pressing issues that the India government will have to deal with. Unless RBI is hell bent to challenge the earlier decision. However, I doubt that they can really stop bitcoin or crypto trading in India and for any other government for that matter, the best they can do is regulate it.

Court decides according to the rules and laws of the nation. The court decriminalized crypto trading cause there were no specific prohibition on the law. The government and the parliament holds the power to modify laws and hence make it illegal to trade crypto. Many have also seen the window was to get rid of crypto for many prominent political keens and as they've done it, now they are making it illegal.