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.
Topic: Indian government Banning Cryptocurrencies? - page 3. (Read 422 times)
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.
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.
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.
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