Topic: Indian Government criticised over banning Bitcoins (Read 525 times)
Governments and political leaders always want to be powerful and control the finances of countries and i think that's exactly what India tried to do. Let's see if all these constructive criticisms from well renowned crypto enthusiasts can change their mind. Hopefully they can lift this ban off the people of India so that the people of India can get to use their cryptocurrencies as and when they wish.
I have also gone through the pages in the proposed draft bill. It looks scary and very unrealistic for the community. Scary because a lot of youngsters will lose there earning source and unrealistic because it is not possible to completely ban cryptocurrency trading. There are numerous ways by which people will trade illegally.
The scanned pages do not show any government seal, which means it has not yet been presented to the government. This will take time and has to be passed by both the houses of the parliament. I do not see that happening any sooner.
If indeed the government passes this bill, it will surely lose a lot of revenue that it could have generated by Income tax. The government should discuss this bill with the Indian crypto community if it wants to become an economic powerhouse. They should come out with regulation and adapt to the future not escape it .
The scanned pages do not show any government seal, which means it has not yet been presented to the government. This will take time and has to be passed by both the houses of the parliament. I do not see that happening any sooner.
If indeed the government passes this bill, it will surely lose a lot of revenue that it could have generated by Income tax. The government should discuss this bill with the Indian crypto community if it wants to become an economic powerhouse. They should come out with regulation and adapt to the future not escape it .
Rightly said and agreed. First of all any bill before implementation should be passed in both houses of the Parliament in India but that does not look tough.Even opposition will not be opposing it but it may take time. Secondly its very hard to trace each and every crypto trader in India, number of crypto traders in India may be more that any small country's population. I will be very tough for the govt to depute manpower to trace crypto traders in decentralize environment. Also if BTC and crypto is banned in India, it will lead loss in revenue as well. Indian govt should really talk to crypto community first to take such a harsh step.
No criticism will not help in this case, the government took its decision and no one else they do not decree.
The government of India has not come out openly to ban bitcoin and other cryptocurrency. Bitcoin cannot be outrightly ban by any counties and if India does that, there are not looking or having a wider views of what bitcoin stand for. We are not going to have all of this banning and accepting issues in the future as countries will be regretting without be part of bitcoin and blockchain technology at this early stage of its developments.
It hasn't been decided yet if Bitcoin is going to be banned in India, but it makes for a good FUD. Even countries which are on the list of countries which banned Bitcoin haven't necessarily banned it if you look closer.
I also noticed this thing. Whenever I ask someone from those countries, they always tell me that it is not entirely banned and the posts that Bitcoin is banned in countries like Russia, China, and India are not true.
Is it fair to ban cryptocurrency in India?
People here also have an interest in investing in the crypto, then why not to go with the majority?
People here also have an interest in investing in the crypto, then why not to go with the majority?
I dont know about India but banning crypto is so meanless for government.its an income at least if regulate the law.i dont understand why ban.
They never tried to banned bitcoin, it is still legal and there's no law about this one. Maybe the one you hear is just a FUD, even if we criticized this one the Indian government are still not making any final statement so meaning it is still legal on a different way. Bitcoin should not be banned, it is still a good alternative for fiat money.
The Indian government’s decision of completely banning Bitcoin has admittedly gone sideways.
It’s fairly evident that with the advancements in technology today, also keeping in mind how the government wants to keep a strong hold and a close eye on its citizens, would not in their wildest dreams want us to hold more freedom than they wish for us to.
Bitcoin is an enemy of the government because of its basic nature. The inflow of money from Bitcoins or cryptocurrencies in general is hard to trace. Bitcoin has none or very little political influence which makes it nearly impossible to regulate. The use of Bitcoin would mean weakening of the government’s power over its citizens.
It’s fairly evident that with the advancements in technology today, also keeping in mind how the government wants to keep a strong hold and a close eye on its citizens, would not in their wildest dreams want us to hold more freedom than they wish for us to.
Bitcoin is an enemy of the government because of its basic nature. The inflow of money from Bitcoins or cryptocurrencies in general is hard to trace. Bitcoin has none or very little political influence which makes it nearly impossible to regulate. The use of Bitcoin would mean weakening of the government’s power over its citizens.
G20 leaders, including India reaffirmed their previous stance towards cryptocurrencies in a declaration following the G20 Summit in Osaka on June 29. https://www.mof.go.jp/english/international_policy/convention/g20/communique.htm - It says, " Technological innovations, including those underlying crypto-assets, can deliver significant benefits to the financial system and the broader economy. While crypto-assets do not pose a threat to global financial stability at this point "
So, why would they now want to ban Crypto currencies, if they signed that declaration?
We know some of these countries are corrupt and they have hidden agendas, but signing a declaration like that gives citizens in those countries ammunition to ask questions about their recent actions.
So, why would they now want to ban Crypto currencies, if they signed that declaration?
We know some of these countries are corrupt and they have hidden agendas, but signing a declaration like that gives citizens in those countries ammunition to ask questions about their recent actions.
That's another sign that India is anti-crypto, like contradicting themselves, similar to what the government is trying to picture at. They will give statement favoring crypto but the next day, some other officials will get a opposite announcement.
If indeed the government passes this bill, it will surely lose a lot of revenue that it could have generated by Income tax. The government should discuss this bill with the Indian crypto community if it wants to become an economic powerhouse. They should come out with regulation and adapt to the future not escape it .
Well there's supposed to be a discussion about it, I think the problem is with RBI itself, within that organization, there are a lot of traditional old school members who doesn't want to change the status quo. That's why the supposed to be public hearing is just a show-off and now they've proposed a total crypto ban that will hurt a lot of our Indian crypto enthusiast.
I dont know about India but banning crypto is so meanless for government.its an income at least if regulate the law.i dont understand why ban.
G20 leaders, including India reaffirmed their previous stance towards cryptocurrencies in a declaration following the G20 Summit in Osaka on June 29. https://www.mof.go.jp/english/international_policy/convention/g20/communique.htm - It says, " Technological innovations, including those underlying crypto-assets, can deliver significant benefits to the financial system and the broader economy. While crypto-assets do not pose a threat to global financial stability at this point "
So, why would they now want to ban Crypto currencies, if they signed that declaration?
We know some of these countries are corrupt and they have hidden agendas, but signing a declaration like that gives citizens in those countries ammunition to ask questions about their recent actions.
So, why would they now want to ban Crypto currencies, if they signed that declaration?
We know some of these countries are corrupt and they have hidden agendas, but signing a declaration like that gives citizens in those countries ammunition to ask questions about their recent actions.
governments always seek control and full power and when they feel like they may lose it, they start threatening with legal action such as this case where the Indian government feared losing control and started the threat of ban. these things rarely become reality as we can see in the past 10 years only 2 or 3 countries have actually banned bitcoin and they all did it in early years not recently. the recent years is only governments trying to regulate the businesses specially the exchanges to be able to track and take their taxes.
Personally I think banning would take long if a country is determined to do so.
There are a lot of things to take as considerations and no one could do that in a blink of an eye.
Bitcoin can not please everyone. It is normal to find weaknesses at something at a certain point but it is not that too harmful for everyone. They just have to see that.
There are a lot of things to take as considerations and no one could do that in a blink of an eye.
Bitcoin can not please everyone. It is normal to find weaknesses at something at a certain point but it is not that too harmful for everyone. They just have to see that.
G20 leaders, including India reaffirmed their previous stance towards cryptocurrencies in a declaration following the G20 Summit in Osaka on June 29. https://www.mof.go.jp/english/international_policy/convention/g20/communique.htm - It says, " Technological innovations, including those underlying crypto-assets, can deliver significant benefits to the financial system and the broader economy. While crypto-assets do not pose a threat to global financial stability at this point "
So, why would they now want to ban Crypto currencies, if they signed that declaration?
We know some of these countries are corrupt and they have hidden agendas, but signing a declaration like that gives citizens in those countries ammunition to ask questions about their recent actions.
So, why would they now want to ban Crypto currencies, if they signed that declaration?
We know some of these countries are corrupt and they have hidden agendas, but signing a declaration like that gives citizens in those countries ammunition to ask questions about their recent actions.
No criticism will not help in this case, the government took its decision and no one else they do not decree.
Now a bill have been drafted according to which , doing anything with respect to Bitcoins will land you in jail , and by anything it means even holding , selling , mining , buying anything at all ..
Now Tim Draper went out and opposed the government , Calling them corrupt.
I think he is right , they just wants to steal people's freedom , actually even a spokesperson for them quoted how they would like to convert the biggest democratic country in dictatorship.
We have a right in our constitution *Right against exploitation*
Aren't they doing this to us ? Seizing what people are earning through , they aren't able to provide jobs but guess what ? Bitcoins does . They want to stop Bitcoins , from us using it and use their own made digital currency so that they can earn some profit .
There is another right *Right to Freedom* , Bitcoins is truly what means actual freedom , it's not like the banks that hold your money and shut off anytime and the owner just went to jail and you are waiting for them to come out , but guess what ? They themselves are broke, who are you taking money from ?
Bitcoins cannot be shut down !
It is where out investments are at risk , but are safe too , if you have 0.1 BTC today , even day after tomorrow or a 100 years from now they will be 0.1 BTC .
Encash them whenever you want , no one is stopping you .
I think by this draft the government is mocking the public and just seizing their rights .
They just wants their own made cryptocurrency to earn revenue for them .
Just how corrupt they are.
Maybe just wait some years they will also stop you from trading in foreign shares and ask you to just trade in Indian share market.
Now Tim Draper went out and opposed the government , Calling them corrupt.
I think he is right , they just wants to steal people's freedom , actually even a spokesperson for them quoted how they would like to convert the biggest democratic country in dictatorship.
We have a right in our constitution *Right against exploitation*
Aren't they doing this to us ? Seizing what people are earning through , they aren't able to provide jobs but guess what ? Bitcoins does . They want to stop Bitcoins , from us using it and use their own made digital currency so that they can earn some profit .
There is another right *Right to Freedom* , Bitcoins is truly what means actual freedom , it's not like the banks that hold your money and shut off anytime and the owner just went to jail and you are waiting for them to come out , but guess what ? They themselves are broke, who are you taking money from ?
Bitcoins cannot be shut down !
It is where out investments are at risk , but are safe too , if you have 0.1 BTC today , even day after tomorrow or a 100 years from now they will be 0.1 BTC .
Encash them whenever you want , no one is stopping you .
I think by this draft the government is mocking the public and just seizing their rights .
They just wants their own made cryptocurrency to earn revenue for them .
Just how corrupt they are.
Maybe just wait some years they will also stop you from trading in foreign shares and ask you to just trade in Indian share market.
Well done, i hope the people there keep the pressure, they have to do whatever it takes, educate, ridicule, convince those politicians what they are doing is wrong, and if they maintain their positions they are betraying their people. As i have said many times, banning bitcoin is akin to telling the world India doesn't want that wealth. Is India in the position to say that? I don't think so...
Besides the politicians have a lot to account for the misguided monetary policy they have had so far, making everyone poorer every year due to economic dogma (fear of deflation) because they are too busy to bother learning an economic system where deflation can bring wealth and progress in a steady way, rather than the roller coaster bubble/crash cycles of the world's dominant economic school.
Truth be told corrupt politicians don't like the transparency Bitcoin brings. What?? you tell them they cannot make money from manipulating the nation's currency anymore? Whats next, actually earning their salaries?...
Oh it seems that things are very agitated in India, 11 days after I made my post on this thread, today I see this news about india:
Major Indian Trade Organization Speaks Out Against Proposed Crypto Ban
maybe it's possible for the government to change its mind? does the government of india listen to people? we'll see this in the next few weeks
Major Indian Trade Organization Speaks Out Against Proposed Crypto Ban
maybe it's possible for the government to change its mind? does the government of india listen to people? we'll see this in the next few weeks
Modi and Co. doesn't seem to be listening to lobbyists and people who actually know what's better for India. They have a lot of better things to do than to actually implement something that is of use to their own gain rather than the majority of India. Heck, even toilets are still a painstaking problem within the Indian region which, to this day, should have been solved by the government but no, instead they built a giant statue of no use to the public other than a display of India's virtues and unity. Don't get me wrong, Indians are actually good people in terms of tech and other fields but their own government has all these crooked priorities leading to a halt in innovation and advancement within the said country.
Oh it seems that things are very agitated in India, 11 days after I made my post on this thread, today I see this news about india:
Major Indian Trade Organization Speaks Out Against Proposed Crypto Ban
maybe it's possible for the government to change its mind? does the government of india listen to people? we'll see this in the next few weeks
Major Indian Trade Organization Speaks Out Against Proposed Crypto Ban
maybe it's possible for the government to change its mind? does the government of india listen to people? we'll see this in the next few weeks
I think that Indian government is just taking the easiest way , the stupid way, the way which does not respect peoples wishes.
One of the purpose of the government is to be responsible for money regulation and money floundering. They see threat in crypto in money control and they are right, there are 2 options.
1. To bank crypto all together.
2. Embrace it , use it for your countries benefit.
The second one obviously is harder but beneficial.
P.s. Writing this I started to think , that it is popular for large country governments with low average income population to introduce draconian laws. I wonder why is that..
One of the purpose of the government is to be responsible for money regulation and money floundering. They see threat in crypto in money control and they are right, there are 2 options.
1. To bank crypto all together.
2. Embrace it , use it for your countries benefit.
The second one obviously is harder but beneficial.
P.s. Writing this I started to think , that it is popular for large country governments with low average income population to introduce draconian laws. I wonder why is that..
It hasn't been decided yet if Bitcoin is going to be banned in India, but it makes for a good FUD. Even countries which are on the list of countries which banned Bitcoin haven't necessarily banned it if you look closer.
I know that already that's why I said the draft , not it Hass Been imposed ..But they are making things harder for the people who are using Bitcoins , due to banks not engaging actively in buying and selling using their accounts , people are paying fee to transfer them where they can sell the Bitcoins and even after that you then pay the transfer fee+ selling fee ( which is minor ) + deposit fee.
And continuingly it can actually cause a huge loss as a whole.
People who wants to buy Bitcoins aren't able to do that without paying 10-30% more of the value because now people are selling their coins at a higher price in India.
According to what I read in the comments made by a political analyst, the Indian Prime Minister Narendra Modi is hurting the constitution of India (He is hurting democracy and religions). Imagine if a country that has religious conflicts and serious problems with democracy will accept bitcoin? the distrust of the government becomes greater. so they strive to control people... they make people poor and hostages and very dependent of the government. This is a strategy that the government of India is using to have maximum control over its people.
It would have been better if some famous personalities in India would come out in support of Bitcoin by pressing the government to pass laws recognizing the said cryptocurrency with some legal status just like what Japan had done. I am hoping that a united group of cryptocurrency supporters would be presenting its side of the story in India so that the government can be educated on this matter and hopefully can change their mindset. India is a very big and potentially lucrative market for cryptocurrency and I know this is not a one-sided affair as this can be helping its economy a lot in pushing for the future and that future is truly digital. Not really banning is better but legal recognition is the best.
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