Indian Govt Planning Ban on Crypto | Bitcointalksearch.org

webtricks

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Quote from: Clement Kaliyar on October 29, 2019, 12:55:23 PM

Quote from: webtricks on October 29, 2019, 06:33:32 AM

Since exchanges are not allowed to work in India, I don't agree with you on this one. Even if government issues some regulations regarding Bitcoin, it doesn't mean government can actually track all transactions done by traders. It can only give guidelines and it's up to traders whether they follow those or not. There will be very minute chances that government could actually catch the frauds in crytpo transactions.

If there is a regulation in India and if exchanges have to function in a proper manner they need to comply with all the KYC/AML regulation and even without any regulation all the exchanges were complying with those policies and if you are using fiat currency to purchase the coins then you need to use bank account and all the transactions are accounted for, so the only transaction that cannot have a record is face to face transaction and it has its own risk.

It is very easy to do bank-to-bank transactions without using exchange sites. There are escrows out there who can help you to carry out anonymous trading without any need to meet face-to-face. There is no track that the amount you received in bank or the amount you paid out is linked to Bitcoin buy/sell transaction. Even there are few P2P Exchanges which don't have KYC requirement. So no-one can relate transactions with any specific user there too.

libert19

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Quote from: pawanjain on October 29, 2019, 08:58:25 AM

Quote from: akhjob on October 29, 2019, 08:27:05 AM

Actually, they can track the payments if they decided to. All they need to do is ask the exchanges to collect PAN details of the customers and the list of trades. If India is going to regulate Crypto transactions, exchanges will welcome the decision considering the current scenario.

...Besides that, if the trader uses a mixer then it will be really tough for governments to track the source.

It's about transactions where user converts crypto to inr, no government has means to track down every crypto or every transaction.

Clement Kaliyar

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Quote from: webtricks on October 29, 2019, 06:33:32 AM

Since exchanges are not allowed to work in India, I don't agree with you on this one. Even if government issues some regulations regarding Bitcoin, it doesn't mean government can actually track all transactions done by traders. It can only give guidelines and it's up to traders whether they follow those or not. There will be very minute chances that government could actually catch the frauds in crytpo transactions.

If there is a regulation in India and if exchanges have to function in a proper manner they need to comply with all the KYC/AML regulation and even without any regulation all the exchanges were complying with those policies and if you are using fiat currency to purchase the coins then you need to use bank account and all the transactions are accounted for, so the only transaction that cannot have a record is face to face transaction and it has its own risk.

pawanjain

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Nothing lasts forever

Quote from: akhjob on October 29, 2019, 08:27:05 AM

Actually, they can track the payments if they decided to. All they need to do is ask the exchanges to collect PAN details of the customers and the list of trades. If India is going to regulate Crypto transactions, exchanges will welcome the decision considering the current scenario.

The governments will only be able to track the trades and the deposits/withdrawals made on the exchange itself.
That's the limit which they cannot exceed. The governments will not be able to track the source of the deposits/withdraws and trades that are done outside of the exchange and even if they do try to track the trades then all they will get is a long chain of transactions. Besides that, if the trader uses a mixer then it will be really tough for governments to track the source.

akhjob

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Quote from: soyalmomin75 on October 29, 2019, 02:17:00 AM

If regulates then each transaction will be tracked properly from Exchanges that who is earning/investing in crypto. And if investor is earning profit he/she has to pay taxes as per regulation of short/long term investment return….

Since exchanges are not allowed to work in India, I don't agree with you on this one. Even if government issues some regulations regarding Bitcoin, it doesn't mean government can actually track all transactions done by traders. It can only give guidelines and it's up to traders whether they follow those or not. There will be very minute chances that government could actually catch the frauds in crytpo transactions.
[/quote]

Actually, they can track the payments if they decided to. All they need to do is ask the exchanges to collect PAN details of the customers and the list of trades. If India is going to regulate Crypto transactions, exchanges will welcome the decision considering the current scenario.

webtricks

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Quote from: soyalmomin75 on October 29, 2019, 02:17:00 AM

Indian government should regulate….

2 possibilities as follows…

If Govt bans the Bitcoin or Crypto in any way then a black market(cash) will start in parallel and Govt/regulator will never track the transaction….

That's true.

Quote from: soyalmomin75 on October 29, 2019, 02:17:00 AM

If regulates then each transaction will be tracked properly from Exchanges that who is earning/investing in crypto. And if investor is earning profit he/she has to pay taxes as per regulation of short/long term investment return….

Since exchanges are not allowed to work in India, I don't agree with you on this one. Even if government issues some regulations regarding Bitcoin, it doesn't mean government can actually track all transactions done by traders. It can only give guidelines and it's up to traders whether they follow those or not. There will be very minute chances that government could actually catch the frauds in crytpo transactions.

soyalmomin75

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Indian government should regulate….

2 possibilities as follows…

If Govt bans the Bitcoin or Crypto in any way then a black market(cash) will start in parallel and Govt/regulator will never track the transaction….
If regulates then each transaction will be tracked properly from Exchanges that who is earning/investing in crypto. And if investor is earning profit he/she has to pay taxes as per regulation of short/long term investment return….

gullu

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Quote from: playboy654 on June 09, 2019, 12:36:11 PM

Quote from: gullu on June 08, 2019, 06:01:35 PM

https://economictimes.indiatimes.com/news/economy/finance/draft-law-proposes-10-year-jail-term-for-dealing-in-cryptocurrency/articleshow/69693984.cms

Guys , did anyone read this? Indian government is going to impose 10 years jail for holding , mining or trading in cryptocurrencies. This is not fair.

Its just a proposal,but there is no official related thing released related to this news.

So until now you can do whatever you want in India with crypto currencies.

Yeah I know that its just a proposal. But just imagine, one fine morning when you get up from bed and find this news in the headlines of the newspaper then what will you do. How will you dispose your crypto assests in a short span of time? Anything can happen in our country. Do you remember how government announced demonetisation of 500 and 1000 rs notes ,all of a sudden?

playboy654

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Quote from: gullu on June 08, 2019, 06:01:35 PM

https://economictimes.indiatimes.com/news/economy/finance/draft-law-proposes-10-year-jail-term-for-dealing-in-cryptocurrency/articleshow/69693984.cms

Guys , did anyone read this? Indian government is going to impose 10 years jail for holding , mining or trading in cryptocurrencies. This is not fair.

Its just a proposal,but there is no official related thing released related to this news.

So until now you can do whatever you want in India with crypto currencies.

gullu

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https://economictimes.indiatimes.com/news/economy/finance/draft-law-proposes-10-year-jail-term-for-dealing-in-cryptocurrency/articleshow/69693984.cms

Guys , did anyone read this? Indian government is going to impose 10 years jail for holding , mining or trading in cryptocurrencies. This is not fair.

playboy654

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Quote from: baristor on June 08, 2019, 01:19:40 AM

Guys came upon this disturbing news article... What do you think ?

https://www.moneycontrol.com/eye-on-india/videos/eye-on-india-performance-of-infrastructure-sector-3896371.html

Its about the election right? There is no description or title related to crypto so I am not bothered to click the video anymore.

baristor

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Guys came upon this disturbing news article... What do you think ?

https://www.moneycontrol.com/eye-on-india/videos/eye-on-india-performance-of-infrastructure-sector-3896371.html

D1v4c

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India is a country that can benefit a lot from cryptocurrencies, but the country's central bank has sought to end all trading activities. It also prevents smaller local banks from doing business with cryptocurrency companies. This has greatly hindered the innovation and technological development of the country.

avikz

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Quote from: SaShiRaJaVu on May 27, 2019, 04:34:15 PM

Quote from: sunilnagaraja1996 on May 26, 2019, 11:59:28 AM

Still Indian government didn't announce officially and didn't update any new news about crypto banning so I think it will take long time.

There are a lot of promising news coming up from India, i am not sure whether the government will see those and make any decisions as they are loosing the opportunity to make India to have a competitive market space when it comes to the world market in the virtual market as majority will be shutting their doors and looking elsewhere that favors these innovative start ups.

Tech lobby urges central bank to favor bitcoin start ups
The article looks promising but whether it will make any changes is another question.

Can you please summarize what good news are coming up from India?

I don't see any good news coming from India that can cheer up the Indian crypto community. While India is not against the blockchain development, but turning a blind eye for cryptocurrencies. Ministers and economists are even categorizing it as a ponzi scheme!

RBI had thrown out cryptocurrency related business from their regulatory sandbox. Finance Ministry has no clue what cryptocurrency is and people are more interested in building Ram Mandir!

So I reiterate,
NO GOOD NEWS IS COMING FROM INDIA THAT CAN CHEER INDIAN CRYPTO ENTHUSIASTS!!

SaShiRaJaVu

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Quote from: sunilnagaraja1996 on May 26, 2019, 11:59:28 AM

Still Indian government didn't announce officially and didn't update any new news about crypto banning so I think it will take long time.

There are a lot of promising news coming up from India, i am not sure whether the government will see those and make any decisions as they are loosing the opportunity to make India to have a competitive market space when it comes to the world market in the virtual market as majority will be shutting their doors and looking elsewhere that favors these innovative start ups.

Tech lobby urges central bank to favor bitcoin start ups
The article looks promising but whether it will make any changes is another question.

sunilnagaraja1996

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Still Indian government didn't announce officially and didn't update any new news about crypto banning so I think it will take long time.

vennali

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Quote from: sujonali1819 on May 20, 2019, 12:31:12 PM

Quote from: jack_jack on May 17, 2019, 10:46:36 AM

current govt even banning tik tok .. there is nothing new in it they ban any thing that they dont like

Personally I think tiktok ban was right things because it has no need for the society but on the other hand people wasting their time on it very much.

And yea government can do anything what they want and people are bound to accept it.

Can't get enough of a laugh out this as well.
The time of the people doesn't belong to the government. People should be free to do what they want. I believe this ban was revoked and so was the one on pubg in Gujarat.

legendster

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Quote from: sujonali1819 on May 20, 2019, 12:31:12 PM

Quote from: jack_jack on May 17, 2019, 10:46:36 AM

current govt even banning tik tok .. there is nothing new in it they ban any thing that they dont like

Personally I think tiktok ban was right things because it has no need for the society but on the other hand people wasting their time on it very much.

What the fuck are you talking about?
Why should this app be banned? Do you have any idea how revolutionary this app has been in the Indian mobile market? People that didn't understand the concept of the internet were buying mobile phones with a camera just to share videos of themselves lypsyncing to their fav. bollywood tunes.

Your statement "It has no need for the society" is just as wrong in thought as it is in sentence construction & grammar.

Quote

And yea government can do anything what they want and people are bound to accept it.

Fuck no!

Government is made by the people and for the people, they are not rulers.

Get some help dude. Your viewpoints are as skewed as Modi's finger in a jar full of Kingfisher money.

eaLiTy

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Have Fun )@@( Stay Safe

Quote from: sujonali1819 on May 20, 2019, 12:31:12 PM

Personally I think tiktok ban was right things because it has no need for the society but on the other hand people wasting their time on it very much.

No one can dictate what anyone should do in a democracy if it is not breaking any law, if you start banning things that you have an opinion that it is not good for the society, then there are a ton of things that should be banned, for argument sake what benefit does the movie industry gives you other than the entertainment part, would you opt for a ban because it spoils kids and students, if i come up with that argument will you accept it Tongue

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Quote from: sujonali1819 on May 20, 2019, 12:31:12 PM

And yea government can do anything what they want and people are bound to accept it.

In a democracy the people have the ultimate power, show your power during election time and every single vote counts.

Quote from: legendster on May 19, 2019, 08:54:11 PM

But that's true, just look at the turmoil here in bengal, bjp has successfully polarized people enough that people resorted to violence and grenades yesterday. That kind of shit is okay for a place like Venezuela, but when shit hits the fan right under your nose like this - it is only then when you realize what kind of communal fire this BJP / NDA is stoking.

Shame on modi!

This is the case in majority of the place in India, they spread hate and violence against each other for their vote bank and it is true, until some shit hit us, we will see them as news and forget the next day and that is the biggest problem.

SaShiRaJaVu

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Quote from: legendster on May 19, 2019, 08:54:11 PM

You say that but you are wearing a saffron signature.
Shocked

After the exit polls thought of wearing the saffron signature so that they do not attack me for not supporting them Cheesy

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Quote from: legendster on May 19, 2019, 08:54:11 PM

But that's true, just look at the turmoil here in bengal, bjp has successfully polarized people enough that people resorted to violence and grenades yesterday. That kind of shit is okay for a place like Venezuela, but when shit hits the fan right under your nose like this - it is only then when you realize what kind of communal fire this BJP / NDA is stoking.

Shame on modi!

When they came to power i thought we could really see some changes on the positive side and lift India to the future, they advertised really well and they never talked about religion when they were looking for support to get into power and they acted they really had a vision to move India forward from the corrupt government we had during that time, but after getting into power, they just followed what the UPA government was following and then communal violence and others started popping up and all the promise they said never fulfilled and they just took the growth a decade back.
I really hope the exit polls are wrong.

Topic: Indian Govt Planning Ban on Crypto (Read 807 times)