This is a common problem where India is not that good at adopting cryptocurrency in their country.
They have a problem regulating it that's why they chose to illegalize it and ban it so that people in their country can't access or own some.
As a bitcoin or crypto investor, this situation is really hard especially that you know it is profitable and will help you become successful someday. India should understand that this thing is really important in our generation, cryptocurrency is a must to invest if you can because this will probably boom in the near future.
Topic: Is INDIA going to BAN Bitcoin Again? (Read 651 times)
This is what I most dont have to understand, why some countries decided to ban bitcoin and then later on, they lifted up the ban and allowed again to use. I guess there a reason behind this, in my mind, they realized later on that bitcoin is very useful in society and this does not become a threat to them.
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With proper regulation, they'll be able to benefit on bitcoin and their people, so banning should not always be the best solution.
They think that it could be easy as that, but the fact they can't regulate this and I guess the reason they lifted after banning bitcoin. Even though they restricted or even banning crypto, people can keep using it without knowing them. ~snip~
With proper regulation, they'll be able to benefit on bitcoin and their people, so banning should not always be the best solution.
Does India have a problem if they approve of bitcoin? I think this privacy rule India applies to any. But it seems that India is too early to determine a ban on bitcoin, India should try to loosen bitcoin in its country in order to know more clearly how bitcoin works and if bitcoin is detrimental to the country it seems India has the right to ban.
They have been studying crypto for sure, the fact that they previously ban it then unbanned it, that says a lot how it was carefully tackle by the regulators. Let's all hope as a crypto supporters that they will finally opened their eyes and embrace crypto like other countries are doing.With proper regulation, they'll be able to benefit on bitcoin and their people, so banning should not always be the best solution.
It has been discussed a couple of times in hear about the banning and the lifting of the ban that the Indian government have been doing as their stand towards Bitcoin adaption and usage into their country. Seems like that up until now they are still undecided on what they were suppose to do which makes them have changing stand and decision regarding the matter. I certainly do not know and understand what is the issue that the Indian government is concerning to have changes for many times already on what they think about Bitcoin to be use and within the scope and range of their country. May they be precise and specify what they really stand because they are just making their people suffer because of confusion of what their country really stand towards Bitcoin.
Does India have a problem if they approve of bitcoin? I think this privacy rule India applies to any. But it seems that India is too early to determine a ban on bitcoin, India should try to loosen bitcoin in its country in order to know more clearly how bitcoin works and if bitcoin is detrimental to the country it seems India has the right to ban.
India has considered banning bitcoin and other cryptocurrency many times before while contemplating opening its own centralized digital currency. The anonymity and dearth of physicality gave it an unauthorized distinction in the national economy. Reserve Bank of India, back in 2018, had ordered the suspension of all relationships with bitcoin and other cryptocurrencies of any financial system or institution only to be refused by its Supreme Court.
And once again in 2019, the government intended on banning bitcoin through a draft bill which would fine and penalize individuals and companies handling cryptocurrency. The same bill suggested that a centralized cryptocurrency be invented in India in order to regulate it and reap off its benefits. Thus, a law is to be introduced to ban any crypto purchase or ownership of the currency. It is to be seen how things move in coming weeks and months.
And once again in 2019, the government intended on banning bitcoin through a draft bill which would fine and penalize individuals and companies handling cryptocurrency. The same bill suggested that a centralized cryptocurrency be invented in India in order to regulate it and reap off its benefits. Thus, a law is to be introduced to ban any crypto purchase or ownership of the currency. It is to be seen how things move in coming weeks and months.
The Regulation of Official Digital Currency Bill, 2021, which is scheduled to be tabled at the upcoming Union Budget session, aims “to create a facilitative framework for the creation of the official digital currency” and “prohibit all private cryptocurrencies in India”.
Here is the source:
https://www.hindustantimes.com/india-news/govt-to-introduce-bill-for-banning-cryptocurrencies-here-s-what-you-need-to-know-101612007129123.html
Comment your opinions here.
Here is the source:
https://www.hindustantimes.com/india-news/govt-to-introduce-bill-for-banning-cryptocurrencies-here-s-what-you-need-to-know-101612007129123.html
Comment your opinions here.
Well, They ban it or not, it will not stop cryptocurrencies success. Crypto is a future, many countries trying and tried to ban it including Pakistan, but they could not. Many big brands and companies have already started trading in BTC. Govt who try to control their people and prevent them to avail what is benefitial for them, trying to ban crypto currencies.
These are first world problems. India can't even deal with its social-economical problems yet the thirsty government is fast to milk the people. They take away something which could take the people out of poverty.
The worst government in the world. How many resources are they wasting arguing about this?
Not only India, but almost every government also want to prove their diplomacy over the benefits to the people, even when they don't even understand exactly what is bitcoin.But with the above few posts, they are just trying to ban the cryptos used for illegal activities not the exchanges so we can expect the regulations instead of complete ban. The worst government in the world. How many resources are they wasting arguing about this?
These are first world problems. India can't even deal with its social-economical problems yet the thirsty government is fast to milk the people. They take away something which could take the people out of poverty.
The worst government in the world. How many resources are they wasting arguing about this?
The worst government in the world. How many resources are they wasting arguing about this?
The Regulation of Official Digital Currency Bill, 2021, which is scheduled to be tabled at the upcoming Union Budget session, aims “to create a facilitative framework for the creation of the official digital currency” and “prohibit all private cryptocurrencies in India”.
Here is the source:
https://www.hindustantimes.com/india-news/govt-to-introduce-bill-for-banning-cryptocurrencies-here-s-what-you-need-to-know-101612007129123.html
Comment your opinions here.
I was very interested in this topic! India can't decide on this issue. They either allow bitcoin, then permit. I think it'll last for some time. Bitcoin will soon be the world's currency and will be allowed everywhere. So India just needs to wait....... Here is the source:
https://www.hindustantimes.com/india-news/govt-to-introduce-bill-for-banning-cryptocurrencies-here-s-what-you-need-to-know-101612007129123.html
Comment your opinions here.
https://news.bitcoin.com/indian-government-cryptocurrency-digital-rupee/
It seems that there won't be an outright ban on crypto, including BTC. Rather, they will "take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system". I hope that means trading will still be legal in India. However their minds seem to be changing every second and they can't seem to have made up their minds/come to any conclusion.
It seems that there won't be an outright ban on crypto, including BTC. Rather, they will "take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system". I hope that means trading will still be legal in India. However their minds seem to be changing every second and they can't seem to have made up their minds/come to any conclusion.
There is no certainty that all parts of the government functionary will be equally aware of a bill that is going to be tabled in future. These answers are based on existing rules & regulations.
https://news.bitcoin.com/indian-government-cryptocurrency-digital-rupee/
It seems that there won't be an outright ban on crypto, including BTC. Rather, they will "take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system". I hope that means trading will still be legal in India. However their minds seem to be changing every second and they can't seem to have made up their minds/come to any conclusion.
It seems that there won't be an outright ban on crypto, including BTC. Rather, they will "take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system". I hope that means trading will still be legal in India. However their minds seem to be changing every second and they can't seem to have made up their minds/come to any conclusion.
They might not, considering the positive effect it had on its citizens.
But as you know most governments are very unpredictable and only embark on any financial investment that favours the government more.
Whatever their stand is, i hope they just regulate it instead of banning it.The population of india and investment in bitcoin and ICOs (the good ones, of course) has created a good impart in the world of cryptocurrency.
But as you know most governments are very unpredictable and only embark on any financial investment that favours the government more.
Whatever their stand is, i hope they just regulate it instead of banning it.The population of india and investment in bitcoin and ICOs (the good ones, of course) has created a good impart in the world of cryptocurrency.
Whether they want to ban or not ban, it won't have any significant influence on the crypto market. We are already familiar with the ban issue from India or other countries. But in fact, the crypto market continues to improve and we have a bullish trend already. If India really wants to ban Bitcoin, they will regret it and possibly unban again sooner. There will be a protest from the user of crypto there, and Bitcoin is one of the necessary sources to get income in these pandemic days. So, why ban it suddenly? 
During this pandemic, of course, BTC is one of the sources of income during a pandemic. when the economy is weakening, crypto can actually be an option. the government even banned bitcoin. The Regulation of Official Digital Currency Bill, 2021, which is scheduled to be tabled at the upcoming Union Budget session, aims “to create a facilitative framework for the creation of the official digital currency” and “prohibit all private cryptocurrencies in India”.
Here is the source:
https://www.hindustantimes.com/india-news/govt-to-introduce-bill-for-banning-cryptocurrencies-here-s-what-you-need-to-know-101612007129123.html
Comment your opinions here.
Oh, I see what is their intentions why they are planning to ban crypto again. According to the news, the objective of the bill is to ban all private cryptocurrencies including Bitcoin at the same time the Reserve Bank of India is planning to create their own digital version of Rupee. Basically, they all want is to eradicate the use of crypto so that their created digital currency will have no competition. I heard a lot of news regarding this matter way back a couple of years but still, nothing happens, this time is kinda different though, I hope that this isn't true because we know how big India is and that will be a big impact on the crypto world. Here is the source:
https://www.hindustantimes.com/india-news/govt-to-introduce-bill-for-banning-cryptocurrencies-here-s-what-you-need-to-know-101612007129123.html
Comment your opinions here.
Welcome to the 12th century.
Well.. that's what some of the illiterate ministers of the present Indian government are thinking. But the problem here is that irrespective of what they want to believe, we are living in 21st century. Now we have air travel between the nations and internet. Authoritarian decision making doesn't work anymore. Those who can afford will leave for other countries, which are having more intelligent policies on cryptocurrency. A flight ticket from India to some of the GCC nations can be obtained for as little as $100. In the end, the Indian government will see a reduction in potential tax collection, and the nation will suffer as a result of brain drain of educated people. Anyway, I guess the present government actually want the second part to happen, since educated people seldom vote for them.
Crypto wasn't addressed at all during the Parliament's budget session. The FM didn't bring it up at all and there is still lack of clarity on this issues, and many blockchain-based and bitcoin-dependent startups are asking for clarity. It's interesting that #IndiaWantsCrypto was trending on Twitter for a while, it was nice to see people pushing for the acceptance of crypto rather than its ban for a change, and it was also nice to see that more and more people are becoming aware of Bitcoin slowly.
I am pretty sure the bill is being delayed to check with the stakeholders and the enterprises which are depended on bitcoin/their own crypto so that they can be put in as "exclusions" and enable them to continue to function, whereas buying bitcoin for individual retail customers will be banned. The only crypto one will "legally" be able to obtain will be the govt.-owned one, along with a few other govt.-approved ones. I hope if this bill passes, the Supreme Court upturns it sometime in the near future, like it did with the previous ban. Otherwise India is just getting left behind in terms of technology and that will just stifle growth, it isn't in the nation's best interests to ban it.
I am pretty sure the bill is being delayed to check with the stakeholders and the enterprises which are depended on bitcoin/their own crypto so that they can be put in as "exclusions" and enable them to continue to function, whereas buying bitcoin for individual retail customers will be banned. The only crypto one will "legally" be able to obtain will be the govt.-owned one, along with a few other govt.-approved ones. I hope if this bill passes, the Supreme Court upturns it sometime in the near future, like it did with the previous ban. Otherwise India is just getting left behind in terms of technology and that will just stifle growth, it isn't in the nation's best interests to ban it.
This is very bad news for all. India lawmaker started their work to banned bitcoin and all cryptocurrency in India. Now i seen many indian started to sell sell their tokens. Ib advise don't be panic to sell BTC. Wait for Officially announcement. There are Great chance that bill will be rejected
The market looks extremely liquidated on Indian exchanges but there is no sign of this bill on their budgets session, probably they will be announcing this later?But immediately after the session ends there is a huge high on the BTC prices on Indian exchanges!
This is very bad news for all. India lawmaker started their work to banned bitcoin and all cryptocurrency in India. Now i seen many indian started to sell sell their tokens. Ib advise don't be panic to sell BTC. Wait for Officially announcement. There are Great chance that bill will be rejected
Whether they want to ban or not ban, it won't have any significant influence on the crypto market. We are already familiar with the ban issue from India or other countries. But in fact, the crypto market continues to improve and we have a bullish trend already. If India really wants to ban Bitcoin, they will regret it and possibly unban again sooner. There will be a protest from the user of crypto there, and Bitcoin is one of the necessary sources to get income in these pandemic days. So, why ban it suddenly?
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