Topic: Is INDIA going to BAN Bitcoin Again? - page 2. (Read 639 times)

In a country like India the ban won't make a big change among the users. In the past several such policies were made and these policies directly affected the market of bitcoin. Further things slowly started to change, when people started to look for alternate way to use bitcoin overcoming the hurdles that's been kept by the government and its policies. Why Indian market makes a difference, because if something is successful in a highly populated nation then it can easily make changes in the small countries. This is why whenever there is some news of bitcoin associated with India and China there'll be little crash in the market.

That would be crazy and trivial.  When India was submerged in the sea of ​​covid 19 with a population of more than 1 billion 3. Bitcoin and crypto kept them from falling into crisis because of banking delays.  inflation and surplus, businesses will break the dyke.  Bitcoin as a remote defense system for covid.  Perhaps the truth is this.  Banning bitcoin and cryptocurrencies will probably be their last resort.

Of all the countries India and China plan to ban cryptocurrencies the most, but in the end they often change decisions. This will only hurt their
own population, with inconsistent policies. I really hope India doesn't actually ban cryptocurrencies. Moreover, the crypto community in India is
quite high, banned private coins I can still understand better, compared to banned all crypto. Because cryptocurrency can help the economy
in a crisis situation like now, it's not a wise thing to get crypto banned.

I read a news about it a few days ago, indeed they will ban crypto currency made by private companies. But as a raplacement they will make a crypto currency which is made by their government. The reason they make decisions like this is because as we know there are so many crypto currency users in India and there are also many opportunities for scammers to carry out their actions. So as the government make a solution to reduce crimes like fraud in crypto currency they create crypto regulated by the government. This thing has done by chinese government, they make digital yuan to be used by all their citizen.

In India, the bill on crypto ban has not been passed yet. You may have heard such news twice before. Now that the bill has passed. It does not mention cryptocurrency banned anywhere. So this is positive news for crypto. Knowledge of crypto and blockchain should reach all the people of India. Now RBI can also withdraw its own digital currency. Only Private coin means monero etc ... This has raised concerns about Trading, Sent & Receive. Because it is not possible to track the transition in this. So no worries. Even though crypto is banned in India, we can trade on the Internet through any medium. After all, even the government cannot control cryptocurrency. I support we support Crypto.

It is a big irony that India, which has produced some of the big names in technology such as Satya Nadella, Sundar Pichai, Shantanu Narayen and Arvind Krishna killing technological innovation because the government feels that the national currency can't withstand competition from Bitcoin. No wonder that India is the country that is most affected by brain drain of educated individuals. When illiterate people run a government, what else can the skilled ones do apart from migrating to somewhere else where their skills are respected?

This is how the banning goes out,

Industry watchers said the government’s definition of “private” could imply that any digital currency that is not sovereign could be seen as a “private” currency, including bitcoin (BTC, -0.82%). It’s unclear which cryptocurrencies would be affected as the bill it allows for certain unspecified exceptions to promote the underlying technology of cryptocurrency and its uses

source: https://www.coindesk.com/indias-proposed-ban-of-private-cryptos-has-many-of-the-nations-investors-nervous

In a certain thing that really affects the crypto exchanges in India. I worried so much about what will happen next if the implementation will push through. I believe that this is all about the conflict of interest since their banks are planning to have their own digital currency. I'd never find this as a good threat for crypto users and exchangers but it shows that there is contradictory support against crypto from the leaders.

This will surely be another blow to Cryptocurrency Users in India and knowing their love for Technology is really great, it will surely be a hindrance to people who uses Cryptocurrencies as a source of their income. India has a lot of developers that can create a great ideas which can evolve into great platforms but seeing the Indian Government trying to ban the creation of Digital Currencies, it would really be a hard decision for Indian users to further pursue their love of Cryptocurrencies.

There is no such huge effect on the market since crypto users in India are only a small percentage. Yep, they have been in the talk about banning crypto but there are no such conclusive reports that it was totally banned until hearing back again this time.

I don't feel about their serious discussions towards crypto, and I don't think that they push to banned Bitcoin for no good reason because I think it is more reasonable to keep Bitcoin on their fence in the way that they are also helping their people to make an investment. And it could be best for them to support crypto rather than to give hate.

Today is the budget presentation and I am not sure whether the minister will mention about this bill. This is bill no.12 for the budget session and we may get to know the details only when it is tabled (probably after a few days or even weeks). BTW, it is clear that they are aiming for the ban on cryptocurrency. In the document which was uploaded to the parliament website, it is give as "prohibit all private cryptocurrencies in India". So there is no doubt at least on that aspect.

India's government is said to be renewing its attempts to ban public cryptocurrencies fully.

A Study

In April 2019, citing unnamed "government officials aware of details," said that the concept of a full ban on the issuance and trading of cryptocurrencies was supported by a number of government departments in the nation.

The Department of Economic Affairs (DEA), the Direct Taxes Central Board, the Indirect Taxes and Customs Central Board and the Authority of the Investor Education and Security Fund are all in support of the ban, officials said.

"Certain government departments have also reportedly shared a draft bill, dubbed "Banning of Cryptocurrencies and Control of Official Digital Currencies Bill 2019.Although the reference to "official digital currencies" is not explicit, the central bank of the country has previously been researching the launch of digital currency.

Sources suggest that a final bill, based on input from the departments consulted, is supposed to be proposed to the next government in May following the national elections.A long time has come for India to decide on the legality of cryptocurrencies. The government formed an interdisciplinary committee to examine the problem as far back as April 2017, which was said to be considering enforcing a ban on "private cryptocurrencies" last October. The commission, however, was then not in favor of an absolute ban,But rather considered the potential legalization of cryptocurrencies with attached tough laws.

The country's crypto industry is in limbo before a final decision is taken. Banks in India have been barred from serving crypto-currency firms and exchanges since last year by the central bank, the Reserve Bank of India.

Just wait for 11 am today. Don't make assumptions before the finance ministry delivers such stuff. There are high chances that they ban crypto but you can't tell before they present the proper bill

Such news is nothing new for India because even before this news was heard from India that bitcoin will be banned.In my opinion, even if bitcoin is banned in India, bitcoin will not have any effect.However, banning bitcoin could lead to unemployment in their country.So, in my opinion, not banning bitcoin would be a wise decision.

There is a slight correction. The ruling alliance (NDA) doesn't control an outright majority in the upper house of the parliament, especially after two of their allies (Shiromani Akali Dal and Shiv Sena) deserted them. The total strength of Rajya Sabha is 245 (out of which 12 members are nominated), and the NDA is just short of majority with 118 seats. But is is not going to matter much, as they can easily obtain a dozen or so votes from "friendly" parties such as the BJD or the TRS.

It seems like that the Indian Government is preparing to ban all "private cryptocurrencies" again, not only Bitcoin.

At this point, it's just a proposal, but the ruling party is controlling both legislation organs, so it could quickly become law. Then India will be the largest country banning the crypto instead of regulating it.

There are some quality people in Govt whom i believed that will do something.
Bill will not be passed and i strongly believed that indian people will trade BTC without any restrictions.
Bitcoins banned cannot stop people to trade as there are many countries where BTC banned and people use Btc trading illegal.

Someone should bring their attention to the fact the INR is also used for illicit and criminal activities, and the usage of that is far more as the number of bitcoiners in India is only a handful with respect to the whole population. Sure BTC may be more popular among the people who commit cybercrime, but on a whole, fiat is much more prevalent.

India has talked about introducing their own crypto called "Lakshmi" in the past (~2018). But that was buried and BTC was banned by the RBI and then again Supreme Court overturned the ban in 2020, only for them to discuss this AGAIN? I think India might be missing out by trying to restrict this. They still haven't provided their definition of "Private Crypto", although that's probably gonna be any crypto other than the official govt. regulated one. I also suspect that this will lead to privatized versions of crypto owned by each big corporate company in India, and those will be probably okayed and given the green signal. This is a bad move on India's part and just stifling the development of this kind of technology that may as well be the future we are heading towards.

Dude, this time it is different. The bill is already in queue, to be tabled during the budget session (February-March 2021). Last time, it was just rumors and there was no confirmation from the government. You can check my posts back then, and I had clarified that it was just FUD on unverified rumors. But this time the situation looks serious for me. But as the YouTuber has pointed out, the details are not yet clear. He claims that the word "ban" has been removed, but I am a bit skeptical on this. Hopefully we will get a clarification tomorrow, during the budget speech.

Unless it is officially announced by the government I will not believe such news as we already knows such things also heard several times and nothing happened on the contrary we can buy sell legally in India easily without any problem and we must not be overreact by such articles.

Tell me one law that the present Godi government came up that made any sense. Banning of currency with a narrative that they will catch everyone holding black money and you know what happened. Selling all the PSU to his favorite billionaires including airports railways and what else is there is sell right now, farmers are protesting in the cold climate and they are not fighting because they came up with a great law and that is the case here, i do not expect anything positive.

You were confident that the government will not ban but comes out with regulation, now what happened .