Topic: Is INDIA going to BAN Bitcoin Again? - page 3. (Read 639 times)
What ever they do even they do a bill or any law about bitcoin to their country it is very hard to ban bitcoin because it is use online and there is many techniques or ant startegy that people there will do for sure to access bitcoin. Instead of against in bitcoin it's better to support it because it i a great opportunity that we have right now in the online world because the others is wasting time and money.
Banning cryptocurrency does not make any sense, this will give rise to more illegal activity and more loss of revenue for the government. I hope the government of India does not implement this law as this is the only sector that has seen a considerable growth in the pandemic year. It is better to regulate and earn revenue from this booming sector.
If it ever comes to that, banning bitcoin will not be a problem because bitcoin is not a private owned coin, in essence, satoshi is the creator but with satoshi's absence then wouldn't that mean that bitcoin is a public currency. Also, I do not think that this ban would last long because AFAIK India has a fragile relationship with bitcoin, sometimes cold and sometimes hot, I don't expect that this ban will be the end of bitcoin or any cryptocurrency for that matter in Indian soil, give it 1 to 3 months tops and the ban will not be in effect. I do agree with regulating and getting benefit from it but what I do not get is an outright ban when they could have done the latter.Authoritarians around the world who don't trust their citizens to make their own decisions want to control them. They want to control their speech speech and their money. Fascists do it privately like FB, Twitter etc, and socialists/communists in government do it.
Vote freedom, not "free" stuff.
The people put those people in power, so we are partly to blame for this people being on the seat of power, we shouldn't change something so big as governments, what we need to change is the people, teach your children to question everything they read, teach them to be critical thinkers and not just another cog in the machine. Vote freedom, not "free" stuff.
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.
As always this is a fud and india will not ban crypto. You can find the complete details on this by crypto india youtuber who have explain this very well in his last live stream.
🚨 MUST WATCH : CRYPTO BAN IN INDIA ?? || COMPLETE ANALYSIS ||
Authoritarians around the world who don't trust their citizens to make their own decisions want to control them. They want to control their speech speech and their money. Fascists do it privately like FB, Twitter etc, and socialists/communists in government do it.
Vote freedom, not "free" stuff.
Vote freedom, not "free" stuff.
Banning cryptocurrency does not make any sense, this will give rise to more illegal activity and more loss of revenue for the government. I hope the government of India does not implement this law as this is the only sector that has seen a considerable growth in the pandemic year. It is better to regulate and earn revenue from this booming sector.
I'm not sure the Indian government actually BANs Bitcoin, because what the Indian government wants is revenue from crypto trading. After all,
the government of India certainly realizes the role of Bitcoin is very important in the economy, because it is proven this year Bitcoin can provide
profit for investors. Especially in India, including a country that is experiencing an economic crisis, so they need something to be able to help
the economy. Crypto trading is one such solution, so in the end I believe the Indian government will legalize crypto trading and impose taxes.
So this could be the best solution for the Indian government and its citizens.
the government of India certainly realizes the role of Bitcoin is very important in the economy, because it is proven this year Bitcoin can provide
profit for investors. Especially in India, including a country that is experiencing an economic crisis, so they need something to be able to help
the economy. Crypto trading is one such solution, so in the end I believe the Indian government will legalize crypto trading and impose taxes.
So this could be the best solution for the Indian government and its citizens.
Also, there is pretty low chance due to scrambled economy of India that they would go behind crypto currency stuff. The fact is very simple, they don't even have time to arrange the current on-going economy in proper state, they will need bigger work force to bring it on track. Many people lost their jobs (literally huge number), pedestrian workers (a unique indian class of working people) who contribute to surprising number and in turn economic workflow. All of this together is giant economic contribution to India which has got disturbed already. India wouldn't aggravate the people who are trying to their way out with the cryptocurecnies.
Instead they will impose the taxes on the crypto and thus will hope that India's economy recover partly with that stuff. This is complete possibility this year and contrary to your title India may just legalise it.
Instead they will impose the taxes on the crypto and thus will hope that India's economy recover partly with that stuff. This is complete possibility this year and contrary to your title India may just legalise it.
I am sure India will not ban cryptocurrency and I belive it's going to be a discussion, even if they try to ban crypto they will fail miserably and moreover I read some articles few weeks ago wherein Indian regulators were trying to implement tax on crypto trading so I don't think they will be banning crypto and even if they do they cannot stop transactions and they will be at loss.
A ban on cryptocurrency will be impossible to implement, but the government will try to terrorize the community by arresting a few major traders and sending them to jail. Here is a brief summary of the proposed bill:
What makes this bill different from the others which were introduced in countries such as North Korea and China is that it intends to make holding of cryptocurrency a criminal offense. Most of the cryptocurrency users in India are very concerned at the moment.
However, there are some encouraging signs as well. For the first time, a mainstream politician came out in support of Bitcoin (Milind Deora of opposition Congress party):
https://twitter.com/milinddeora/status/1355451953627553792
They had made several such attempts before but did not pass the bill, I don't think they will pass such a bill. Seems they are incapable to regulate or adopt cryptocurrency.
Bitcoin does not depend on whether or not India bans cryptocurrencies. Banning cryptocurrency in India may have some effect on their internal market but it has no basis in the global market. Those who use cryptocurrency in India may no longer be able to use it legally but will be able to transact cryptocurrency using decentralized exchanges and tor networks.
Bitcoin does not depend on whether or not India bans cryptocurrencies. Banning cryptocurrency in India may have some effect on their internal market but it has no basis in the global market. Those who use cryptocurrency in India may no longer be able to use it legally but will be able to transact cryptocurrency using decentralized exchanges and tor networks.
It is INDIA's loss not ours, so I don't think that it will greatly affect other investors that much.
They are really having a hard time to regulate cryptocurrency or any other digital currency in their market.
Their country doesn't have a strong decision in allowing cryptocurrency to enter their internal market.
They are settled to ban cryptocurrency like other countries who doesn't see its potential to become the future currency.
I am sure India will not ban cryptocurrency and I belive it's going to be a discussion, even if they try to ban crypto they will fail miserably and moreover I read some articles few weeks ago wherein Indian regulators were trying to implement tax on crypto trading so I don't think they will be banning crypto and even if they do they cannot stop transactions and they will be at loss.
In my opinion the bill won't be passed, but if they do they condemn themselves to doom and by this I mean they cut themselves from the possiblity of significant capital appreciation and enrichment of the population. The government there might not want people to actually "own" their money. If the bill gets passed and I'd live there, I'd certainly organise a nation-wide protest. Bitcoin is a good store-of-value, why take the right from your citizen to trade it?
In the legislative order of business for the budget session of 17th Lok Sabha that commenced today, the Government has listed a bill providing for the banning of all private cryptocurrencies in India such as bitcoin, ether, ripple and others.
This is just one country and therefore I do not think it will cause a big problem because more people are now interested in Bitcoin and the growth over the months has shown more institutional investors are highly interested now. However, one can still recall that for a long time now, they have tried passing some bills, they have created different scenarios which still at the end didn't work out, therefore it might not still work out again, although one cannot really predict the future. Also, in my own opinion, they might only bring more regulations as banning Bitcoin will not really help them not now that many people are seeing how outstanding it is and the potentials it offers.
India already done such attempts 2 times. First they said it is regulated for india. Then they again ban bitcoin and crypto currency in India. And then after a huge controversy and a huge demand of indian users government gives permission in the last year to use crypto currency in india. After that India makes a huge development in crypto. India opens their first crypto banks, india has some biggest exchange like wazirx which is partnerd with binance. Now we here again that india is trying to ban it again. I do not what will be happen after that because in crypto industry India already gose too far. Now it is not easy to take a ban decission again.
I have no idea how legit that website is but recently I saw an article on Cointelegraph about India exploring the possibility of a digital currency.
Long story short, 5 days ago, RBI (Reserve Bank of India) stated that if there is a need of a digital version of fiat currency, they'll do everything from their side to put digital currency into use.
Idk why they really want to bank bitcoin, especially when it's a poor country and Covid made their population even poorer. Instead of helping them and giving possibility to earn more money via different (good) ways, they close all ways. I think it won't happen in India, it will be just illogical and step back in past.
Long story short, 5 days ago, RBI (Reserve Bank of India) stated that if there is a need of a digital version of fiat currency, they'll do everything from their side to put digital currency into use.
Idk why they really want to bank bitcoin, especially when it's a poor country and Covid made their population even poorer. Instead of helping them and giving possibility to earn more money via different (good) ways, they close all ways. I think it won't happen in India, it will be just illogical and step back in past.
Several attempts were made by the government, and hasn't succeeded so far. Earlier when similar news came out of the Indian government there is drastic crash in the market. This time we don't know what is gonna happen, the budget session seems to be running on the parliament. If there arises a situation to get vote through cryptocurrency adoption, the governments will compete each other to legalize and enrich cryptocurrency usage.
I think that the Indian Parliament intends to protect their digital currency that has not yet been created and they are studying the regulatory framework for its execution.
According to what it reveals to Indian legislators, cryptocurrencies are bad for the country's economy. But it is good to create a digital currency as cryptocurrencies work, let's say a stablecoin for India.
It's like telling Indians not to buy a Tesla car because it is not made in India, buy a car made in India. It is absolute control over the population, the highest expression of centralization.
According to what it reveals to Indian legislators, cryptocurrencies are bad for the country's economy. But it is good to create a digital currency as cryptocurrencies work, let's say a stablecoin for India.
It's like telling Indians not to buy a Tesla car because it is not made in India, buy a car made in India. It is absolute control over the population, the highest expression of centralization.
if by "again" you mean like China that at some point was banning bitcoin every month (according to the social media FUD campaigns) then yes. there is always some country that is making the topic of the FUD as the country that is banning bitcoin and the number of countries that actually banned bitcoin (years ago) remains the same.
My question is simple, the use of Bitcoin has never been public so how is the India government going to ban the use of Bitcoin? They should rather ban the use of the internet 
, that might help stop people from using bitcoin. I don't get governments who are trying to stop the use of cryptocurrencies. They always wanna have control of the financial ecosystem and the circulation of money. They should just give up and accept the fact that decentralization and cryptocurrencies are the future of the financial ecosystem.
, that might help stop people from using bitcoin. I don't get governments who are trying to stop the use of cryptocurrencies. They always wanna have control of the financial ecosystem and the circulation of money. They should just give up and accept the fact that decentralization and cryptocurrencies are the future of the financial ecosystem.
This might be the third time that am hearing this news and might be the 10th time that the same topic have been posted here. India is itself not sure if what they want and what they don't. There have been many companies who are trying to fight the decision of government banning bitcoins they have time and again represented them publicly as well as in court , it's a really serious thing that's happening in India and also they want to literally ban Bitcoins and deviate the flow towards their own digital rupee which they want to get into the market soon. This is indeed something that needs to be considered.. if you are holding your coins then you have to make sure to hold them in wallets like Zebpay , even when the bitcoins got banned the wallet was up and running and did tell the users time and again about how they can encash or move. Or you can just keep the btc in wallet like samourai and then sell on localbtc . Just hold them in.
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