Topic: Is INDIA going to BAN Bitcoin Again? - page 4. (Read 651 times)

With the Bitcoin price got bumped up these news websites are taking the advantage of it by claiming something which isn't proved yet, good strategy to bring traffic to the their website. RBI simply want to ban cryptocurrency because they know it can endanger their money printing ability so people will move to decentralized payment system that is why they want to supress it at the budding stage itself.

And also current ruling government didn't made good decisions which helps then to build the economy for example demonetization which put the end of many small business to end their career and the story keep continues...

There are reports coming out that the stupid government is coming out with a bill to ban private cryptocurrencies, but one thing i cannot understand is that you cannot term bitcoin as a private cryptocurrency if they are aiming for bitcoin, it is a decentralized currency and there is a major difference between the two.

I am well aware that the present Indian government will not do anything positive that will help anyone expect the corporate houses that put them in power, so this is not a big surprise.

One thing for sure is people are the one who will be disappointed because of such regulations, this isn't a get rich quick scheme people are very much eager to a change in their daily lives by investing some of their savings as Cryptocurrency looks really good they switch and start a new journey.

If government needs revenue let's them go by applying tax but Cryptocurrency is not dependent on anyone, so I don't feel they are taking unique decision on banning it.

Will it seriously reduce the number of illicit and fraudulent practices if government imposed ban on them?If so they should also submit clear reports of decreasing number of frauds after such crypto bans.The government previously imposed restrictions under which it states btc and other cryptocurrencies not legal tender after the Reserve Bank of India bans all crytpo-related transaction and Zebpay and other exchanges have to shut down their business but after that supreme court contradicts that and give permission for trading.The government was in terms for framing rule and regulations but what brought a sudden change to that statements?The government is actually not clear of its intentions himself and floating on two boats and their so called so called expert panel did not want to decentralise the power of rupees and that's why suggesting for such bans.But it will have short term price dips in the market and afterwards they will rise but the Indian economy will not move with pace as compared to other countries.They are demotivating the crypto industry there which is main targets for government because who is paying taxes for dealing in drugs or any other illicit activity so they will continue to do their business but white money makers will be affected the most with this decision which in turn will lead to governments tax revenue in crores which they could use for better economical growth of the country.

Exactly! It doesn't make any sense to ban cryptocurrencies. The government's view is that cryptocurrencies are being used in illicit activities and money laundering due to its anonymous nature. But the fact is, just by writing something in law book, you still won't be able to stop such activities. People can still use cryptocurrencies for illicit activities and get away with that.

Banning will only result in stoppage of legal activities like trading on KYC-exchange, using cryptocurrencies to pay/receive payments for the legal foreign contracts, using cryptocurrencies as the mean of payment in legal business, etc. This would rather result in lost-revenue for government as all these activities are good source of income for government in the form of tax.

The on-going discussion in Indian section: https://bitcointalksearch.org/topic/--5313220

Is this same old bill proposed in the past right?

Also heard that Indian government considering putting tax regulations for crypto trading weeks back because they know it is not possible to ban cryptos so why not make some revenue from it?

They can ban it all they want or they can, it wont really be still giving out significant effect into the market knowing that this isnt only the country that do  get involved with Bitcoin.

If we do try to flashback on how China made out the same move then it didnt really able to shook off the market.Just let them be, because sooner or later they would able to realize

that they had made a big mistake and hell? they do tend to make their own official digital currency? Its just an obvious e-fiat thing and wont really be called out a crypto.
They do just want to monopolized things, as usual.

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.

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

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