Looks like India is perhaps serious about banning cryptocurrency

bryant.coleman

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Quote from: eaLiTy on March 28, 2021, 09:05:58 AM

The problem with the current union government is that they are trying to implement their own rules rather than following the legislation. If you look at their past performance you can clearly say that they have no idea about economics, if not we will not see blunders like demonetization and the way GST was implemented says a lot about their vision.

I am not from India, but being a frequent visitor to that country, I can say that demonetization didn't brought any positives to the economy. The main objective was to reveal unaccounted funds being held by tax evaders. In this regard, the exercise was a massive failure. Because the government itself admitted that more than 99% of the demonetized banknotes were successfully exchanged by those who held them (either directly, or using proxies). The ban on cryptocurrency, if implemented will be just another blunder.

eaLiTy

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Quote from: btc78 on March 25, 2021, 04:08:01 AM

India is like other government that has their own rules and know how to handle their economy , the sad part here is that most of those who posts don't even come from india but acting as if they are affected of the issue Grin

The problem with the current union government is that they are trying to implement their own rules rather than following the legislation. If you look at their past performance you can clearly say that they have no idea about economics, if not we will not see blunders like demonetization and the way GST was implemented says a lot about their vision.

Quote from: Vishnu.Reang on March 25, 2021, 07:46:19 AM

For us, this is no laughing matter. It is a matter of life and death.

Life and death matter Grin

. It is just passive and there are other options even if an extreme step is taken by the government.

Vishnu.Reang

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Quote from: virasog on March 27, 2021, 11:07:21 PM

Quote from: Vishnu.Reang on March 25, 2021, 07:46:19 AM

I am an Indian resident and many of the users who have commented here also come from India. We are worried since our livelihood is under threat. Almost one-third of my monthly income comes in the form of cryptocurrency and if that is taken away then I will be in a very bad financial state. And there are millions like me in India who earn passive income in the form of Bitcoin and other cryptocurrencies. For us, this is no laughing matter. It is a matter of life and death.

I am not from India but i heard that they were supposed to bring the crypto currency bill in the Indian parliament budget but they did not do so. This means that this matter is delayed for next few months. Is it so ? If this is true then it is good for the Indians citizens and also for the bitcoin community.

Originally they were planning to introduce the bill during the budget session (8th March-8th April 2021), but now it looks as if they postponed it to the Monsoon session. But the intent is still there. Every now and then, the finance minister is issuing hostile statements against cryptocurrency and the RBI is also not behind in this regard. As of now, it is more like a temporary reprieve. We are hoping for a change of heart from the government, but it may be unrealistic to expect that.

virasog

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Quote from: Vishnu.Reang on March 25, 2021, 07:46:19 AM

Quote from: btc78 on March 25, 2021, 04:08:01 AM

India is like other government that has their own rules and know how to handle their economy , the sad part here is that most of those who posts don't even come from india but acting as if they are affected of the issue Grin

I am an Indian resident and many of the users who have commented here also come from India. We are worried since our livelihood is under threat. Almost one-third of my monthly income comes in the form of cryptocurrency and if that is taken away then I will be in a very bad financial state. And there are millions like me in India who earn passive income in the form of Bitcoin and other cryptocurrencies. For us, this is no laughing matter. It is a matter of life and death.

I am not from India but i heard that they were supposed to bring the crypto currency bill in the Indian parliament budget but they did not do so. This means that this matter is delayed for next few months. Is it so ? If this is true then it is good for the Indians citizens and also for the bitcoin community.

Sithara007

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Quote from: LUCKMCFLY on March 27, 2021, 04:21:05 PM

If there is a total ban this means that they are going to remove the internet service and I do not think that is viable for India, the fact that they ban Bitcoin and cryptocurrencies does not mean that they can break those bans, perhaps with VPN, and other tools not possible?

I do not know if Localbitcoins.com or another Exchange is established in India that can make the handling of cryptocurrencies possible, but there are other solutions, there are groups where they exchange some cryptocurrencies and they do it through local currency, with an intermediary and they are options that can establish in India. Now with these restrictions by the government, does the government manage or monitor those who exchange through the network? They have NOT tested with coins that are privacy and give some anonymity? Like Monero, Zcash, any of those? I think the crux of all this is that they can never give their data, so the government doesn't follow up on them.

The government has already taken steps to block IPs of major international cryptocurrency exchanges. Obviously those who used them will continue to do so, with the help of VPNs. Localbitcoins used to be very popular in India, until they came up with very stringent KYC requirements. Now they have lost the top slot, and replaced by other P2P platforms or personal one to one trading. And regarding XMR, ZEC.etc, they are not very popular in India and therefore the traders may face issues related to liquidity.

LUCKMCFLY

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Quote from: molsewid on March 25, 2021, 09:01:40 AM

Quote from: Vishnu.Reang on March 25, 2021, 07:46:19 AM

I am an Indian resident and many of the users who have commented here also come from India. We are worried since our livelihood is under threat. Almost one-third of my monthly income comes in the form of cryptocurrency and if that is taken away then I will be in a very bad financial state. And there are millions like me in India who earn passive income in the form of Bitcoin and other cryptocurrencies. For us, this is no laughing matter. It is a matter of life and death.

So sorry for that sad news and sad situation you are been with mate. As some of us also, are being worried with your livelihood as well because i do rely here in cryptocurrency to survive the needs of our family since pandemic. I bet, no one meant to laugh with the current situation that your country looks serious about banning cryptocurrency. But we do also respect laws that you're country have, we do only hope that this might not be too harsh on the side of crypto user.

If there is a total ban this means that they are going to remove the internet service and I do not think that is viable for India, the fact that they ban Bitcoin and cryptocurrencies does not mean that they can break those bans, perhaps with VPN, and other tools not possible?

I do not know if Localbitcoins.com or another Exchange is established in India that can make the handling of cryptocurrencies possible, but there are other solutions, there are groups where they exchange some cryptocurrencies and they do it through local currency, with an intermediary and they are options that can establish in India. Now with these restrictions by the government, does the government manage or monitor those who exchange through the network? They have NOT tested with coins that are privacy and give some anonymity? Like Monero, Zcash, any of those? I think the crux of all this is that they can never give their data, so the government doesn't follow up on them.

Sithara007

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There is an interesting piece of news coming from Coinbase:

https://www.coindesk.com/coinbase-announces-new-presence-in-india-even-as-potential-ban-on-crypto-looms

Coinbase has announced that it will open a branch in India (in the city of Hyderabad), despite the looming threat of a potential ban. Their decision is not surprising, because India is one of the top-most IT destinations. There are large number of qualified IT engineers and the operations are more affordable when compared to other countries. Meanwhile there is a very vocal #IndiaWantsBitcoin campaign ongoing in Twitter, but the politicians have so far ignored it.

molsewid

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Quote from: Vishnu.Reang on March 25, 2021, 07:46:19 AM

I am an Indian resident and many of the users who have commented here also come from India. We are worried since our livelihood is under threat. Almost one-third of my monthly income comes in the form of cryptocurrency and if that is taken away then I will be in a very bad financial state. And there are millions like me in India who earn passive income in the form of Bitcoin and other cryptocurrencies. For us, this is no laughing matter. It is a matter of life and death.

So sorry for that sad news and sad situation you are been with mate. As some of us also, are being worried with your livelihood as well because i do rely here in cryptocurrency to survive the needs of our family since pandemic. I bet, no one meant to laugh with the current situation that your country looks serious about banning cryptocurrency. But we do also respect laws that you're country have, we do only hope that this might not be too harsh on the side of crypto user.

Vishnu.Reang

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Quote from: btc78 on March 25, 2021, 04:08:01 AM

India is like other government that has their own rules and know how to handle their economy , the sad part here is that most of those who posts don't even come from india but acting as if they are affected of the issue Grin

I am an Indian resident and many of the users who have commented here also come from India. We are worried since our livelihood is under threat. Almost one-third of my monthly income comes in the form of cryptocurrency and if that is taken away then I will be in a very bad financial state. And there are millions like me in India who earn passive income in the form of Bitcoin and other cryptocurrencies. For us, this is no laughing matter. It is a matter of life and death.

btc78

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Until when we will stop tackle the same issue as India banning bitcoin , India banning Cryptocurrencies , India has a New law against Crypto.

Aren't we getting tired of the same issue that i have been seeing since my first day here?

India is like other government that has their own rules and know how to handle their economy , the sad part here is that most of those who posts don't even come from india but acting as if they are affected of the issue Grin

KryptoKings

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Quote from: Untomabur on March 24, 2021, 06:47:18 PM

India will not be serious about baned bitcoin and other cryptocurrencies, they are a developing country, such rules are stupid rules, because the nature of cryptocurrencies is decentralized, so no one can regulate cryptocurrencies, I have friends in India , that the news is just fud to drop the price of bitcoin, so be careful if you want to take action from the news.

Indian market share is not that big to cause any bug price fall. Last time too when ban news was out, BTC was booming. Even Indians were busy buying more BTC.
See Federal Reserve Chair Jerome Powell News has caused the recent fall in BTC price.

Sithara007

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Quote from: Untomabur on March 24, 2021, 06:47:18 PM

India will not be serious about baned bitcoin and other cryptocurrencies, they are a developing country, such rules are stupid rules, because the nature of cryptocurrencies is decentralized, so no one can regulate cryptocurrencies, I have friends in India , that the news is just fud to drop the price of bitcoin, so be careful if you want to take action from the news.

You can decide whether it is FUD or not, but the truth is that the bill is already uploaded to the parliament website. It was supposed to be tabled during the second phase of the budget session (March 8 to April Cool

, but now it looks like the finance minister may do that during the monsoon session of the parliament. The finance minister has also explicitly stated that she wants a ban on cryptocurrencies. So it is not just FUD, similar to what happened previously.

Untomabur

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India will not be serious about baned bitcoin and other cryptocurrencies, they are a developing country, such rules are stupid rules, because the nature of cryptocurrencies is decentralized, so no one can regulate cryptocurrencies, I have friends in India , that the news is just fud to drop the price of bitcoin, so be careful if you want to take action from the news.

jostorres

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Quote from: kpierce77 on March 23, 2021, 07:14:54 AM

Quote from: ?? on ??

I don't think India will permanently ban cryptocurrencies! Especially since this is not the first such statement about banning cryptocurrencies... Maybe it's just a fud and they will create regulatory laws in the future...

What I want to know is can they really do that? they are the second most populous country in the world (with a large number of crypto users of course). I think it will even cause a little social or economic turmoil if their governments cannot handle it with the right and proper method. it is better to look for alternatives to how India is able to use crypto for better than limiting it

Politics is weird, you could have people who only live with crypto and need crypto more than ever, but if their political party that they vote end up banning it, they will find a way to support it anyway, it is a sickness that our world is like that. I do not know if the situation is like that in India as well, but I follow USA, UK, France, Italy and my own nation and in all of those nations people vote for the party that hurts them and still find a way to support it.

This is not a right or left wing deal, everyone is like that, all political parties and everyone who votes for any party. This is why I do not think that there will be a turmoil just for this, I think it would be just regulations, not a complete ban, but it will still be nothing if they banned it completely neither. I hope they do not, we need our Indian bros in the crypto world with us.

Clement Kaliyar

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Quote from: Sithara007 on March 22, 2021, 11:42:31 PM

I am from India and I would say that 20 million is somewhere close to the actual number. Nowadays almost every individual in the 18-35 age group I come across is a Bitcoin investor. It is like a craze now, with even those living in rural areas showing a lot of interest. These guys don't have much disposable income in their hand, and $100-$1,000 seems to be the average amount invested in BTC. And in India, it can be a big amount (especially for the youngsters). But that said, there is virtually zero interest from those who are aged 35 and above.

How come a 18 year old have any income as that is the age group that will be in universities and usually you pass your degree around 20 or 21 depending upon your course and then you need to find a job and you really know what is the salary package as a fresher and it will not be that high and $2000 to $4000 will be the annual salary. If you are talking about anyone above 25 years then they might have the savings if they are not having education loan.

kpierce77

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Quote from: ?? on ??

I don't think India will permanently ban cryptocurrencies! Especially since this is not the first such statement about banning cryptocurrencies... Maybe it's just a fud and they will create regulatory laws in the future...

What I want to know is can they really do that? they are the second most populous country in the world (with a large number of crypto users of course). I think it will even cause a little social or economic turmoil if their governments cannot handle it with the right and proper method. it is better to look for alternatives to how India is able to use crypto for better than limiting it

Sithara007

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Quote from: stompix on March 22, 2021, 01:39:04 AM

You're digging your hole deeper and deeper.

So if you maintain that 4% in crypto but at the same time you keep the average rate of 1/30 of what an American can put in then what do we do about the overall numbers?
Because if we have just 7 million Americans, keeping the same ratio of population, it means they will hold almost half of the coins. And we have also 400millions people in Europe from which we could also draw about 10 million at least with a buying power of at least 10x, so...there won't e any coins left of the entire rest of the world which also included a lot of really wealthy countries.

But let's go back to the volume, you claimed the volume backs your numbers.
8 million KYC users on Indian exchanges, $63m on the top exchange, what's that, 8$ in volume a day per user?
Common, let's be real. That 20 million number is pure advertising by exchange owners.

I am from India and I would say that 20 million is somewhere close to the actual number. Nowadays almost every individual in the 18-35 age group I come across is a Bitcoin investor. It is like a craze now, with even those living in rural areas showing a lot of interest. These guys don't have much disposable income in their hand, and $100-$1,000 seems to be the average amount invested in BTC. And in India, it can be a big amount (especially for the youngsters). But that said, there is virtually zero interest from those who are aged 35 and above.

STT

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I dont care about wealth in each country, Bitcoin isnt about the past and how yes we know USA is richer. Actually its about growth and usage, revenue would the easiest way to state it.

It does appear a bill to ban crypto is going ahead in India, I find that confusing as they have also said the opposite and recognise crypto is part of technology development. Same old line about how the government wants to ban alternatives and just have people use a new digital currency they invented, pointless as most FIAT is already digital and forcing people to use your idea of a value system is the same thing with FIAT we already have so they are proposing nothing at all in effect.

https://twitter.com/i/status/1373947058978230272

Crypto use typically rises after being banned, silly but would not surprise me

stompix

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Quote from: bryant.coleman on March 21, 2021, 07:10:20 AM

Quote from: stompix on March 19, 2021, 02:37:27 AM

~

This is exactly where you get it all wrong. You assume that the capital available per head is same for users in India and the United States. For an average Indian, the annual salary is in the range of $1,500-2,000, while the same for someone in the United States can be $45,000-$60,000. That means that the average investment from Indian users may be 1/30, or at the most 1/20 of the amount that the American user invest. In terms of number of users, India is one of the top most countries. But still Indian users hold only 3% to 4% of the total cryptocurrency market cap.

You're digging your hole deeper and deeper.

So if you maintain that 4% in crypto but at the same time you keep the average rate of 1/30 of what an American can put in then what do we do about the overall numbers?
Because if we have just 7 million Americans, keeping the same ratio of population, it means they will hold almost half of the coins. And we have also 400millions people in Europe from which we could also draw about 10 million at least with a buying power of at least 10x, so...there won't e any coins left of the entire rest of the world which also included a lot of really wealthy countries.

But let's go back to the volume, you claimed the volume backs your numbers.
8 million KYC users on Indian exchanges, $63m on the top exchange, what's that, 8$ in volume a day per user?
Common, let's be real. That 20 million number is pure advertising by exchange owners.

bryant.coleman

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Quote from: stompix on March 19, 2021, 02:37:27 AM

Hmm, Wazirx is doing $76.691.478, Binance $72.358.046.448.
So, if in India there are 20 million users then worldwide there must be 20 billion users.
I have a feeling something is wrong with this one...

This is exactly where you get it all wrong. You assume that the capital available per head is same for users in India and the United States. For an average Indian, the annual salary is in the range of $1,500-2,000, while the same for someone in the United States can be $45,000-$60,000. That means that the average investment from Indian users may be 1/30, or at the most 1/20 of the amount that the American user invest. In terms of number of users, India is one of the top most countries. But still Indian users hold only 3% to 4% of the total cryptocurrency market cap.

Topic: Looks like India is perhaps serious about banning cryptocurrency (Read 580 times)