Topic: Looks like India is perhaps serious about banning cryptocurrency - page 3. (Read 580 times)

Common, just stop it, it's been 8 years, get over it.


Seems like nobody can keep up with whatever passes through their heads each morning.
At least China was playing this game once a year and there was easy to see what they were aiming for in the final stage, with India, this is more like gambling with tossing coins, on a boat, 70% of the time you won't be able to know the outcome at all.  


Define active users!
Because if we go by all the claims on how many people you have active in crypto in all countries you end u with more than all the transactions in all the chains that are active right now. 20 million? And before you quote any article, make sure this is not a PR claim by some CEO of an Indian exchange that only throw numbers around to promote his business.


That's already counted in the survey, remember it's 25 billion out of 380 billion in direct stimulus checks, only 5% of the first batch.

I was watching this yesterday. Free To Choose 1980 - Vol. 02 The Tyranny of Control https://www.youtube.com/watch?v=CWgNe8v6KFc  . In it it shows one crazyness India did after WW2. You should watch it and see for yourself.
It is totally possible that India and some other countries ban cryptocurrencies. By doing that they will just stay behind in development. Many smart Indian people will move abroad where crypto will not be banned.

The number i cited came from the latest article that I read where an Indian government official said the ban is likely to happen. I don't know how they came up with the $1.2 billion figure though.

Bryant.coleman's statement of 3-4% of the market cap seems like it's way too high. India has never been a major player in bitcoin, in fact crypto was even banned i believe for a little bit like last year before the supreme court ruled the ban unconstitutional, or maybe they ruled against it before the ban was put in place, not sure. But anyways, I doubt India's stake of bitcoin is anywhere near 3-4%. Googling the subject I just found an estimate from January that Indians likely own less than 1% of Bitcoin, 1% seems like a much more reasonable estimate than 3-4%.

If they own 1% of the market, and the India ban does happen, supposedly they'll have a 6 month grace period to get rid of their crypto. Given that we are in the main part of a bull run, it'd make sense for them to gradually sell as the price goes up and not just sell as soon as the ban is passed. Now, other markets might dump on the news, but I doubt an India ban would have a drastic effect on the market. US adoption is what is driving the market right now, India is barely an afterthought in the market. At most it might result in a short dip buying opportunity for people. Still, for the sake of the Indian people and their country in general, hopefully their politicians aren't stupid and corrupt enough to ban the people's access to an economic freedom tech like Bitcoin.

it seems like this will be a big issue in the world if India bans, the crypto community in India is very large but this seems to be the government banning crypto. So I think right now there must be a real solution for the Indian government in this regard, because clearly the crypto ban is likely to raise pros and cons in India.

It looks like the ban on cryptocurrencies is a real thing that could happen now even Reuters made an article with an interview on a Indian government official about how real the crypto ban will be, he said that even holding/possession of cryptocurrencies would be considered as a criminal act in the country. With the crypto ban having a high chance of happening in that country I will be worried about the short term effect it will lead in the crypto market, once the ban is issued I'm sure the government will given them time/duration to liquidate their cryptocurrencies this period can cause a sell-off in the market as well FUD as a bad news like this one which also has a direct affect in the market can be disastrous for the market.

I am feel sad for the crypto community in India to know that the Indian government is planning to ban cryptocurrency. Even though the crypto
community from India is quite a lot, I believe that Indian residents can still buy and sell cryptocurrency. As we all know that no single country
can control cryptocurrency,  as long as crypto users can still access the internet there is always a way to make crypto transactions. So in my opinion,
it's useless for the Indian government to ban cryptocurrencies, it's better if they support crypto.

I do not think that 25 billion would be coming from USA, sure there are a lot of people who are into bitcoin but not every single bitcoin owner will be buying bitcoin with their stimulus check, many of them are not making the same amount of money and many of them are doing horrible so they will use that money instead. I think 10 billion will be max we can get, and I believe even 1 billion will be more than enough for all of us.

Also about India, it is important to have Indian community with us, doesn't matter how much, there are nations that are much much smaller than India and even those nations should be kept, this is a worldwide currency and ignoring a whole nation would not be alright for us, it would hurt us all. I hope that we end up with promoting it everywhere and would be supported by governments and make a profit all together at the same time without exception.

Natural growth is far more important then a one off or what is the dilution of currency basically resulting in speculative flows.

I watched a video that said the opposite and assumed Bitcoin would be bullish from the weight of 1 billion people able to take part.  I'll post up the video so you can see but it seems without doubt they would allow crypto, its not like I think no use would occur anyway but its easier if its not officially illegal in a silly backwards way:

https://twitter.com/DocumentingBTC/status/1371247856821141507

Where are you getting those numbers?  That's a lot more than the $1.2 billion codebear cited.

It's a bad idea to ban cryptocurrency because crypto is the future technology and sooner or later everybody will know it. But if talk about a country, of course, they have their own rules, so people in India agree or not they have to stick to it. Some rules created because of the reason behind it, and of course there are a reason behind that banning

true, actually the problem is the bad government of India in handling the fraud that is rampant there...
as I have said over and over that we are in 2021 where those who buy Bitcoin have become very smart and don't worry anymore about countries that are likely to do the same thing with India because Bitcoin continues to be profitable.

$25 billion boost from the stimulus cheques is going to be huge. At the same time, it will be a big mistake to underestimate the cryptocurrency sector in India. There are 10-20 million active users there, and they hold around 3% to 4% of the total cryptocurrency market cap (~$50 billion). Obviously the numbers are not as big as what they have in the US or EU, but $50 billion isn't a small figure either.

Every country has its respective regulations, so if India was serious about banning cryptocurrency it doesn't matter. The effect only will feel for people in India and maybe will dumped price for a bit. I'm happy that the government in my city is open-minded about crypto, so I'm not worried about something like that

$1.2 billion in Bitcoin in India vs. potentially ~$25 billion coming in from US stimmy checks... https://markets.businessinsider.com/currencies/news/stimulus-checks-bitcoin-btc-stock-market-outlook-mizuho-says-2021-3-1030207913

This is not the first time they are doing it. Right from the case with personal computers in 1980s, to internet in 1990s, the Indian government has taken a regressive view on new innovations. When internet first became popular in the 1990s, the Indian government tried their best to hinder the growth in their jurisdiction by imposing all sort of restrictions and regulations. The issue is very simple and straightforward. Most of the Indian politicians (and this is especially true with the case of ruling party politicians), don't have the skills or intelligence to understand new innovations.

And in the end, this is what happens:


Have to agree with DeathAngel. This is exactly what is going to happen.

If they’re stupid enough to remove themselves from a financial revolution then let me suffer. Bitcoin doesn't care about India so good luck to them if they want to miss out.

This and the bans that follow will be looked at in a years time as the catalyst to the destruction of cryptocurrency. I've confirmed this with many math calculations in addition to confirmed sources of not fake news in India and other places.

I don't know, I'm very confused about the status of India about cryptocurrencies. The last time, I think there was another article that I've read that they're about to make their own crypto. Maybe that's just another rumor that I have believed and became comfortable that they would implement but it's the opposite that they're doing. If this is going to happen for real, they're the same as their neighboring country Bangladesh that have also banned it.

It doesn't surprise me. First of all, the Indian government (ever since 1947) has taken a stance that is against innovation. That is the reason why India, despite having the largest number of IT engineers don't have corporations such as Apple, Microsoft and Amazon. Every year 100,000 or more of the most educated and skilled Indians renounce their citizenship and take the nationality of other countries (primarily the US and the UK).

And the current government is a mild version of the socialists regime in Venezuela. They have used the tactic of freebie distribution to win elections in an extremely efficient way. In order to distribute freebies, they need money. They are robbing the rich Indians (including the cryptocurrency users), so that they can give handouts to the slum dwellers and other poor people.

India always starts with making things forbidden before opening up...

These topics always pop up during bull runs...