Thoughts on the possible India crypto ban?
Idc. 1 thing i know for sure is, when bitcoin dumped by weak hands, that's the best chance to buy it 
Topic: Looks like India is perhaps serious about banning cryptocurrency - page 4. (Read 580 times)
There are multiple threads in this forum dealing with this topic. You can visit them to keep updated about the subject.
https://bitcointalksearch.org/topic/reserve-bank-of-india-most-confused-financial-entity-right-now-5316416
https://bitcointalksearch.org/topic/india-makes-ownership-of-bitcoin-criminal-offense-how-to-respond-5313666
https://bitcointalksearch.org/topic/india-to-regulate-bitcoingood-news-for-crypto-enthusiast-5322468
https://bitcointalksearch.org/topic/indian-finance-minister-on-cryptocoin-5322045
Originally they were planning to ban all forms of cryptocurrency and make the ownership of crypto a criminal offense. But then there was a massive social media campaign taken out by the exchanges and ordinary users. Still no confirmation is there, but it looks as if the government is shaken by the massive campaign. They are now talking about regulation, rather than prohibition.
https://bitcointalksearch.org/topic/reserve-bank-of-india-most-confused-financial-entity-right-now-5316416
https://bitcointalksearch.org/topic/india-makes-ownership-of-bitcoin-criminal-offense-how-to-respond-5313666
https://bitcointalksearch.org/topic/india-to-regulate-bitcoingood-news-for-crypto-enthusiast-5322468
https://bitcointalksearch.org/topic/indian-finance-minister-on-cryptocoin-5322045
Originally they were planning to ban all forms of cryptocurrency and make the ownership of crypto a criminal offense. But then there was a massive social media campaign taken out by the exchanges and ordinary users. Still no confirmation is there, but it looks as if the government is shaken by the massive campaign. They are now talking about regulation, rather than prohibition.
Our Indian brothers are very active in the Cryptocurrency community, you cannot stop them especially now that the fruit of their efforts in waiting for the bull market has come, they will offer resistance to the government, regulation is better than prohibition it's a win-win between the two-party, they can implement taxation in exchange for letting them trade and create projects related to Cryptocurrency, they need to see that there is a market in Cryptocurrency.
It is not going to help the average hard working Indian citizen at all.
I don't think that they are much concerned about the hard working Indian citizens. In their eyes, Bitcoiners are the ones who received a huge windfall as a result of the recent rally. Out of the total cryptocurrency market cap of $1.8 trillion, 3% to 4% is being held by Indian nationals. The government's plan is to impose income tax + GST + penalty, which will work out to 80% to 90% of the total amount, depending on the size of the holdings. Their plan is very simple. They will loot the 10-15 million cryptocurrency users, so that they could provide freebies to the 1.4 billion people. In India, most of the people are living in abject poverty, and they will sell their votes for as little as $50. Imagine how many votes the ruling party could purchase with all this money.
As Michael Saylor points out; in China they've banned Facebook and Google for over a decade. That didn't make these bad investments for the rest of the world.
If the Indian government really wants to do this it only points out how little they respect people and the right for people to own property or things.
Considering how little the Indian government clamps down on scammers (See the rise of endless scam baiters on YouTube who only ever seem to speak to Indian criminals), this is perhaps not surprising.
It is not going to help the average hard working Indian citizen at all.
If the Indian government really wants to do this it only points out how little they respect people and the right for people to own property or things.
Considering how little the Indian government clamps down on scammers (See the rise of endless scam baiters on YouTube who only ever seem to speak to Indian criminals), this is perhaps not surprising.
It is not going to help the average hard working Indian citizen at all.
It's crazy to think about a government actually making it illegal, acting like you are some terrible criminal, simply for holding a digital asset. I guess other smaller nations have done this, but India would be the first major nation if it indeed passes. The idea of banning bitcoin is a great litmus test on how much economic freedom a nation has - and if you ban it you are a terribly monetarily oppressive nation.
We are hearing conflicting news regarding this every week and as @bryant.coleman mentioned there are many threads here discussing about it and one think i understood is that India is not a good country to invest as you will stay in the grey as you will not have any clarity regarding your business and as per the recent comment regarding the ban it is said that they are planning to give 6 months time to liquidate and they are criminalizing holding cryptocurrency which is crazy.
There are multiple threads in this forum dealing with this topic. You can visit them to keep updated about the subject.
https://bitcointalksearch.org/topic/reserve-bank-of-india-most-confused-financial-entity-right-now-5316416
https://bitcointalksearch.org/topic/india-makes-ownership-of-bitcoin-criminal-offense-how-to-respond-5313666
https://bitcointalksearch.org/topic/india-to-regulate-bitcoingood-news-for-crypto-enthusiast-5322468
https://bitcointalksearch.org/topic/indian-finance-minister-on-cryptocoin-5322045
Originally they were planning to ban all forms of cryptocurrency and make the ownership of crypto a criminal offense. But then there was a massive social media campaign taken out by the exchanges and ordinary users. Still no confirmation is there, but it looks as if the government is shaken by the massive campaign. They are now talking about regulation, rather than prohibition.
https://bitcointalksearch.org/topic/reserve-bank-of-india-most-confused-financial-entity-right-now-5316416
https://bitcointalksearch.org/topic/india-makes-ownership-of-bitcoin-criminal-offense-how-to-respond-5313666
https://bitcointalksearch.org/topic/india-to-regulate-bitcoingood-news-for-crypto-enthusiast-5322468
https://bitcointalksearch.org/topic/indian-finance-minister-on-cryptocoin-5322045
Originally they were planning to ban all forms of cryptocurrency and make the ownership of crypto a criminal offense. But then there was a massive social media campaign taken out by the exchanges and ordinary users. Still no confirmation is there, but it looks as if the government is shaken by the massive campaign. They are now talking about regulation, rather than prohibition.
Just read an article where an official says they expect the crypto ban to be passed, despite other officials recently downplaying the likelihood of it.
India is becoming quite an oppressive government from a monetary standpoint. Giant leap backwards for them if they pass the bill. Won't hurt Bitcoin too much - apparently there's only about $1.2 billion of bitcoin held in India (about a dollars worth for every citizen). If they do ban cryptos it just means that one day when they ultimately reverse that ban we're gonna get a huge pump from a billion-plus people suddenly having access to Bitcoin, by which time Bitcoin will likely be far more engrained throughout the rest of the world.
It's crazy to think about a government actually making it illegal, acting like you are some terrible criminal, simply for holding a digital asset. I guess other smaller nations have done this, but India would be the first major nation if it indeed passes. The idea of banning bitcoin is a great litmus test on how much economic freedom a nation has - and if you ban it you are a terribly monetarily oppressive nation.
Thoughts on the possible India crypto ban?
India is becoming quite an oppressive government from a monetary standpoint. Giant leap backwards for them if they pass the bill. Won't hurt Bitcoin too much - apparently there's only about $1.2 billion of bitcoin held in India (about a dollars worth for every citizen). If they do ban cryptos it just means that one day when they ultimately reverse that ban we're gonna get a huge pump from a billion-plus people suddenly having access to Bitcoin, by which time Bitcoin will likely be far more engrained throughout the rest of the world.
It's crazy to think about a government actually making it illegal, acting like you are some terrible criminal, simply for holding a digital asset. I guess other smaller nations have done this, but India would be the first major nation if it indeed passes. The idea of banning bitcoin is a great litmus test on how much economic freedom a nation has - and if you ban it you are a terribly monetarily oppressive nation.
Thoughts on the possible India crypto ban?
Jump to: