NO..India is NOT Banning Bitcoin - page 6.

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Quote from: michellee on November 24, 2021, 09:35:48 PM

It seems the young generation does not care about what their government will do so they focus to chase the money. The government wants to still chase the money like them so they want to control all things that have already been done before and not going to let it go.

Hopefully, India will not ban crypto and will let their people use crypto for their assets and not use crypto for the payment system. It is good if the government approve crypto as an asset because that gives a chance for people to have another investment to solve their financial problem.

Hopefully, I have some relatives in India and to them Bitcoin is also a way to hedge the money they have. So instead of saving the money to the bank they buy BTC, they don't want themselves lining up outside a bank when everybody is trying to withdraw like what happened before.

India is a developing country with the potential to really blow up like China. Fixing the money through thier CBDC and not baning BTC is likely the best for the country to have some freedom for all.

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In this we can see that in the forum it happens as outside it: at the minimum that there is a news of this style the masses only get the big picture without paying attention to the detail.

Quote from: mindrust on November 24, 2021, 11:39:01 PM

That's still a big hit imo. Using bitcoin as a payment method is bitcoin's one of biggest use cases. If you take that away, it will become a speculative asset and nothing else. I don't know how can you be fine with this because that's practically half of the bitcoin's practical use. Imagine all the unbanked freelancers that were using btc instead of visa/mc. Now they all lost their business because of that law. Not everybody uses crypto for gambling. Some people were using it to collect money which imo is the biggest use case of crypto and now it is gone.

I agree. Although I suppose freelancers will still be able to collect and pay in bitcoin as long as they use it from a hardware or paper wallet, rather than custodial wallets.

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The use of private coin can cause FUD, many people will not know the coins referred to as private coins are privacy or anonymous coins with a kind of blockchain which transactions can not be traced or tracked, coins like Monero, zCash and Dash. Some people are also just do not know much about cryptocurrencies than buying and selling it, these kind of people will not think two times before they will sell.

Quote from: Jawhead999 on November 24, 2021, 09:44:38 PM

There's no FUD regarding this news! I've tired to see someone always say FUD FUD FUD on every bad news especially it's still a rumour, you're the FUD spreader by creating this thread. It's funny to see a FUD can pump Bitcoin price (+1,73%/24 hours) right now, the real FUD will make Bitcoin price dropped >20%.

This was a great FUD in India at the time the news went viral, the price of bitcoin on WazirX exchange (Indian based exchange) is an indication of how the news caused fear thoughts and uncertainties.

Bitcoin dip down below $40000 on an Indian exchange after the news, this is FUD.

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Well the bill being talked about is "supposed to be launched" in the Winter parliament session which is in December. December is still five days and we are already watching FUD crop up from some news media channels. Possible attempt to manipulate the market, after all the press is free and the market is unregulated.

Keeping that aside, anyone got any wind of what this new classification of "Private crypto" stands for? I am guessing the counterpart will be "Public crypto" and going by the normal semantics, Public crypto will include the decentralized currencies.

I hope these guys know what they are doing, or we are going to end up having to add another classification system in this asset class. Grin

I am optimistic about it, I assume they are going to put in taxation on sell orders and KYC the users, fine by me. If they start their own national crypto, I doubt the community is going to take that in, and we all know that community is everything in crypto, so they will suffer from their decision.

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Quote from: titular on November 24, 2021, 03:24:56 PM

India is not banning bitcoin as an asset class as many have eluded to. Many news outlets find that this angle is far better for attracting clicks.

India is looking to ban bitcoin as a method of payment.

That's still a big hit imo. Using bitcoin as a payment method is bitcoin's one of biggest use cases. If you take that away, it will become a speculative asset and nothing else. I don't know how can you be fine with this because that's practically half of the bitcoin's practical use. Imagine all the unbanked freelancers that were using btc instead of visa/mc. Now they all lost their business because of that law. Not everybody uses crypto for gambling. Some people were using it to collect money which imo is the biggest use case of crypto and now it is gone.

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Quote from: titular on November 24, 2021, 03:24:56 PM

The FUD continues.

India is not banning bitcoin as an asset class as many have eluded to. Many news outlets find that this angle is far better for attracting clicks.

India is looking to ban bitcoin as a method of payment. Meaning they are just trying to protect the interests of their future CBDC. People in India will NOT be banned from buying or selling bitcoin. The government has NO interest in banning bitcoin as an asset.

Source: https://blockworks.co/india-crypto-ban-about-payments-not-the-asset-class/

We used to that mate , how many thread had been created here since then about India Banning bitcoin and cryptocurrencies?
they even make the news worst just to bring more fuds and i really don't know what is the intention behind those.
but for me personally i have not taking serious this matter and besides i only spend no time reading those because I know that India is far different from China government and they will not hinder their people for what they can make use for living in valuable means.

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I guess this is them just doing proper regulations on their part for the sake of their citizens, and some people immediately took it in as them being negative about Bitcoin in general. Still, it is a negative connotation on Bitcoin as a currency imo, since India wouldn't exactly be banning transactions if it was actually better than fiat. Highly doubt they'd push for a complete ban out though, so it should only stay at this point till they're able to implement more regulations that could protect their citizens (or at least, educate them about the dangers of using crypto).

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There's no FUD regarding this news! I've tired to see someone always say FUD FUD FUD on every bad news especially it's still a rumour, you're the FUD spreader by creating this thread. It's funny to see a FUD can pump Bitcoin price (+1,73%/24 hours) right now, the real FUD will make Bitcoin price dropped >20%.

I don't care with those rumour, they can change/revise anything if it's still a plan... I will wait until the official news from Indian government.

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It seems the young generation does not care about what their government will do so they focus to chase the money. The government wants to still chase the money like them so they want to control all things that have already been done before and not going to let it go.

Hopefully, India will not ban crypto and will let their people use crypto for their assets and not use crypto for the payment system. It is good if the government approve crypto as an asset because that gives a chance for people to have another investment to solve their financial problem.

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For now, I don't think there is already a clear guideline on what would certainly happen to Bitcoin should this bill passed into law. So I guess the various interpretations of the letters of the proposed law are making it more confusing. Interpretations are still very much open right now because the bill is vague to say the least. Should this bill become a law, there will certainly be specific implementing rules and regulations. Only then would things be clarified.

For now, there is really no certainty whether or not Bitcoin will be banned merely as a payment method and not as an asset class. But I don't think India will be implementing a blanket ban on crypto.

GreatArkansas

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This kind of FUD (for someone) spreading by now, the latest. It's kinda no effect now compare to the first time when that kind of news from India started to pop.
There are a lot of people who got very low reading comprehension that's why FUD are easy to create and spread, just like this Indian news about cryptocurrency.

Well, we can blame also some media outlets as there are some of them who are sometimes misleading.

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Quote from: Yogee on November 24, 2021, 04:43:36 PM

Not a statement but the bill is linked in the article http://loksabhadocs.nic.in/bull2mk/2021/23.11.21.pdf and here's the description,

"To create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India. The Bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses."

It doesn't say much but some people are probably trying to interpret the "exceptions" in a way it's still positive for the community. I think that part is only referring to blockchain use cases and not investment assets or anything else. They are still trying to ban in my opinion.

Sounds like another sort of Nigerian central bank ban on cryptocurrencies story where after announcing the ban, they introduced their Government control coin called eNaira. I don't know how far it has gone now, but as far as I know it received a lot of backlash from the youth in that Country.

These Governments just don't understand it. Cryptocurrencies like Bitcoin are way beyond just being electronic payment methods. The additional privileges users enjoy such decentralization and privacy should not be under looked.

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Well the younger generation is a reason why the government want to pass a bill on cryptocurrency. It's sad that the younger generation is chasing money instead of having say in government. This is a way the government want to get rid of private cryptocurrency in India. Hearing about Private cryptocurrencies like Bitcoin makes the president to feel a fist in his stomach.

Probably, the general public will choose the digital money that will be advertised by the government over a private cryptocurrency. All that matters is, the government is aswell chasing money just like the youths. Grin

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Quote from: Slow death on November 24, 2021, 03:58:53 PM

...anyway do you have a link to a press release from the government of india where they say they are just ban bitcoin as a method of payment?

Not a statement but the bill is linked in the article http://loksabhadocs.nic.in/bull2mk/2021/23.11.21.pdf and here's the description,

"To create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India. The Bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses."

It doesn't say much but some people are probably trying to interpret the "exceptions" in a way it's still positive for the community. I think that part is only referring to blockchain use cases and not investment assets or anything else. They are still trying to ban in my opinion.

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I had not read this news, if you are a citizen of india then no doubt you should have real news of what is going on, anyway do you have a link to a press release from the government of india where they say they are just ban bitcoin as a method of payment? or are you just giving your theory of how the government will handle bitcoin in india?

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"Stop using proprietary software."

The FUD continues.

India is not banning bitcoin as an asset class as many have eluded to. Many news outlets find that this angle is far better for attracting clicks.

India is looking to ban bitcoin as a method of payment. Meaning they are just trying to protect the interests of their future CBDC. People in India will NOT be banned from buying or selling bitcoin. The government has NO interest in banning bitcoin as an asset.

Source: https://blockworks.co/india-crypto-ban-about-payments-not-the-asset-class/

Topic: NO..India is NOT Banning Bitcoin - page 6. (Read 726 times)