Now its India's turn.Indian Supreme court asks government to regulate bitcoin

Harley29

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Quote from: CryptoKranthi on November 21, 2017, 02:53:29 AM

USA,CANADA, CHINA and now INDIA.
Its growing.Now India is trying to regulate Bitcoin.

Source : https://www.coindesk.com/indias-supreme-court-calls-government-regulate-bitcoin/

Though the correction on the website says that the court just asked the government to respond to a petition, but it can be foreseen that, Its India's turn to regulate ICO's or Bitcoin.
What happens if India regulate bitcoin and ban all exchanges.How do we Indians get our money back in INR( Indian currency) which we have invested in Bitcoin?

It’s a very great news and I knew that India will regulate bitcoin because I know that India need bitcoin for its people because still in many part of India there is still poverty and bitcoin is only currency which change a life of people and India is such a largest country in world so I think if bitcoin become regulate in India so it will help to bitcoin as well.

salihno71

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Regulation itself is not a necessary bad thing per se. If done properly, it should better the environment and facilitate further growth in both value and acceptance. However, there is always a fear of the influence of those who are powerful and have influence on such choices.

partysumo

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Good news. Regulation = legitimacy, meaning people will not be afraid of bitcoin, allowing it to expand even more.

Rinder

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Some countries had understood thats is better to regulate crypto then try to go against it, since at the moment there is no way to stop more crypto world, the best thing they can make is to regulate it soo investors can get some kind of protection agains scammers. India is doing the first step before the legalization that is regulamentation, soo as China they are taking care of the people wich does invest into crypto.

lighpulsar07

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Yeah it is necessary since bitcoin network cannot be controlled by any entity and also the anonymity of it makes the cybercriminals make a fraudulent transaction like drugs so, they had to put some sanctions to bitcoin services like bitcoin exchanges to control bitcoin from the outside and also to stop the cybwecrimnals doing illegal activigie on the internet

batang_bitcoin

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Eloncoin.org - Mars, here we come!

They have to do it, India is one of the biggest country in the world and it's also like a sleeping giant. Regulations are expected to come since people who are scamming will use bitcoin or crypto currency for their bad intentions. And another thing is that bitcoin can be a good source of hidden wealth and profit, so they just want it to regulate and in the end bitcoin will be taxable.

felicita

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i think they will stop ICOs as china done .
but they never will bann bitcoin completele , maybee they can thake taxes on it Cheesy

regards

aso118

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Quote from: scottykarate on November 21, 2017, 12:28:25 PM

Most governments are going to want to place some kind of loose regulations around Bitcoin to protect it's citizens against scams. That's somewhat natural.

There are enough laws to protect citizens from fraudulent individuals. You don't need to establish stringent regulations for Bitcoin use. In countries like India, the question is how much power will the government be willing to surrender to Bitcoin? Otherwise, you can expect a crackdown on Bitcoin.

Marucya

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The Supreme Court of India has so far asked the government to introduce the regulation of the crypto currency. This does not mean banning it. Moreover, I know that in India the government, although with a history, but rather loyal to the crypto currency. And the regulation of crypto currency is waiting in the near future in almost all countries. So we hope that India will join the list of countries where loyal rules for crypto-currency will be established.

lupinvn

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I think bitcoin regulation is predictable and sooner or later, every government have to do it. But you all should think that would be a good step for strengthen bitcoin because if they regulate bitcoin, user should think more secure when holding it, the price would be more stable and there are less dumps like before. Ofcourse it brings some bad affects like tax for payment but just a little problem.

scottykarate

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Most governments are going to want to place some kind of loose regulations around Bitcoin to protect it's citizens against scams. That's somewhat natural.

Ustovianet

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India wanted to regulate the work of crypto-exchange exchanges. Have not you done it yet?

Opquar

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Quote from: stompix on November 21, 2017, 09:38:09 AM

Quote from: mathiaslivis on November 21, 2017, 09:27:39 AM

India is a very big market, I hope this decision will not have too much impact on the market. Maybe the norm is a good thing, but the news takes time to digest.

India is such an insignificant market that nobody cares about it.
1 billion people but it doesn't matter since their entire wealth is below that of 80 millions germans.

Seen a major exchange in India?
A large company using bitcoin?

Even if we speak about bitcoin full nodes, India has only 50 of them, and it ranks 27 in the world.
https://bitnodes.earn.com/
Put your pride aside and face reality.

He might have been talking about potential. An India ban means 1 billion less potential bitcoin holders.

CryptoKranthi

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Quote from: hasmukh_rawal on November 21, 2017, 09:18:44 AM

I believe Indian government will make a decision in favor of Bitcoin since it is being used and implemented by many other countries now and India never sets a foot back on developing the country.

How do you think that a country would be developed with bitcoin?

boboking

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Regulation on a certain market is actually a good thing, it will help people understand what cryptocurrency is. Also with regulation it also suggest of legitimization of the cryptocurrency market. There are always Pro's and Con's but if we really want cryptocurrency market to succeed we need to face the reality that government will try to regulate it.

delbarbour

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i dont understand why all countries are rushing into bitcoin only ?

is it poor marketing from other better coins ? Tongue

Red-Apple

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Quote from: CryptoKranthi on November 21, 2017, 02:53:29 AM

it can be foreseen that, Its India's turn to regulate ICO's or Bitcoin.

these two have no connection and most probably the Indian government will regulate bitcoin and ban ICOs like everywhere else did.

Quote from: CryptoKranthi on November 21, 2017, 02:53:29 AM

What happens if India regulate bitcoin and ban all exchanges.How do we Indians get our money back in INR( Indian currency) which we have invested in Bitcoin?

regulating bitcoin doesn't mean banning exchanges!!!

and it always depends on what they will do when they regulate bitcoin. sometime the rules they set for bitcoin and trading it. in most cases they are not that bad and it helps bitcoin move forward and increases the adoption and as a result increases the price because a lot more people will be investing in bitcoin from then on.

looking and bitcoin price over in India it seems like the good part is correct as the bitcoin price is rising fast over there and is higher than western markets.

LydiaBob

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I think it is a little bit early to talk about regulations in India. However, it will happen in the future and we all know that as India is a big market. Question is how they are going to regulate it. Let's hope it remains legal

jman0war

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I don't think anybody questions a governments 'right' to regulate bitcoin.
It's actually the wrong sort of question.
The question is: HOW can they possibly regulate bitcoin?

It's like asking the postmaster to regulate email.
They simply don't have the tools.
We aren't going to hard fork bitcoin to code in some regulation.

stompix

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Blackjack.fun

Quote from: mathiaslivis on November 21, 2017, 09:27:39 AM

India is a very big market, I hope this decision will not have too much impact on the market. Maybe the norm is a good thing, but the news takes time to digest.

India is such an insignificant market that nobody cares about it.
1 billion people but it doesn't matter since their entire wealth is below that of 80 millions germans.

Seen a major exchange in India?
A large company using bitcoin?

Even if we speak about bitcoin full nodes, India has only 50 of them, and it ranks 27 in the world.
https://bitnodes.earn.com/
Put your pride aside and face reality.

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