Reserve Bank of India governor Shaktikanta Das surely have a personal motive of pushing CBDC force feeding it to their citizen. "CBDC future of money", funny how he state that when the technology behind CBDC is just a copy of what is in Cryptocurrency technology.
Banning crypto but trying to introduce more CBDC into society? sounds like bullshit like you said he doesn't know what he's talking about when it comes to CBDC which means the use of blockchain technology itself which has already been done by crypto. I don't think this is related to the foundation and value of crypto, but rather the same narrative which is the inability to recognize the flow of funds out there that comes in and goes out without monitoring. No wonder we find alibis like this everywhere when the government of a country bans crypto but at the same time they introduce CBDC. 
Topic: Reserve Bank of India Governor Calls for an Outright Crypto Ban (Read 310 times)
January 19, 2023, 05:28:02 AM
It is a shame that till now India authorities still refusing to see the good side of btc. What has happened to force take such harsh decision.
Why all the time they want crypto to be ban in India? Btc has evolved so much for this type of shallow thinking. This is selfishness and nothing more.
Accepting bitcoin only benefits the people, but the government has almost nothing, so they have a reason not to accept it, if we were in their position, we would do the same. We cannot accept something that will compromise our strength and only benefit others.Why all the time they want crypto to be ban in India? Btc has evolved so much for this type of shallow thinking. This is selfishness and nothing more.
But no matter if they ban or introduce any harsh measures, they will not be able to stop bitcoin and investors. Take a look at China for instance, they have not been able to completely ban cryptocurrencies as of yet. Not only could it not be banned, but huge taxes were also lost.
January 19, 2023, 05:18:32 AM
I doubt many new-age Indians as well as legislators will take heed of what he said, especially now that more and more people are being more accepting of bitcoin's existence and by adjacent, cryptocurrencies. That being said, since he's on a position of power it is still possible that he could make take some measure to realize this dream of his, however India being a democratic state, they'd have to speak with the people ultimately which as of now considering how my Indian friends think of it, is gonna be futile.
The only thing the Indian government can do is to regulate the bitcoin environment. Regulation would be difficult but a total ban might be impossible. Indians would look for diverse means to bypass the systems through VPN and other means. The government official that is advocating a ban on cryptocurrencies was just airing his view but I think other government officials don't share the same view with him. With the rate of bitcoin awareness, some government officials are beginning to understand that bitcoin is here to stay. That is why they would encourage their government to make favorable policies on bitcoin.
January 19, 2023, 04:37:54 AM
What he is trying to do is to crush the technology which really extinct the banking system if adopted as early as possible by spreading false information.
AFAIK, the current ruling party especially the finance minister of India has no knowledge about anything so they will completely believe what the authorities report to them so it's kind of a hard phase for them to survive.
AFAIK, the current ruling party especially the finance minister of India has no knowledge about anything so they will completely believe what the authorities report to them so it's kind of a hard phase for them to survive.
January 19, 2023, 02:27:58 AM
Although he has a good reason for his actions and enforcement of CBDC as the future of money, he cannot defeat the genius behind cryptocurrency and its technology from which CBDC benefits.
Unless he along with other groups also agrees, then his single-handed opinion might not be taken too seriously to the point of adherence.
Unless he along with other groups also agrees, then his single-handed opinion might not be taken too seriously to the point of adherence.
Too early to say anything. They tried the same back in 2019. There was a lot of outcry and the proposal was dumped by the finance minister. Now the RBI governor is again making noise. I don't think that anything has changed between 2019 and now, regarding cryptocurrency. CBDC is a good idea. But the governor is an idiot if he thinks that if he ban cryptocurrency then the users will flock to purchase the CBDC. The biggest advantage with Bitcoin is that it is protected against inflation. Now compare that with INR, which lost 10% of its value against the USD during the last few months.
January 18, 2023, 05:16:51 PM
It is a shame that till now India authorities still refusing to see the good side of btc. What has happened to force take such harsh decision.
Why all the time they want crypto to be ban in India? Btc has evolved so much for this type of shallow thinking. This is selfishness and nothing more.
Not surprising why until now India is not progressive at all because they seem to focus on losing opportunities than simply embracing it. Rather than adopting crypto because the citizens will certainly benefit from it as there might be secret crypto enthusiasts hiding, but it’s more on the governor always use his position to control the people and their way of living. It’s a shame that people won’t also prosper because the government makes it hard for them. Why all the time they want crypto to be ban in India? Btc has evolved so much for this type of shallow thinking. This is selfishness and nothing more.
January 18, 2023, 04:52:01 PM
Although he has a good reason for his actions and enforcement of CBDC as the future of money, he cannot defeat the genius behind cryptocurrency and its technology from which CBDC benefits.
Unless he along with other groups also agrees, then his single-handed opinion might not be taken too seriously to the point of adherence.
Unless he along with other groups also agrees, then his single-handed opinion might not be taken too seriously to the point of adherence.
January 18, 2023, 04:05:34 PM
It is a shame that till now India authorities still refusing to see the good side of btc. What has happened to force take such harsh decision.
Why all the time they want crypto to be ban in India? Btc has evolved so much for this type of shallow thinking. This is selfishness and nothing more.
Why all the time they want crypto to be ban in India? Btc has evolved so much for this type of shallow thinking. This is selfishness and nothing more.
January 18, 2023, 03:44:36 PM
When top government officials get more apprehensive about BTC i personally feel is the right time to get more BTC because if you check the indian population about 115 million people which make up only 7.3% of the population are using crypto currencies in2021 and the number could double this year, its a huge sign that crypto s the future and BTC is leading the way
January 18, 2023, 08:15:00 AM
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source: https://watcher.guru/news/reserve-bank-of-indias-governor-calls-for-an-outright-crypto-ban?utm_source=TelegramNews&utm_medium=TelegramNews&utm_campaign=TelegramNews
I hope this one man's understanding about cryptocurrency will not affect the government of India turning 100% hostile against cryptocurrency. It is clear that this person does not know what he is talking about. Blaming the FTX fall to cryptocurrency and doesn't even understand the difference between a TULIP BUBBLE and CRYPTOCURRENCY adoption and the technology behind it.
bubble tulips? ha ha ha. an economist is not an economic analysis that must be heard, the concept of cryptocurrency is different from the understanding of ordinary economists, so every economist who wants to understand cryptocurrency and the technology behind it must learn about the evolution of money, not just stick to old knowledge. FTX is just destroying the crypto market, those who hate crypto currency will definitely use the FTX case as their tool to brainwash the general public that cryptocurrency is dangerous.
Reserve Bank of India governor Shaktikanta Das surely have a personal motive of pushing CBDC force feeding it to their citizen. "CBDC future of money", funny how he state that when the technology behind CBDC is just a copy of what is in Cryptocurrency technology.
why isn't the Indian government busy solving the poverty of their citizens, why are they even busy fighting cryptocurrencies by creating CBDC shit, don't they want their citizens to get out of poverty?
January 18, 2023, 07:30:22 AM
India has never been crypto-friendly, the 30% tax is no different than trying to force people to give up crypto automatically instead of introducing bans or finding ways to stop it from the government. It is clear that they fear crypto threatens the monetary system in their country, and as the governor of the reserve bank, he will vehemently oppose it even if the Indian government uses it. Cryptocurrencies are likely to threaten his position as governor if he does not complete the maintenance of the monetary system in the country.
In principle, this is quite an expected reaction and line of conduct from the central bank of any country, because in the case of cryptocurrencies, we can talk about a conflict of interests and the central bank of any country will promote its own currency and will try to extinguish even the slightest probability of competition from cryptocurrencies. Therefore, in this matter, it is more worthwhile to rely on the position of the government, which, in theory, is more interested in extracting income and benefits from this and, in theory, is not interested in everything going underground in the event of a total ban. In any case, the idea of banning cryptocurrencies is a very bad idea and CBDC is a completely different sphere that can be divorced from each other without resorting to extreme measures. 
January 18, 2023, 05:32:59 AM
India has never been crypto-friendly, the 30% tax is no different than trying to force people to give up crypto automatically instead of introducing bans or finding ways to stop it from the government. It is clear that they fear crypto threatens the monetary system in their country, and as the governor of the reserve bank, he will vehemently oppose it even if the Indian government uses it. Cryptocurrencies are likely to threaten his position as governor if he does not complete the maintenance of the monetary system in the country.
January 18, 2023, 04:12:45 AM
It is these third world country leaders that are bringing down their own country. They cannot understand the technology, so they discount it as nonsense or something with zero value.
To them, Fiat currencies have value.. because it is backed by a government and it is printed like toilet paper ....where the piece of paper has zero value, when hyper inflation kills it's worth.
They want people to believe that a piece of paper ... are valuable, because they say so. They manipulate the supply and they determine the inflation basket. (They feel important, because their signature is on that piece of paper)
Do we still need corrupt governments to tell us what are valuable or not? .....or do we find ways to secure our own wealth and our own future?
To them, Fiat currencies have value.. because it is backed by a government and it is printed like toilet paper ....where the piece of paper has zero value, when hyper inflation kills it's worth.
They want people to believe that a piece of paper ... are valuable, because they say so. They manipulate the supply and they determine the inflation basket. (They feel important, because their signature is on that piece of paper)
Do we still need corrupt governments to tell us what are valuable or not? .....or do we find ways to secure our own wealth and our own future?
January 18, 2023, 03:40:07 AM
India is certainly a non- crypto friendly environment but with the latest research, the crypto users in the country has been increasing every year so these people might lost their opportunities from the possible banning that the governor wants. But i don’t see high chances too that the governor will succeed in his goal knowing there might also be a lot of government officials that are secretly hodling crypto and are more crypto enthusiasts than fiat.
Being a resident of India, I would say that the situation has improved a lot during the last 2-3 years. Gone are the days when Subhash Chandra Garg used to threaten cryptocurrency users in India with a 10-year jail term, just for keeping a few computer codes in their laptop. There was huge outcry back then and in the end the finance minister had to clarify that cryptocurrency ownership is perfectly legal. Now there are clear laws about cryptocurrency ownership and trade, and most of the users are paying their taxes for their capital gains from cryptocurrency without any issue.
January 17, 2023, 05:40:59 PM
Instead of banning crypto outright and supporting CBDCs completely, then I guess regulating it to some extent would be more profitable on the part of the government. The problem is that the government doesn't seem willing to open their eyes and acknowledge how important this technology is for the financial system, while they want to have competitors by offering new fiat currency [Central Bank Digital Currency - CBDC].
India is known as non-crypto friendly country, they are selfish with their attitude towards crypto and users. But in the end they can't stop crypto completely because there are always ways that will help many users to stay on crypto.
India is certainly a non- crypto friendly environment but with the latest research, the crypto users in the country has been increasing every year so these people might lost their opportunities from the possible banning that the governor wants. But i don’t see high chances too that the governor will succeed in his goal knowing there might also be a lot of government officials that are secretly hodling crypto and are more crypto enthusiasts than fiat. India is known as non-crypto friendly country, they are selfish with their attitude towards crypto and users. But in the end they can't stop crypto completely because there are always ways that will help many users to stay on crypto.
January 17, 2023, 05:33:25 PM
This reserve bank of India Governor failed to think the possibility negative impact of not accepting cryptocurrency or banning it. With an additional cryptocurrency as mode of payment their merchant are able to have a diverse set of customer, banning cryptocurrency will leave these merchants with limited customer base.
Also if the government failed to adopt cryptocurrency and the country around them are into cryptocurrency, their country will be in a competitive disadvantage. And also they will miss opportunities offered by the cryptocurrency and the growth that lies in this opportunity.
I do hope that the Reserve Bank of India Governor will realize the shortcoming if they ban cryptocurrency.
Probably he thinks cryptocurrency is a threat to the government that’s why he calls for an outright ban for crypto. And he all knew nothing about crypto but a source of fraud and scams. But we all know crypto, or bitcoin is legit and not scam, and maybe all bitcoin enthusiasts in India can attest to that. However, knowing he’s in high position, he will try to control everything even if it means losing huge opportunities not only for the country alone but also for the citizens living in it. Also if the government failed to adopt cryptocurrency and the country around them are into cryptocurrency, their country will be in a competitive disadvantage. And also they will miss opportunities offered by the cryptocurrency and the growth that lies in this opportunity.
I do hope that the Reserve Bank of India Governor will realize the shortcoming if they ban cryptocurrency.
January 17, 2023, 05:30:49 PM
People like this have ignorance written all over them. They are always scared of what they don't understand and what they can't control. It's disgusting. They're so hell-bent on seeing crypto fail. He is already influencing the government's perspective on crypto. He can't give you a solid reason why he's against crypto, just the same old things we've heard before and would still hear from people like him.
Blaming the FTX crash on crypto is like blaming fiat currency for the fall of a bank. His being for CBDC and against crypto tells you all you need to know about his motive. He just needs something he can control.
What is so disappointing of all of this is that if this was about ignorance this could be solved by educating those which do not understand bitcoin and fear it because is something new and we could eventually change their minds, however this is about power and control, governments all over the world are happy to create as much money as they want with no repercussions for themselves as the ones that end up paying the price for their failed policies are the citizens, they understand very well bitcoin takes away that control and it would not allow them to keep stealing the wealth of their citizens and they are furious about this, and this explains why they are so adamant about banning bitcoin. Blaming the FTX crash on crypto is like blaming fiat currency for the fall of a bank. His being for CBDC and against crypto tells you all you need to know about his motive. He just needs something he can control.
January 17, 2023, 05:12:19 PM
India can't make their mind, they are like a new China.
In 2019, they banned crypto and by breaking the ban you risked imprisonment of up to 10 years.
Next year (2020) they removed the ban. They really don't know what they are doing.
Imagine getting sentenced 10 years in jail and next year you hear that what you did would be legal now, and after 3 years it would be illegal again
In China, do you know you can buy and have bitcoin or altcoin of your choice? The ban was on not seeing crypto as a currency. China ban bitcoin and altcoin mining, but it is the second in the world that mine bitcoin now, I do not know how that happened though. Know that India support crypto, it is their central bank that banned it that time that indians took to court and they won. India central bank hate crypto but what they should deal with is fiat because they do not even have the right to anything about crypto, only SEC and commodity regulators should have say on cryptocurrencies.In 2019, they banned crypto and by breaking the ban you risked imprisonment of up to 10 years.
Next year (2020) they removed the ban. They really don't know what they are doing.
Imagine getting sentenced 10 years in jail and next year you hear that what you did would be legal now, and after 3 years it would be illegal again
In my opinion, China nationalized all mining farms.
All of them became the property of the state or moved their production to other countries (for example, to Kazakhstan or Russia). The Chinese Communist Party is mining Bitcoin for its own needs (in particular, to circumvent sanctions).
It is likely that both China and North Korea are actively mining Bitcoin. China has a lot of hydroelectric power plants, so during the rainy season they can be used to efficiently mine Bitcoins.
It is a pity if India does not follow this path (if it is categorically not ready to legalize Bitcoin, as El Salvador did).
January 17, 2023, 04:50:34 PM
CBDCs are just fiat that claims to use blockchain technology, but they are fiat. They offer no value more than fiat.
I hope indian government will not be very stupid to leave cryptocurrencies and ban it. The reserve bank of India governor is only self-centered but he is just a single person. Single person can not ban cryptocurrencies when the citizens likes it. He wants ban of what the government sees as a means of getting more tax.
Te reserve bank of India governor see crypto as gambling, he should propose ban of gambling in India too.
Even if the Indian government will ban crypto, that won’t guarantee that people will stop from using it completely. The citizens will surely find ways on how to access crypto, even if it means going outside India to make crypto transactions. Well, I guess you’re right, the governor is just selfish and greedy, he will do everything in his power to ban crypto but we know for sure that crypto is here to conquer the world inevitably, but it won’t mean eliminating fiat as crypto and fiat should still work hand in hand.I hope indian government will not be very stupid to leave cryptocurrencies and ban it. The reserve bank of India governor is only self-centered but he is just a single person. Single person can not ban cryptocurrencies when the citizens likes it. He wants ban of what the government sees as a means of getting more tax.
Te reserve bank of India governor see crypto as gambling, he should propose ban of gambling in India too.
That's true but you can't deny that it will delay crypto adoption a lot in India. Yes the individuals will be able to use crypto and the gov/cb won't notice it unless someone reports these people but on the other hand, no Indian company will ever accept crypto. That would practically kill crypto in India. Only the very hardcore fans will be using crypto and the general mass will avoid it.
Crypto itself is decentralized and can't be stopped but the gov stop the companies that do business with crypto.
January 17, 2023, 04:46:49 PM
India can't make their mind, they are like a new China.
In 2019, they banned crypto and by breaking the ban you risked imprisonment of up to 10 years.
Next year (2020) they removed the ban. They really don't know what they are doing.
Imagine getting sentenced 10 years in jail and next year you hear that what you did would be legal now, and after 3 years it would be illegal again
In China, do you know you can buy and have bitcoin or altcoin of your choice? The ban was on not seeing crypto as a currency. China ban bitcoin and altcoin mining, but it is the second in the world that mine bitcoin now, I do not know how that happened though. Know that India support crypto, it is their central bank that banned it that time that indians took to court and they won. India central bank hate crypto but what they should deal with is fiat because they do not even have the right to anything about crypto, only SEC and commodity regulators should have say on cryptocurrencies.In 2019, they banned crypto and by breaking the ban you risked imprisonment of up to 10 years.
Next year (2020) they removed the ban. They really don't know what they are doing.
Imagine getting sentenced 10 years in jail and next year you hear that what you did would be legal now, and after 3 years it would be illegal again
I meant that it was meme that markets went down every time China "banned crypto". Somewhere right when i started crypto, they banned banks from crypto transactions, price dumped and headlines said that china banned crypto. 2017 they banned ICOs (China bans crypto again). 2019 they labeled mining as undesirable industry. 2020 they went for OTC crypto traders. 2021 they banned crypto trading and mining. And now that i am googling apparently they unbanned trading again: https://techstory.in/chinese-court-unbans-crypto-trading-but-theres-a-catch/
If my memory serves me correctly, india has done some banning and unbanning too.
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