Reserve Bank of India Governor Calls for an Outright Crypto Ban - page 2.

jaberwock

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Quote from: bittraffic on January 15, 2023, 08:21:32 PM

Quote from: paxmao on January 15, 2023, 08:04:09 PM

ndia has become a complex country to run. If they are not the most populous country in the world already, it must be not very far. Lost of groups trying to get their share of the government handouts and their bit of power are the real problem in India, not cryptos. I guess all governments need to have some enemy at a point, particularly if things do not go well.

It's the most democratic country as being claimed. Das may realize soon that the CBDC will also be questioned whether it also has some underlying value. Because at least in crypto it's the market that will decide whether it has value or not. It's the demand of the people, the buy orders in the market identify BTC or crypto to have a value.

Banks are stealing the value of our money and so will this CBDC. But not for long because money will now be reliant on the crowd using it.

I don't think they will question it but they are in fact pushing it. CBDC is their own creation, that is why. This is the currency that they can control the most and not those Bitcoin and other decentralized crypto. If there are people that will hate CBDC, it will only be us here who support only the original cryptos.

In crypto, I think it was the people who give value with it and not the market. The value of cryptos will also depend on our actions. The market only shows the data's or the outcome of what we do. CBDC's value on the other hand was created by the banks or backed by the supply of the fiats that they create. It doesn't depend on the crowd like on what we have with cryptos.

Alpha Marine

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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.

Flexystar

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India is very big democracy and it could impact the decision of governor in adverse way possible. Not sure how big is crypto community in India but some articles suggest it’s fairly big to impact the crypto space at some point in future. If they have imposed such high taxes then damn it’s gonna be hard for the Indians to survive for very long in the crypto space. I mean how one can survive in such harsh conditions? It is clear case of trying to have full ban of crypto in India. I mean if they wanted to accept it then they should have made the taxation in slots. For example, for earning 10,000 USD 5% tax or may be for 50k USD 10% tax like that.

_act_

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Quote from: o48o on January 17, 2023, 09:48:05 AM

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.

o48o

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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

Smartprofit

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It's a pity that government officials in a large country like India are so hostile towards cryptocurrencies.

The more people like President Salvador Bukele in the world, the faster Bitcoin will become the world's reserve currency.

However, most governments of different countries are negative about the prospect of introducing cryptocurrencies into the financial system.

They are afraid of bitcoin because bitcoin is good money (decentralized and deflationary) and such good money can force bad fiat money out of circulation.

Slow death

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countries like india have a political system that to some extent i would consider to be a frightening political system based on controlling every citizen, even religion in india also suffers persecution, it also has discrimination in social classes, it is clear that the government of india has never he liked bitcoin and for obvious reasons, the governor of the bank would not talk about this subject without being aligned with the government's thinking, that is, it is a collective thinking of the government, I remember that years ago there was a minister from India who was constantly speaking ill of bitcoin and I have asked myself several times if we would ever see the government of india speaking well of bitcoin, and from what I see we will not see the government of india speaking well of bitcoin any time soon

_BlackStar

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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.

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Again the drama starts. RBI governors have this habit of making hostile statements against cryptocurrency. And it is not just the RBI officials. Subhash Chandra Garg (then the Finance Secretary of India), back in 2019 wanted to impose a jail term of 10 years on anyone who just possess cryptocurrency. But then the finance minister rejected his recommendations and after a few months Mr.Garg entered in to a spat with one of the government figures and got fired as a result. This time also, I don't think that the recommendations from the RBI governor will be considered by the minister.

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Quote from: Finestream on January 16, 2023, 04:44:35 PM

Quote from: Casdinyard on January 15, 2023, 05:17:50 PM

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.

I supposed that this governor is like a narrow minded leader who only consider his own point of view rather than considering the voice of his people. Yes, he got the power but I think the banning will not be possible without the support of his subordinates. But if all his subordinates will have the same thinking on him, I might think that the Indian government will never be good enough for the sake of its citizens and that democracy seems never practiced at all.

we don't know how knowledgeable he is when it comes to crypto. but it seems he needs at least a short lecture about crypto, blockchain tech and btc. because as you learn more about the nature of crypto and blockchain tech, you won't contradict its existence because of so many benefits that it can offer in terms of productivity and transparency. we don't know the motive of this politician but i don't think all his other colleagues will agree with his position.

Finestream

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Quote from: Casdinyard on January 15, 2023, 05:17:50 PM

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.

I supposed that this governor is like a narrow minded leader who only consider his own point of view rather than considering the voice of his people. Yes, he got the power but I think the banning will not be possible without the support of his subordinates. But if all his subordinates will have the same thinking on him, I might think that the Indian government will never be good enough for the sake of its citizens and that democracy seems never practiced at all.

Hydrogen

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China and india have been rivals for years now. Both have soldiers stationed along their shared border, in anticipation of future war. In past years, experts and analysts predicted war would break out. Thankfully, they have so far managed to avoid it.

China having outright banned crypto. It is possible india does not want to adopt similar policy to what china did. In theory india might gain economic and financial advantages over china through crypto based job creation and taxation of their native crypto industry.

Now that the world is seeing that billions can be amassed in crypto with FTX and other ventures. Crypto's reputation could be similar to gambling and legalized marijuana. Most world leaders may be viewing it as a method to attract investment and boost tax revenues. "Legalize and tax it" could be common sentiment in circles of political leadership.

Fortify

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Quote from: BitcoinPanther on January 15, 2023, 05:08:44 PM

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.

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.

It is often to most corrupt countries that take the stance of banning new ideas, cryptocurrency is a prime example - it weakens the control of the government on it's citizens, which they can use to coerce them to think and act in certain ways. It's similar to how we saw Russia banning cryptocurrency (before they became desperate for ways to transfer money during the war they created against Ukraine). India is afraid that people are transferring money around without them being able to tax remuneration from overseas family members and try to tax it as much as possible. They're afraid that they will lose power as banks become more irrelevant, instead of adapting and embracing a new future.

avikz

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The current RBI governor is a puppet to the government, unlike Mr. Raghuram Rajan. So it's no wonder he is speaking the language of the government. But being a central bank, what else can you expect? Especially when the country is being led by non-progressive party!

But deep down his heart, he knows it very well that cryptos can't be banned completely. It's like banning the porn websites in the country. The ban exists on paper but the websites are all available.

Ozero

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The Reserve Bank of India is also the central bank of India and has always advocated a ban on the circulation of cryptocurrencies in this country. But this is only the banking system, which is not a legislative body. I am more interested in the position of the legislators of this country, but they, like the government of India, cannot decide on their attitude towards cryptocurrency. In India, the situation is a bit like Russia, where the Central Bank has similar negative views on cryptocurrencies and there is also an ambiguous attitude towards cryptocurrencies, although there are crypto-currency regulation laws that have come into force that actually prohibit their use as a means of payment.

Wind_FURY

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Quote from: _act_ on January 15, 2023, 05:14:45 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.

It's laughable because the Cat is out of the bag/the Padora's Box is already open. The government can't do anything about the situation whether they ban it or not.

Central Banks don't like to evolve and enter a new age of free banking through cryptocurrencies. They are threatened, and through CBDC they probably believe that they can maintain their role as "central banks". OK, perhaps, but how would that stop Bitcoin?

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Quote from: The Sceptical Chymist on January 15, 2023, 09:38:34 PM

~snip~
And haven't we heard this kind of talk from India before?

If you look back over the last 10 years, you will always find stories like this related to at least 3 countries, one of which is India, and the remaining two are Russia and China. The key thing that connects them all is the very low level of transparency of the political system, which also shows that they want as much control as possible over their citizens, especially in the financial aspect.

I honestly thought that the tax they imposed was something that would end the story, because the state is in profit, but when the governor of the central bank says "crypto is "nothing but gambling" then everything is clear.

However, even with the ban, anyone can still use Bitcoin through DEX, although it will certainly not be easy for anyone in the event that this happens, given that the penalties that were discussed were very high.

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Quote from: paxmao on January 15, 2023, 08:04:09 PM

India has become a complex country to run. If they are not the most populous country in the world already, it must be not very far. Lost of groups trying to get their share of the government handouts and their bit of power are the real problem in India, not cryptos. I guess all governments need to have some enemy at a point, particularly if things do not go well.

India has always been a complex country to run and there are international critics on the way their leader, Modii has led such an heterogeneous nation.
He has given clues of his authoritarian beliefs and the idealism of the Indian culture over their neighbors. It is not strange his administration is against decentralized systems.

What does Russia, China and India have in common? A problem with authoritarian governments. It is simple. Roll Eyes

Also, the fact that man linked the failure of an exchange to Bitcoin is another sample of his ignorance.

The Sceptical Chymist

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Quote from: _act_ on January 15, 2023, 05:14:45 PM

CBDCs are just fiat that claims to use blockchain technology, but they are fiat. They offer no value more than fiat.

Sure, I think we all know that here....but blockchain tech used in that manner will be a horror show for privacy, and I don't think the average person realizes (or cares) about it. That should be frightening.

And haven't we heard this kind of talk from India before? They're going to do whatever they like as far as their laws are concerned--same with every other country, right? Hopefully that's all this is, talk. They can't stop their citizens from using crypto, but making it illegal would certainly turn a lot of people away from it.

Ah well, hope for the best India. Also: prepare for the worst, 'cause it might just be coming to your neighborhood sometime soon. And then globally. *trying to remain optimistic*

Zlantann

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Quote from: dothebeats on January 15, 2023, 06:56:08 PM

Not really surprised that some prominent in India still calls for an outright crypto ban in this day and age. Most of the hostile entities against crypto are the higher ups, mostly because they don't understand much about cryptocurrencies and they want to push CBDCs so bad to forward their agenda. In CBDCs, they are still in total control of the currency and the economy, whereas in bitcoin and crypto in general, their hands are tied as to what they can only do.

If the Indian government mistakenly outrightly ban cryptocurrencies, it would lead to an increase in illegal and unregistered crypto platforms. Indians would also seek alternative means of invading the ban. This would make the government lose the huge income they get from the sector through high taxes.

But this central bank chief should have known that CBDCs cannot replace cryptocurrencies because they have different features and people are aware that CBDCs are just online fiat solely controlled by the government. Most government officials keep using the same strategies of talking down on the crypto industry using examples of some failed ventures because they want to promote their CBDCs. This strategy would only attract those that are not well-informed about Bitcoin.

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