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 367 times)
January 19, 2023, 04:28:02 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, 04:18:32 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, 03:37:54 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, 01:27:58 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, 04:16:51 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, 03:52:01 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, 03:05:34 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, 02:44:36 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, 07:15:00 AM
Quote
...
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, 06:30:22 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, 04:32:59 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, 03:12:45 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, 02:40:07 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, 04:40:59 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, 04:33:25 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, 04:30:49 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, 04:12:19 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, 03:50:34 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, 03:46:49 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.
January 17, 2023, 03:14:42 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.
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.
January 17, 2023, 03:11:07 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.
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, 10:54:06 AM
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.
January 17, 2023, 10:42:02 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. 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
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 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
January 17, 2023, 08:45:27 AM
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.
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.
January 17, 2023, 08:29:50 AM
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
January 17, 2023, 05:24:45 AM
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 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, 12:03:12 AM
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.
January 16, 2023, 06:11:40 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.
January 16, 2023, 04:44:35 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. 
January 16, 2023, 04:27:12 PM
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.
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.
January 16, 2023, 02:30:45 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.
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.
January 16, 2023, 01:28:13 PM
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.
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.
January 16, 2023, 10:57:44 AM
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.
January 16, 2023, 07:06:23 AM
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.
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?
January 16, 2023, 06:55:52 AM
~snip~
And haven't we heard this kind of talk from India before?
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.
January 15, 2023, 11:08:03 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.
Also, the fact that man linked the failure of an exchange to Bitcoin is another sample of his ignorance.
January 15, 2023, 09:38:34 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*
January 15, 2023, 09:28:15 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.
January 15, 2023, 08:21:32 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.
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.
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.
January 15, 2023, 06:48:49 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.
That's awesome. India is a big market for gambling industries. More number of gambling platforms have got into existence over the last few years. The pandemic have made way for the development and even after losing of so many lives, the government isn't concerned about making any changes to the gambling platforms.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.
Everywhere the government want to control the money. In India the government wants tax and they tried all possible ways, but looks like nothing worked as they expected. Maybe that's the reason for such a statement. Even now India's legality on cryptocurrency usage isn't announced. People keep on using just because it is taxed, considering it legal.
January 15, 2023, 06:43:47 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.
January 15, 2023, 06:32:04 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.
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 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.
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.
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.
January 15, 2023, 05:08:44 PM
Quote
India has always had a not-so-friendly approach toward cryptocurrencies. Even when the rest of the world was embracing the idea of cryptocurrency adoption, India was taking the opposite stance.
Even though blockchain technology has received a warm welcome in India, the central bank has tried to suppress cryptocurrency in the nation. With a 30% tax and 1% TDS, the Indian government had pushed almost $3.8 billion worth of cryptocurrencies to foreign exchanges.
As days pass, the dream of India steering towards a positive cryptocurrency stance is diminishing. Reserve Bank of India governor Shaktikanta Das recently spoke about cryptocurrencies at a Business Today event. Das restated his stance on cryptocurrencies, stating the necessity to outright ban them.
Reserve Bank of India’s Das said crypto is “nothing but gambling”
The RBI recently launched its CBDC in an effort to minimize the monopoly of cryptocurrency in the country. Das stressed that cryptocurrencies are, “nothing but gambling” and that their “value is nothing but make-believe.”
Das stated the necessity to impose an outright ban on cryptocurrencies and stated that there is no underlying value in it, not even a tulip.
“Every asset, every financial product has to have some underlying (value) but in the case of crypto, there is no underlying… not even a tulip…and the increase in the market price of cryptos, is based on make-believe. So anything without any underlying, whose value is dependent entirely on make-believe, is nothing but 100 percent speculation or to put it very bluntly, it is gambling,” the governor said.
Das also believes that legalizing cryptocurrencies will increase the dollarization of the economy, citing the loss of central bank control. He also cited the recent downfall of the FTX exchange as an alarming event. Das also stated that CBDC is the future of money.
Even though blockchain technology has received a warm welcome in India, the central bank has tried to suppress cryptocurrency in the nation. With a 30% tax and 1% TDS, the Indian government had pushed almost $3.8 billion worth of cryptocurrencies to foreign exchanges.
As days pass, the dream of India steering towards a positive cryptocurrency stance is diminishing. Reserve Bank of India governor Shaktikanta Das recently spoke about cryptocurrencies at a Business Today event. Das restated his stance on cryptocurrencies, stating the necessity to outright ban them.
Reserve Bank of India’s Das said crypto is “nothing but gambling”
The RBI recently launched its CBDC in an effort to minimize the monopoly of cryptocurrency in the country. Das stressed that cryptocurrencies are, “nothing but gambling” and that their “value is nothing but make-believe.”
Das stated the necessity to impose an outright ban on cryptocurrencies and stated that there is no underlying value in it, not even a tulip.
“Every asset, every financial product has to have some underlying (value) but in the case of crypto, there is no underlying… not even a tulip…and the increase in the market price of cryptos, is based on make-believe. So anything without any underlying, whose value is dependent entirely on make-believe, is nothing but 100 percent speculation or to put it very bluntly, it is gambling,” the governor said.
Das also believes that legalizing cryptocurrencies will increase the dollarization of the economy, citing the loss of central bank control. He also cited the recent downfall of the FTX exchange as an alarming event. Das also stated that CBDC is the future of money.
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.
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.
Jump to: