Reserve Bank of India - Most confused financial entity right now! - page 3.

Clement Kaliyar

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Quote from: so98nn on February 11, 2021, 07:27:59 AM

With Musk putting and publishing his actions with bitcoin (to buy Tessa with bitcoin) Indian government looks completely distorted with their decisions.

The government has proposed their plan on banning bitcoin and other cryptocurrency as they have no idea on how to regulate them, that is what they said in the parliament as they do not consider bitcoin as a currency or an asset. The funny aspect is that these stupids does not even understand the meaning of asset.

Quote from: so98nn on February 11, 2021, 07:27:59 AM

Moreover, RBI to launch their own crypto currency which will be centralised one. So what the heck is that? Why they don’t understand we don’t want centralisation in the first place and that’s why we are using the bitcoin. LOLZ

The decision is clear, they want to control everything that is online and so is the reason they wanted to ban all decentralized currencies and promote their centralized shit coin.

South Park

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I am terrible at Fantasy Football!!!

Quote from: so98nn on February 11, 2021, 07:27:59 AM

So with the new budget 2021, RBI has put forth an agenda (one more time) to ban the crypto currency across India. They won’t be allowing to use the crypto either for corporates or individual level. All the banks will be warned soon with the following guidelines.

Why confused?

Statistically they have already published such guidelines back in 2018. After this market crashed a bit and major exchanger like Zebpay was closed.

With Musk putting and publishing his actions with bitcoin (to buy Tessa with bitcoin) Indian government looks completely distorted with their decisions.

A draft of these guidelines states all the above junks.

Moreover, RBI to launch their own crypto currency which will be centralised one. So what the heck is that? Why they don’t understand we don’t want centralisation in the first place and that’s why we are using the bitcoin. LOLZ

Reference: RBI to ban crypto currency use

It is not that they cannot understand, they do not want to understand, it is not on their best interest that people begin to use decentralized cryptocurrencies so on one hand they tell people that those currencies are banned but on the other they create their own, basically they are trying to deceive people and delay adoption until they figure out a way to stop cryptocurrencies, but they should already know by now they cannot kill bitcoin no matter what they do.

fiulpro

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I do think that :
- The government is redirecting people towards the Digital Rupee.
- The government just wants to stay the dominant power , they do not want to give people the financial freedom
- They are too controlling and at the same time they think it would be extremely weird for the country to have such cryptocurrencies integrated in their own economy since it can go down anytime.. thus time and again they have generated warnings like that on the TV , newspapers etc.
( Makes me wonder why they did not generate the same warnings for *stocks* )

Right now they just don't want to be left behind and they feel like banning cryptos might cause a lot of issues for the country even for the future and right now Zebpay is fighting them , lawyers are involved, people we tweeting ! We have different sites already available for supporting the cryptocurrencies in India , it's going very well though. I do think people would be able to make government realize their problems but I would encourage you guys to go and show them the support ! Let's use democracy !

laredo7mm

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Quote from: Similificator on February 11, 2021, 10:00:24 AM

The leaders are simply going with the flow right now but in their own terms. They want to give the people the experience of this industry but also want to maintain control and thus, they act like they do now. if it weren't for the high spike and good news, they wouldn't even try to compromise. It is what it is, that's just how most of the governments and banks are all over the world.

They are just confusing people with their doubtful decisions. Last month I saw a crypto bank has been opened in India where exchanging BTC is possible. Now what happens with that and one of the biggest exchange wazrix is a product of Binance. We may saw some kind of regulation for these exchanges that are operating from India. But they allow or not the crypto market will flourish through the Indian economy.

oHnK

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Quote from: so98nn on February 11, 2021, 07:27:59 AM

So what the heck is that? Why they don’t understand we don’t want centralisation in the first place and that’s why we are using the bitcoin. LOLZ

They are making jokes by making digital coins centralized. But I still admit that they have their own market, namely the common people who always feel safe with inflation. LOL. Those who keep saving in the bank and think their money is fine. Even though its value has been lost to inflation. Crypto will continue to prosper in the future, it is very clear how many large companies are increasing the popularity of crypto significantly. I really don't care about the news of the central authorities starting to make crypto-related bans.

Ucy

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I don't think any country on earth can successfully prevent people from using cryptocurrency. They probably still don't understand crypto or know what they are talking about. You could comfortably use true cryptocurrency in any country on earth once its has been built in certain way that'll make censorship and confiscation of ones asset very difficult.
They have been so used to fiat that they fail to understand the potential of cryptocurrency.
You could use crypto comfortably and safely even in North Korea once it's been properly built.

so98nn

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Quote from: Vishnu.Reang on February 11, 2021, 08:07:21 AM

RBI is not an independent body and the current RBI governor (Shaktikanta Das) is considered as a puppet of the ruling politicians.

That’s very common thing to see in India. Every time the politicians will drive this nation the way they want. It’s all about money for them. Then comes the winning of hearts for the purpose of elections. Then they “might” think about stuff like poverty, education, woman empowerment etc which are the hot topics nationwide.

So it’s very difficult that they will ever allow individuals to run their own finances. A saddest reality in here.

Quote from: Vishnu.Reang on February 11, 2021, 08:07:21 AM

Now there are two reasons why the government is coming up with this proposal to ban Bitcoins. First of all, they believe that if they can eradicate the competition, then the businessmen who are linked to the ruling party will be able to promote their own coins and profit from that move. And secondly, they are not comfortable with the idea of the citizens having a store of value as opposed to the highly inflationary national currency.

There is huge possibility for this act. Now that they have seen how richest people around the globe are accepting the crypto and benefiting from it, they will have secrete plot against bitcoin investors from the country. They dominate it by making centralised currency as you said.

However, i don’t think that Indians will fall for this honey trap. They will just switch to P2P platform and keep the stuff going on.

Similificator

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The leaders are simply going with the flow right now but in their own terms. They want to give the people the experience of this industry but also want to maintain control and thus, they act like they do now. if it weren't for the high spike and good news, they wouldn't even try to compromise. It is what it is, that's just how most of the governments and banks are all over the world.

Princejebs

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The rate at which government is turning U with cryptocurrency regulations is allarming, probably they are afraid of how bitcoin is making moves and they don't want their citizens to get quick rich and if that's the case, government are actually surrounded by shallow mind.
The same thing has happened in my country, the government want all financial institutions not to aid deposits and withdrawal into crypto exchanges.
There is always an alternative to every problem, simply use P2P.

Vishnu.Reang

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RBI is not an independent body and the current RBI governor (Shaktikanta Das) is considered as a puppet of the ruling politicians. A few years back, RBI had a very independent governor in Raghuram Rajan, but he resigned due to differences within the government (even he was hostile to the idea of cryptocurrencies). The current governor doesn't have any opinion of his own. His opinions are the same as that of his masters.

Now there are two reasons why the government is coming up with this proposal to ban Bitcoins. First of all, they believe that if they can eradicate the competition, then the businessmen who are linked to the ruling party will be able to promote their own coins and profit from that move. And secondly, they are not comfortable with the idea of the citizens having a store of value as opposed to the highly inflationary national currency.

so98nn

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So with the new budget 2021, RBI has put forth an agenda (one more time) to ban the crypto currency across India. They won’t be allowing to use the crypto either for corporates or individual level. All the banks will be warned soon with the following guidelines.

Why confused?

Statistically they have already published such guidelines back in 2018. After this market crashed a bit and major exchanger like Zebpay was closed.

With Musk putting and publishing his actions with bitcoin (to buy ~~Tessa~~Tesla with bitcoin) Indian government looks completely distorted with their decisions.

A draft of these guidelines states all the above junks.

Moreover, RBI to launch their own crypto currency which will be centralised one. So what the heck is that? Why they don’t understand we don’t want centralisation in the first place and that’s why we are using the bitcoin. LOLZ

Reference: RBI to ban crypto currency use

Topic: Reserve Bank of India - Most confused financial entity right now! - page 3. (Read 366 times)