Response from the Ministry of Finance regarding Crypto Currency related enquiry

webtricks

legendary

Activity: 1918

Merit: 1759

Quote from: legendster on February 22, 2019, 01:26:29 PM

Considering how the rupee has slid to 71 bucks against US dollar - the lowest in recorded history, legalizing INR vs Btc should be a matter of great urgency.

I appreciate your enthusiasm but please take a time and explain me what you want to say here?

USD or any other Forex currency's price against INR fluctuates due to these two factors:
(i) Market movements i.e. appreciation and depreciation in value
(ii) Government (money authority) Intervention i.e. revaluation and devaluation

Since India follows floating rate regime, (ii) is not used largely (almost negligible to control extreme market movements). So in India if price of any forex currency changes it is due to (i) i.e. market movements.

Now let's say government approves btc v inr trading. It will lead to the creation of btc market in India. This mean price of BTC could directly be measured in INR and vice-versa. The market between two currencies can never effect the value of third currency so creation of btc-inr market will have zero impact on USD price in INR.

eaLiTy

hero member

Activity: 2814

Merit: 911

Have Fun )@@( Stay Safe

Quote from: avikz on February 21, 2019, 05:17:39 AM

I don't believe the near-decade old brainless politicians will understand the power of cryptos and even though discussions are ongoing to regulate it, may change to something different! The longer they take, is good for us!

I really do not think that the current government will take any decision regarding the market at this stage with elections coming up they will be more focused on coming up with schemes to fool the people and favor the vote bank as they never did any good during their reign in power.

Quote from: legendster on February 22, 2019, 01:26:29 PM

A decade ago even you might not have understood what crypto is. So don't blame age or time or even the generation.

There is nothing wrong in taking as much time they need to study the market and then take a decision, but they have done the opposite, instead of learning about the market they started taking decisions against the market, first they closed down exchanges, not by shutting them but by giving out a circulation to banks to stop dealing with them, they never created new jobs rather than big words and they want to halt innovation and new businesses.

Quote

It's all politics, they need to figure out how much money could "India" make if they allowed legal swapping of cryptos against Indian Rupees.

It is not politics, it is pure economics and if people in power does not understand that, it is the failure of the people as they have elected them to take good decisions rather than tearing it apart.

newIndia

legendary

Activity: 2226

Merit: 1052

Quote from: legendster on February 22, 2019, 01:26:29 PM

Considering how the rupee has slid to 71 bucks against US dollar - the lowest in recorded history, legalizing INR vs Btc should be a matter of great urgency.

Could u plz explain the economics behind this conclusion?

legendster

hero member

Activity: 1778

Merit: 764

www.V.systems

Quote from: avikz on February 21, 2019, 05:17:39 AM

That is generally a failure for sure, but it is a blessing in disguise for us, bitcoiners! Because the longer they will take to make a decision on cryptos, the longer period we will have to enjoy our financial freedom in cryptos. Because no one knows what Indian government is going to do with cryptos. I don't believe the near-decade old brainless politicians will understand the power of cryptos and even though discussions are ongoing to regulate it, may change to something different! The longer they take, is good for us!

A decade ago even you might not have understood what crypto is. So don't blame age or time or even the generation.

It's all politics, they need to figure out how much money could "India" make if they allowed legal swapping of cryptos against Indian Rupees.

Considering how the rupee has slid to 71 bucks against US dollar - the lowest in recorded history, legalizing INR vs Btc should be a matter of great urgency.

avikz

legendary

Activity: 3080

Merit: 1500

Quote from: eaLiTy on February 18, 2019, 04:17:36 PM

Quote from: Bitcoin Smith on January 20, 2019, 04:09:15 PM

So RBI still don't change their stance against the crypto currencies and they have adviced the other entity not to allow any transactions related to crypto currencies.Hope it might change and the local exchanges will allow depositing and withdrawal of INR.

One of the biggest failures of India is that the delay in verdict from the court as it takes a long time to get justice and the entire parliament system who time and again fails to come up something which is helpful for the people as they are only interested in vote politics and hate speech and bothering too much into other peoples private lives on what they eat and so on, until these sort of hooligans are dethroned you wont be able to get anything which is beneficial for the citizens.

That is generally a failure for sure, but it is a blessing in disguise for us, bitcoiners! Because the longer they will take to make a decision on cryptos, the longer period we will have to enjoy our financial freedom in cryptos. Because no one knows what Indian government is going to do with cryptos. I don't believe the near-decade old brainless politicians will understand the power of cryptos and even though discussions are ongoing to regulate it, may change to something different! The longer they take, is good for us!

eaLiTy

hero member

Activity: 2814

Merit: 911

Have Fun )@@( Stay Safe

Quote from: Bitcoin Smith on January 20, 2019, 04:09:15 PM

So RBI still don't change their stance against the crypto currencies and they have adviced the other entity not to allow any transactions related to crypto currencies.Hope it might change and the local exchanges will allow depositing and withdrawal of INR.

One of the biggest failures of India is that the delay in verdict from the court as it takes a long time to get justice and the entire parliament system who time and again fails to come up something which is helpful for the people as they are only interested in vote politics and hate speech and bothering too much into other peoples private lives on what they eat and so on, until these sort of hooligans are dethroned you wont be able to get anything which is beneficial for the citizens.

amishmanish

legendary

Activity: 1904

Merit: 1159

With the Government, you can never be sure if that terse "No, Sir" to the query at Sl no. 'd' means:
No, we do not collect the information related to cryptocurrency trading..
OR
No, Sir. We will not give you the details thereof..!! Wink

Bitcoin Smith

sr. member

Activity: 910

Merit: 284

So RBI still don't change their stance against the crypto currencies and they have adviced the other entity not to allow any transactions related to crypto currencies.Hope it might change and the local exchanges will allow depositing and withdrawal of INR.

newIndia

legendary

Activity: 2226

Merit: 1052

Quote from: avikz on January 14, 2019, 06:00:25 PM

Thank you very much for coming up with this document. Can you please share the link from where you have gathered the document? I just want to be fully assured about the authenticity of this document.

It's encouraging to read that governemnt has formed an inter ministerial committee and discussing about "regulating" cryptos in India. It's great that I didn't see the word "ban" in the entire document. I hope we will hear something concrete about cryptos after the Loksabha election. Any drastic step is not expected at this moment.

https://loksabha.nic.in/Questions/QResult15.aspx?qref=76359&lsno=16

avikz

legendary

Activity: 3080

Merit: 1500

Thank you very much for coming up with this document. Can you please share the link from where you have gathered the document? I just want to be fully assured about the authenticity of this document.

It's encouraging to read that governemnt has formed an inter ministerial committee and discussing about "regulating" cryptos in India. It's great that I didn't see the word "ban" in the entire document. I hope we will hear something concrete about cryptos after the Loksabha election. Any drastic step is not expected at this moment.

newIndia

legendary

Activity: 2226

Merit: 1052

Topic: Response from the Ministry of Finance regarding Crypto Currency related enquiry (Read 304 times)