Topic: Should Bitcoin be banned in India? (Read 14743 times)

No, BTC or any other cryptocurrency must not be banned in India.

Last week I was just watch some TEDx talk on youtube and just came across this video: https://youtu.be/8fbhI1qVj0c Here in the talk it is explained how is blockchain technology and cryptocurrency useful to India.

How to buy/sell in India?

I think bitcoin and other crypto is only for those who use it for what it meant to be, i strongly think before using bitcoin or any other crypto we indians should understand the real meaning of digital privacy ( crypto is the basics of our digital freedom), Indians are really not concerned about it.

FIRST LEARN ---- THEN IMPLEMENT

I don't expect anything special from the Government or Political elite in our country. all are busy with Vote bank policy - Mandir/Masjid.
Only Sane bureaucrats can put some sense in our political regime's heads.

Lok Sabha 03/08/18: "The Government has not issued any notice to Bitcoin lnvestors and there is no such proposal under consideration currently."

Only RBI wants to curb the use of Crypto as "Currency" as of now. Bitcoin or any other Crypto by its very nature cannot be 'banned'

If there is bitcoin banned in India than it will effect the adoption of cryptocurrency inside the country.  India may left behind from other countries in terms of blockchain technology implementation. You can take example of Switzerland which legalize crypto and we can see alot of investment and highest growth in term of blockchain revolution.
India is one of the IT top giant and if blockchain legalize in the country than it may attract new innovation for blockchain world.

No. bitcoin can not be banned as its not owned by any government.

No crypto will be not bann in India, firstly it is not run by any govt. authority secondly it us the future of digital currency so it will not ban, till now it is not legal but it id also not illegal...

Value of Bitcoins will definitely drop if Bitcoin is banned in India. Bitcoin may be used by many Politicians in India for Storing illegal Black Money and I have faith in those Politicians , so Bitcoin is not gonna get banned in India.

Bhai, Plastic ke Keede pade unn logo mein jo Bitcoin ban karne ka soche bhi India mein

Bitcoin by design can't be banned.

There are multiple ways to create crypto, each and every one of them can be converted to Bitcoin.
I think the proper question is that

Should Bitcoin be made illegal in India ?

My Answer : Why would you ever think like that, unless we want to go back to stone age. Bitcoin & Blockchain are the next most powerful innovation of the century. India banning Biitcoin and other crypto means, people losing interest in the technology itself. While the entire world will be busy gathering crypto we will be busy making blockchain project for foreign companies they by KILLING out native IT growth as product based companies.

RBI has banned cryptocurrency in India and has instructed banks to stop providing services to entities dealing in cryptocurrency. Moreover, RBI intends to launch its own version of centralized digital Indian Rupee based on the blockchain. The government cannot regulate decentralized cryptocurrencies and has come up with this idea to cope up with the ban.

One cannot deny the fact that the Indian population is also lured towards investing in cryptocurrencies. The ban might not be able to stop cryptocurrency dealing completely but in fact, create a huge underground market and increase over the counter dealing of cryptocurrency.

In the future, the government might think of bringing cryptocurrencies under regulation through licensing. So it's entirely up to one to hold their cryptocurrency or to sell it for the profits they can realize at the moment.

Primarily Bitcoin among all the cryptocurrencies was introduced as a solution against the current problems the established economy faces, such as inflation, scalability, income gap etc.

So to think in a way, it’s a currency of anti-establishment and in a sense, challenges the government-backed currencies. And if we think in these lines, it's not a surprise that governments around the world including India are answering the rise of cryptocurrency by imposing bans.

No bitcoin is not banned in india, however it is not owned by govt. So no ban

Bitcoin should not be banned in india, But some regulation and awareness should be there so hat ppl cant invest in it blindly. Also there are many mlm schemes are working there., All are scams.
So country need to penalize there organizer so save ppl from getting scam.

Banning is not a Good option.Yes lots of MLM running in the name of Cryptos,Peoples are scammed by scammers in all possible ways.Govt must create strict regulation policies and must take severe action against  these scammer.

Bitcoin is really high risk investment and found many lose their money just don't have proper knowledge and many scammed by scammer. Big problem in India is the bunch of scams happen in the past in this field. Which make bad reputation of the crypto. It's better to instead of the banning Gov can limited those things and lookout for those scammers. After Bitcoin trend in the India many black money holders catch by Gov easy which they didn't well time of the demonetization. Just in favor of no ban on Bitcoin in India.

Bitcoin will never be banned in India because Bitcoin is unstoppable and no one can control bitcoin transactions. As we have seen tension is ongoing from 5th july 2018 but i don't think indian govt. will ban crypto. I think they will come up with set regulation for traders and earn some taxes from crypto as well. Being a trader I will agree to pay Taxes from my capital gains like we do in stock market.

obviously  indian gov't will not ban bitcoin in india. they are planning to regulate it and  treat as commodity.

Why do you think India should ban Bitcoin , and First thing what do you mean by bitcoin ban  , the government can announce bitcoin as illegel tender , in that case if you trade in btc and get caught will have to pay some fine. But india never said that it will ban bitcoin , it is a developing country and trying to do all work digitally. This is the best chance to adopt Blockchain decentralized technology. Meanwhile RBI made a really bad decision to not collaborate the bank with Crypto - INR pair listed exchanges.

Obviously, the people here would not want it to get banned in India. Cryptocurrency market is a great invention which needs support of the people and not bans. It can be used for further developments. People are also getting startups ideas due to cryptocurrencies. This industry has great potential. If India bans it, it is sure to regret its decision later. Moreover India is a land of major outsourcing work which receive great remittances from abroad if there will be a ban on bitcoin these remittances will also be hampered.

No, it shouldn't be banned in India or anywhere. Even if Govt bans it, people would find some other method to trade/invest in crypto.

and its a currency of future so baning it means we baning our future altogether.Our progress will tank

We can trade in international exchange easly,Localbitcoin to convert btc to fiat.Job done

if their is a ban of bitcoin in india the bitcoin lovers will flew to other nation where its legal. But their will be always a secondary option to use them.

No, not at all. We ban something which is harmful for the society as a whole. But Bitcoin does no harm to our society; rather it is giving us many advantages of less- cost, speedy transactions, transparency, etc.BITCOIN is the best and the safest digital currency ,so it should not be ban in india.

The government banned or restricted bitcoin users from using through bank is the main reason what they are giving is that it is used mainly in money laundering and they are not able to control it. But even their are other commodity like gold and silver etc are also used in money laundering or in illegal activity but still they are allowed in the society. So it is more like government are not fully aware about bitcoin and its technology and just in fear started to restrict it by giving orders to bank through RBI to stop the traders account to use in crypto.

No, it shouldn't. BITCOIN is the best and the safest digital currency ,so it should not be ban in india.

Crypto Trading shouldn't be banned in india we can have regulation crypto trading give us lot of jobs and new employment opportunity and financial strength of the country

Most of the people are not aware of digital currencies. They are just flowing with the flow. That's where fraudsters have managed to cheat people. Recently 1 person was arrested for cheating 2000cr worth of bitcoins.

Bitcoin is a spin-off from the global financial system.  Moreover, it can be particularly anonymous when desired, as opposed to its usual cover under the KYC umbrella. Both these features mean that while on the one hand its impossible to 'ban' an anonymous transaction, there are sufficient 'handles' for KYC based functionality to encourage some regulated operation.

Hence, these being 'early days yet' wait-and-watch seems to be the government policy. After all, in a sense, Bitcoin is just a kind of in-game currency; albeit, one that has bloated beyond recognition.

Indian government is not controlling the Bitcoin ecosystem. So that Cathy do anything other than banning INR/BTC pairs in exchange. Thus will open grey market in India just like China.

bitcoin should nt be banned in India we are third fastest growing economy in the world and fastest growing economy world is looking at us at this point of time banning bitcoin will create job losses and stop innovation

No bitcoin cant be banned in india they will form a regulation very soon we can see good news very soon

In india not aware of crypto currency and block chain ....but now usage of bitcoin in all over the world is going big and huge ....futhur india govt not going to ban the bitcoin

Bitcoin trade has already been banned in the India, Check following link:
https://economictimes.indiatimes.com/wealth/personal-finance-news/your-bank-will-not-allow-you-to-buy-bitcoins-anymore/articleshow/63627123.cms

RBI has directed banks and other e-wallets not facilitate crypto related transactions. Now onward it is not possible to use any bank or e-wallet to purchase or sell your bitcoins or alt-crypto using bank/e-wallets.
RIP crypto

i don't think it is going to ban,, since may of big celebs and personalities are using it. whereas, it is very much required to safeguard the policies for cryptos, as india is a big country, and there must be a good policies for it. however due to the functionality of crypto it is very hard for government to introduce a clean policy. hence they are forced to ban the transactions in the banks. and i feel they are going to bring a simple format to trade cryptoassets in india. this can be like demat account is used to trade shares,, similarly,, saperate cyptotrading account might be required to trade. this is just my opinion. story can be totally different however.

I think India is looking to have its own crypto currency as per the last rbi release where they want to make the best benefit of the available technology but where they have full control of the coin which they will issue and know exactly the status of everything .

i really dont think so bitcoin should be banned , and ofcourse i am reading everybodies commnts, they cant actually ban bitcoin or any other crypto , blockchain technology its really unique and ground breaking , india should embrace this tech. lots of india's issue can be solved by using this tech. 

I do not want comment to ban bitcoin in INDIA.But INDIA should create own cryptocurrency.Because this technology might be the future of the world.IT WILL  BE BENEFITED FOR COUNTRY IN FUTURE.

You have to be new to the crypto world.
Bitcoin is not owned by any government and transfer through internet. So practically no government can ban bitcoin unless we don't value them.

Obviously no, it shouldn't. India being a developing country need to understand the importance of online transactions .Also nowadays India is on the way to become cashless so i do not think that there is any other suitable way for this . BITCOIN is the best and the safest means to complete this dream of Indian Government.

The way in which they are trying to restrict the crypto currency boom is to restrict the banking system to do business with the exchanges, there is no ban for bitcoin and they wont be able to ban it, but they will make things harder for the user and that is what they are planning to do and users have to find alternatives to deal with the situation.

I don't think Bitcoin is harmful to the society. It provides us an opportunity to have the speedy transaction with transparency. Being decentralized, there is no regulation/restricts on it. So govt can't really ban it, they might try to regulate it in some way or another but govt. seems to helpless at this point of time so they just try to create a negative hype against it.

No, not at all. We ban something which is harmful for the society or community as a whole. But Bitcoin does no harm to our society; rather it is giving us many advantages of less- cost, speedy transactions, transparency, etc.  And remember, no government can ban Bitcoin as it is a decentralized concept. Although it can restricts its usage, which the government is already doing, but it cannot ban. Moreover govt is picking up the wrong approach its banning exchanges which actually pays them taxes and banning the private keys is just impossible which is the actual reason of money laundering.

Nope! From my point of view the answer is "NO"! In India where nowadays the need of ID Proofs are getting so much mandatory to do any online purchase whereas in many other countries with minimal efforts others are allowed to make any purchase easily. Tax on everything, hidden fees, scam rates are getting higher, bitcoins provide the utmost freedom. No intermediaries in between. No bank holidays/strikes. No boundaries or borders. No payment limit.Yeah it's true that in Indian still the direct use of Bitcoin to purchase goods online is not available and Indian Government said that purchasing of Bitcoins from Bank Accounts will get the user banned (rumor | overheard). -_-

There is no question of ban in terms of Bitcoin because Bitcoin itself is tiny Govt. and works in a decentralized manner and peoples are the true creator and user but can't destroy. This is up to you that you use it or not? There is no discussion about the Govt. that it adopt in it's county or not?

No, BitCoin can not be banned as its not owned by any government.

No.
Since India is an developing Country many youngsters are interested in online marketing and most of them are doing Bounty programs in Bitcointalk. Hence if it was banned in India then it will create a huge impact on the persons who worked on it and it makes them feel bad since they have worked on it but they wont taste the fruit finally.

Bitcoin shouldn't be banned

Nope! It is actually a bad question . Just think have you ever seen a transaction between 2 people with more than 10 bitcoin ? Could you even guess who they might be ? No . This is because the parties are unknown and it is almost impossible to find them out . When people know that government can't find them why would they stop using bitcoins . Infact if people from India stop using bitcoins bitcoins value will be around $3000 - $5000 .

Absolutely Not !
Why do you even come up such kinds of questions ? Bitcoin is not doing any harm to our society, in fact very small percentage of the total population is even involved in crypto. By the way, it is impossible for the government to ban bitcoin, they may restrict users from buying crypto from banks or make bitcoin related sites inaccessible but there is no way that they could ban the bitcoin blockchain network. Even if they did block the websites, users would still find a way to access them using vpn or other options.

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