This is absolutely not good for India Bitcoin community! - page 2.

Vishnu.Reang

sr. member

Activity: 1974

Merit: 453

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Is India want to ban crypto again? Did they know that real ban is impossible?

I don't think that they are going to ban cryptocurrency. The former Finance Secretary of India (Subhash Chandra Garg) had suggested a complete ban on ownership and trading of cryptocurrency in India, making it a punishable offence with up to 10 years in jail. But he was fired from his post and kicked out before he could implement his plans. Now let's see what Shaktikanta Das will do about it.

DreamStage

sr. member

Activity: 625

Merit: 258

They are not saying it is going to be banned yet so you don't have to be so worried about it Roll Eyes

India’s Central Bank Hints that Cryptocurrencies Will Be Banned

They probabily just want to make it more legal than ever before in a way for their banks to use it and make it possible to use cryptocurrencies with their banks as stated.
Time is required for such implementations and that's why they made such statements.

joniboini

legendary

Activity: 2170

Merit: 1789

By private, do they mean privacy coins or just any other currency that is not issued by the government? I just read the news but I still not fully understand the definition.

It's quite funny how they believe the issuance of money should come from a sovereign entity but not mentioning the inherent abuse of constant inflation and the bad sov value of fiat. If you look at it that way, fiat are 'more private' than most crypto (not counting the useless ICO/IEO).

Argoo

full member

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#SWGT PRE-SALE IS LIVE

Yes, the government of India is at a crossroads. On the one hand, they do not want to recognize a decentralized cryptocurrency, and on the other, they understand that they can lag behind other countries in development. This is what makes the Indian government consider issuing its nationally stable coin. If such a coin is issued, then gradually an ordinary decentralized cryptocurrency will go there. So in general, the appearance of stable coins of various states is very good for cryptocurrency.

cheezcarls

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The governor of India’s central bank, Shaktikanta Das, has restated that the Indian government is against private cryptocurrencies. This all comes ironically amid talks of India launching its own Central Bank Digital Currency (CBDC).

India has been discussing cryptocurrencies and the regulations surrounding them for over a year, and overall taking a hardline stance. While no official law has been passed, the latest comments do indicate the steps the country might take.

Click here for the full news

So they are following the footsteps of China, ei?

I just don't know what would be the reaction of the Bitcoin and cryptocurrency enthusiasts in India about this. I know this is not good for you guys like what is happening in China.

They would prefer blockchain over Bitcoin and other cryptocurrencies. But I highly believe that there will be a change of heart in the future about private cryptocurrencies.

For sure, India would be left behind if the government itself will not embrace private cryptocurrencies within the next decade. What would be your opinion or reaction about this guys. Kindly share it here. Cheers!

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