Topic: Updates on crypto ban bill (Read 237 times)

Welcome bro and thank you for taking time to do it. I heard government is now planning to bring ordinance to ban crypto. They may not be able to present bill during current session so they will introduce ordinance to ban it.
They will present bill in next session.

From what i understand some of the bills that are passed does not even have a discussion in the house let along presented before the standing committee. I am not too hopeful whether the government will do anything logical but there are businesses that have invested heavily and they will be forced to fight on behalf of everyone and we will chip in with what we can if a situation arises.

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I used that site to forward to the MP but i am currently not in India, hopefully they will not see them as International forces having vested interest .

Thank you @KryptoKings for sharing this link. I have done my part and I urge other members who are active here to do the same. As a community, we have overcome many hurdles in the past and hopefully, we will be able to overcome this one too.

They are doing their bit. It's time we as community should support them wherever possible and in whatever capacity.
I read this news today

Indian Exchanges Launch Campaign Seeking to Avert Potential Crypto Ban
The exchanges have set up websites helping supporters email members of parliament.

If any of you have eny info about email of MPs, please send it to them.
Website is http://indiawantscrypto.net/

Haha obviously the coin has two sides but if you even ignore this at once one genuine problem could be the uneducated youth. Trust me people are far more illiterate than you think they are especially when it comes to finances. There are still tons of people who believe in getting rich quick schemes and such loan requirements if are met using cryptocurrencies in an unregulated environment would make them much more prone to scams. so Ideally this shouldn't be a scenario we should look forward to.



There is no voice. Nischal Shetty CEO of WazirX tried to make a twitter trend of #Indiawantscrypto a day before the budget speech but the hashtag garnered merely 5K tweets(Out of which many could be bots) and couldn't even go trending. But even the strongest of Twitter trends won't change the decision. Only thing that could change the decision is huge investment from Institutional Investors in this space which could probably get India some extra taxes and growth. This would possible change their minds.

Big exchanges like wazirX, zebpay etc must take this initiative. They should lead us as their voice will be heard.
I know they are also following the developments closely and will do their best as they have business at stakes but given past record of this government, they should be more pro active.

Positive or negative depends on the way you spin it. Here is the NDTV report with the Q&A between MoS(Finance) and a Shiv Sena MP.

You are right that Bitcoin is not a private cryptocurrency. The ambiguity is whether the Govt is talking about Public crypto as sort of "Publicly owned"/ Govt owned while calling everything else Private. Colloquially, in India, thats the usage. I don't think our colonial hungover overlords would like anything other than pure Govt power to be called Public Service. The IAS cadre officers love to call themselves "Public servants". So, take a hint.

Yeah I suppose the politicians don't want to kill their cash cow that the informal loan sector comprising of thousands of these local "co-operative credit societies" are for them. With their control over such semi-formal groups, the chance to obtain money must be far easier than if those people start turning to cryptocurrencies for loan requirements. Its a win-win situation for the common trader but the politician doesn't get his cut.
The more i look at it this way, the more i am sure that the community will have to fight tooth and nail in the courts.

This is positive if this is true. I would like to know the source of this news though.
I also have the feeling that government may not ban btc out right as it doesn't fall under the definition of private currency.
But if they do consider all non government issued crypto as private, then this should be challenged in court.

It's interesting to know that government hasn't thought of an outright ban on cryptocurrencies. I believe that Indian bureaucracy is a bit novice when it comes to Information Technology. It's great to see that they are all ears to the actual stakeholders of this decision.
I think this comes after a lot of P2P companies have started giving loans used findings in form of Bitcoins. It not only evades taxes but also makes monitoring of liquidity in this sector very difficult.

Cryptocurrencies won't be banned so easily guys. A large number of population in India is holding crytocurrencies worth crores of amount in INR.
So the government wouldn't just announce a blanket ban on cryptocurrencies and even if they would (which is highly unlikely) they would definitely give time for traders to sell their cryptocurrencies.
But still, most of the Indian people who hold cryptocurrencies are in favor to enable regulation instead of a ban.



WazirX CEO Nischal Chetty mentioned in an interview on Youtube that the bill will probably not be presented to the Parliament at all.
Even if the bill is presented the standing committee will ask the Indian entrepreneurs to point their views on the bill and then get their inputs before finalizing a decision.
He also said, if something like this happens then they are ready with their advocates to talk towards regulation of cryptocurrencies.

Cryptocurrencies are hardly used as tender in India. Its mostly about convertibility to INR and they have already tried to stop that once through the banking ban. If they are still considering the draft bill, it is clear they have something else in mind.

That is the hope. That they can leave the private use of cryptocurrency to the user and not come up with something that criminalizes holding.

We are mature but the Govt is far from that. They view everything politically. I really hope Congress doesn't come out in support of it or try to make it an issue. The troll army will bury them with their talking points. The only good strategy is to make them realize that cryptocurrency is employing tens of thousands of Indian developers, finance minds as well as the click-to-earn freelancers. They cannot kill off the whole ecosystem as its not a prudent decision. Though if it gets political, get ready to be decimated.

If this report is anything to go by, we are already in trouble if a Shiv Sena MP asks a question and the reply comes in the negative. If Sanjay Raut wants it, BJP will do everything in its power to paint them anti-national too. Just quoting the written answer provided by MoS (Finance):

On a question about "Does the Govt know many businesses use it?", the MoS for Finance is like, "Well, No bitch!!" In my opinion, the bigger exchanges and businesses should be ready to hire the good lawyers and pay them well to take this through the courts on its technical merits like the last time. Pinning hopes on this Govt (Sorry Modi Lovers) is like having a hard-on for the black widow spider. I am all for not panicking and hoping for the best but till someone from inside the ruling party mumbles support, the crypto community should be prepared for the worst.

Actually, the policy-making of any government is always complex and has a lot of variables. Apart from considering the wishes of corporates a big reason for some of the policies is alignment with the long-term plans of the government. Specifically talking about crypto ban, it's in line with our government's policy of eradicating the black money from the system. Even though it's difficult to find out if crypto ban would actually help this or not.
I think only the outcry from a few corporates can save this. There has been a huge funding from hedge fund in the crypto space. All of it will go in vain if cryptocurrency is banned. So that's our only hope.

If there is a chance the bill is delayed or postponed till next parliament session than it is going to be good as we will get more time to sell our coins at good rate.
But I believe ban is inevitable because this government is not known to retract their decision no matter how much public outcry is.
They have hacked evm so why would they care for voters anyway 

You have made good point but Agricultural bill was introduced to favor their financiers like Ambanis but with crypto ban, no one is going to get benefit.
I don't think crypto ban was introduced to get any political advantage, therefore, they may reconsider to make some changes to it.

Some updates:

https://news.bitcoin.com/indian-government-cryptocurrency-digital-rupee/



I hope that this is actually final and they don't continuously try to remedy the legal status. This could also have been a strategy to delay the decision until stakeholders are notified and everything is cleared with the large corporates that are using crypto/trying to implement it. We'll just have to wait and see.

Okay, there are couple of things that everyone should understand:

1. Content of bill isn't out yet. So, there's a possibility that government is only planning to ban the use of cryptocurrencies as tender. Trading may continue.
2. Government is planning to allow the use of certain cryptocurrencies alongside CBDC. So, we may still able to use bitcoin and other major altcoins even after ban.

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Now coming to the current scenario, in my opinion, it's highly unlikely that bill will be passed in current session. Only 31 days of working left, under-staffing due to Corona, around 20 bills in line, there's very less chances that Crypto Bill would be presented in both house and get passed.

In case bill isn't get passed, two things could happen, either bill will be presented or it won't. In case, it doesn't then current unregulated market will continue and we will have more time to persuade government to go for regulation instead of ban (this industry is growing exponentially, government can't just shut it down). In case, bill gets presented in the house, government has to provide the blueprint on how current holders would dispose their wealth. Around 80-90 lakh Indians are involved in crypto (white-labelled transactions), in case of blanket ban, price in Indian market would drop to zero and we won't left with any option to sell (government wouldn't want to see such situation). So, with healthy parliamentary discussion, the bill may refer to standing committee to further think about the situation. If it does, I am expecting that the committee would call for the recommendation from industry experts and stakeholders. If that happens, we all will try our best to change the government's decision. By we, I mean the major exchanges and crypto startups in India, as far as I know, all of 'em have all already prepared the necessary report to be presented in case (I also contributed in one draft).

So, there's nothing to be panic about right now. We are matures and want direct dialogues with government unlike farmers' situation.

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And guys, stop troubling USDT! Let it breathe around ₹77-80. Stop plunging it to ₹60.

And how do you suggest that? There is a whole lot of Farmers sitting in the national capital opposing the laws made by the central government and the government is not at all interested in listening to them. and you think we will be able to change the mind of the government to repeal a law that ideally won't affect their vote bank that much? It's okay to stay connected but convincing the government with an audience such small is impossible.

If you have any updates or something useful regarding crypto ban bill, please feel free to share it here with community.
We need to stand United on this. We have to convince Government not to ban crypto.
Let's do it.