Read the full article here:
https://www.forbes.com/sites/sindhujabalaji/2018/02/06/india-is-not-banning-cryptocurrency-heres-what-it-is-doing-instead/#1273b9587c6f
Hope this clears out the misconception.
Topic: what is the main reason for india to ban cryptocurrency - page 10. (Read 1686 times)
I don't think India cryptocurrency is illegal in India. In a recent article from Forbes, Ajeet Khurana, head of the Blockchain and Cryptocurrency Committee (BACC) of Internet and Mobile Association of India (IAMAI) said the cryptocurrency was even mentioned in India's national budget. Here's what he said, “I recognized that it was a step in the right direction. Having the finance minister say that cryptocurrency isn’t legal tender is perfectly logical –-- every nation barring Japan has taken this stance. It doesn’t mean crypto trading is illegal, but comes with its own risks like any other investment asset in the market.”
Read the full article here:
https://www.forbes.com/sites/sindhujabalaji/2018/02/06/india-is-not-banning-cryptocurrency-heres-what-it-is-doing-instead/#1273b9587c6f
Hope this clears out the misconception.
Read the full article here:
https://www.forbes.com/sites/sindhujabalaji/2018/02/06/india-is-not-banning-cryptocurrency-heres-what-it-is-doing-instead/#1273b9587c6f
Hope this clears out the misconception.
India is a country with a large economic bubble. Those big capitalists monopolize real estate, transportation, finance. But the decentralized nature of cryptocurrencies is something they don't like,they choose to exclude it if they don't have full control over Bitcoin.
i dont know why india is not legalizing the cryptocurrency ?
I think the reason is like others country. Government or central banks must be saying that bitcoin ban because it can use for any illegal activity etc etc. They should take and regulate bitcoin because it will helping many peoples
Yes, that is one of the reasons as Banks are seeing crypto currencies as a direct competitor of their business. However, the main reason behind this ban is the over reserved mentality of Indian government. For every new thing related to money, they show a negative view at first and then slowly adopt it. The same thing will happen for bitcoin too. The way blockchain technology is progressing, no governments will be able to keep themselves blind for longer time. It has to be adopted to be prepared for the future.
Also one funny explanation given by one of the senior officials of Indian government is that, the government is worried about the possible tax evasion. In a country of 1.3 billion people, the number of taxpayers are only 12.5 million. People are not paying taxes anyway. What change crypto will make in that scenario. It's laughable! The banking cartel is opposing it and government is listening to them.
India is one of the world poorest country, I feel the ban result from the fact that some few among them can abuse it and use it to control their economy. Also, remember that traditional financial institutions like banks are doing their best to eradicate Bitcoin existence.
purchasing bitcoin become more rich person, RBI think that their currency will go down.everyone will purchase bitcoin only,where there is no risk at all.In india debit cards,credit card get fraud,hacked.but when purchasing bitcoin there is not fraud or hacking.
i dont know why india is not legalizing the cryptocurrency ?
I think the reason is like others country. Government or central banks must be saying that bitcoin ban because it can use for any illegal activity etc etc. They should take and regulate bitcoin because it will helping many peoples
india does not ban bitcoin
This week’s press release by the Reserve Bank of India has caused quite a stir. Depending on how one interprets the message, it seems the RBI wants to ban all Bitcoin trading. That is not the case, although their ultimatum is still rather significant. As of April 5th, the RBI has severed all ties with its own “regulated entities” and anyone dealing with cryptocurrency.
For banks servicing cryptocurrency companies, a big deadline looms overhead. All of these institutions have a maximum of three months to cease the support. If they do not adhere to this deadline, the bank in question is no longer a “partner” of the RBI. It is a fear-mongering tactic, although one that is not necessarily fatal.
According to Unocoin, there isn’t much to be worried about. There is no ban on Bitcoin and no indication the RBI deems it an illegal currency. No funds have been frozen either, and exchange users can continue to use the platform as they always have. With no banks alerting Unocoin of any impending changes, business will resume as normal until stated otherwise.
here is my source
https://www.newsbtc.com/2018/04/07/no-india-not-banned-bitcoin-trading-government-confirms/
This week’s press release by the Reserve Bank of India has caused quite a stir. Depending on how one interprets the message, it seems the RBI wants to ban all Bitcoin trading. That is not the case, although their ultimatum is still rather significant. As of April 5th, the RBI has severed all ties with its own “regulated entities” and anyone dealing with cryptocurrency.
For banks servicing cryptocurrency companies, a big deadline looms overhead. All of these institutions have a maximum of three months to cease the support. If they do not adhere to this deadline, the bank in question is no longer a “partner” of the RBI. It is a fear-mongering tactic, although one that is not necessarily fatal.
According to Unocoin, there isn’t much to be worried about. There is no ban on Bitcoin and no indication the RBI deems it an illegal currency. No funds have been frozen either, and exchange users can continue to use the platform as they always have. With no banks alerting Unocoin of any impending changes, business will resume as normal until stated otherwise.
here is my source
https://www.newsbtc.com/2018/04/07/no-india-not-banned-bitcoin-trading-government-confirms/
Perhaps for the same reason as all other countries. Everyone is afraid of the consequences, they are afraid to take the first step, because they do not know what it will lead to, although they understand that cryptocurrency is not the future, but the technology of today. South Korea shows an example of introducing taxation and regulation of the crypto currency market and I am sure that further countries will follow Korea and will begin to make changes in their legislation and adopt cryptocurrency.
Yes even I think that the ban will be lifted and some laws will be implemented in such a manner that it regulates and watches over the usage of bitcoin or any crypto currency be it of traders, investors or normal consumers using it as an digital cash, whatever be the reason every country is afraid of bitcoin or any crypto harming its economy in any way thus taking no chances they are banning the usage of cryptos in their respective countries.
Seriouly speaking, i dont think india has ban cryptocurrency, it is the indian media trying to cause panic in the system by intentionally misinterpreting Arun Jaitley's speech which lead to a drastic drop in price of bitcoin in India. Arun Jaitley on february 1st 2018 only mentioned the fact that bitcoin is not a legal tender which i believe every bitcoineers will agree upon.
Cryptocurrency is a digital currency that runs on decentralized system. No Central Government can control it. For this reason, many countries have banned cryptocurrencies.
I think I have read somewhere that they are reversing that decision, because they admitted that they made that decision before they did enough research on the subject. They are now doing some further research into the technology and they might consider lifting the ban, after they completed the investigation.
I will look for the article and edit this post if I find it or someone else can post it, if they find it first.
I will look for the article and edit this post if I find it or someone else can post it, if they find it first.
To me i see the reason for that to protect their citizens against the risk involved in cryptocurrency and trying to regulate ir before letting them to use it fully.
i dont know why india is not legalizing the cryptocurrency ?
As far as I know, the reason why the Indian government does not want to legalize the crypto currency is that they consider bitcoin and some other kinds of decentralized crypto currency too risky for investments. Especially they began to warn their citizens against investing in bitcoin when, in December of last year, it rose to its peak in price and sharply after that it fell in value.However, to date, there are no official bans on circulation of crypto currency in India. So far, only the Reserve Bank of India has ordered its lower banks not to make any transactions in the crypto currency. Legislators of this country did not adopt any normative legal acts with respect to the crypto currency.
but on a serious note, i dont think india has ban cryptocurrency, it is probably the indian media trying to cause panic in the system by intentionally misinterpreting Arun Jaitley's speech or words which lead to a drastic drop in price of bitcoin in India. Arun Jaitley on february 1st 2018 only mentioned the fact that bitcoin is not a legal tender which i believe every bitcoineers will agree upon.
maybe this can boost the number of prosperity in India whose majority of the economy is still below and of course still close to poor, can not be said to be prosperous or simple.
Truly its very disappointing for crypto users that India banned crypto currency based on this topic mainly RBI closed this system because they think it is harmful for their currency based on this many people doesn’t reserve money in bank because they investing in crypto may this is the reason.
Maybe they are afraid that someday all their fiats will be converted into digital coins with fixed supply unlike the current system that fiats money controlled by the governments central bank digital coins is a big threat to them because they hate decentralization fiat money will become worthless once many more people discovered this blockchain system and its advantages.
i dont know why india is not legalizing the cryptocurrency ?
People in India are really smart and I think the Indian government bans Cryptocurrency because they fear it will negatively affect their country's economy. Their country is having trouble in the economy so they do not want to have more trouble. That's my personal opinion. Major reasons for fear of crypto or ban on crypto transactions in any country may :
1 Developing nations need surplus stocks of foreign currency. These countries fear with the legalization and permission of trading in crypto ; there may be uncontrolled outflow of currency resulting in very tight foreign currency resources available.
2. Terror funding ; black marketing; money laundering becomes easy. Many nations like India are suffering from the threat of islamic terrorists. If their funding increases the attacks will increase.
3 Many citizens of a country having black money will easily divert their funds to safe heavens like Switzerland.
So India like many other nations is having fear for it. Though Indian government wants the currency to be digitalized . May be they are doing any research work for allowing crypto transactions legal because they also know it's benefits.
1 Developing nations need surplus stocks of foreign currency. These countries fear with the legalization and permission of trading in crypto ; there may be uncontrolled outflow of currency resulting in very tight foreign currency resources available.
2. Terror funding ; black marketing; money laundering becomes easy. Many nations like India are suffering from the threat of islamic terrorists. If their funding increases the attacks will increase.
3 Many citizens of a country having black money will easily divert their funds to safe heavens like Switzerland.
So India like many other nations is having fear for it. Though Indian government wants the currency to be digitalized . May be they are doing any research work for allowing crypto transactions legal because they also know it's benefits.
as careful as your insights because India is so strictly against Islam because of the majority of Hinduism there, I often see the noise in TV news in India.
but I hope the Indian government is not therefore forbidding Bitcoin, its true Bitcoin is created for good and facilitates financial transactions around the world.
India didn't ban crypto. The banks did. Probably, they think crypto as a threat of its existance.
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