what is the main reason for india to ban cryptocurrency - page 12.

ResuLT

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Quote from: virendarnagpal on July 06, 2018, 06:32:46 AM

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.

Seems like this guy have been answered clearly of all your question regarding the regulations made by the Indian government in recent days.

Ghayoor

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Quote from: cryptodalton on July 07, 2018, 01:21:24 PM

I think only RBI or the banks only banned crypto currency, not India as a whole. I think they are taking crypto as a threat as they barely control it. Besides, they think that crypto can replace fiat currency very soon which is actually not possible to happen.

as far as i know bitcoin is legal in india and indian bank also accept bitcoin because its playing avery big role in their economy.

Marlo Stanfield

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Quote from: shivakumar D S on July 06, 2018, 06:42:06 AM

Quote from: maxy1999 on July 06, 2018, 06:02:10 AM

i dont know why india is not legalizing the cryptocurrency ?

how could u tell that
pls dont give wrong information to peoples it may panic them
before adding some posts please add some related news or links with your posts

as per u r opinion crypto is not legalized in india
then how could it possible to trade or exchange in india

Lots of times something is not legal, not supported, or outright banned and people still do it or use whatever it is. Don't be surprised if crypto gets banned in India and the status quo continues on like nothing happened.

cryptohopes

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India is not the first country to ban crypto that you are so astonished at this. Though I didn't expect it too but unfortunately it happened. I think the reasons behind the ban are India is taking crypto as a competitor to the usual fiat currency and they are afraid of the volatility of crypto.

conanrien

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at first I want to clarify it that India didn't ban cryptocurrency the Central Bank of india disagree to deal with it and the reason can be the lacking of knowledge regrading this market that's why they don't can't trust on it with their money , many other countries are legalizing it so hopefully soon india will be also inspired

cryptodalton

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I think only RBI or the banks only banned crypto currency, not India as a whole. I think they are taking crypto as a threat as they barely control it. Besides, they think that crypto can replace fiat currency very soon which is actually not possible to happen.

5ensei

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I think it is due to their fear of tax evasion. Recently they simply outlawed the use of one of their high denomination notes so there were huge queues of people at banks trying to convert their savings which they keep hidden at home. Bitcoin will make it easier to hide money

Gameroid

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Quote from: chidrawarster on July 06, 2018, 08:48:05 AM

Its still not banned and instead put up in front of a committee to understand the pros and cons.I do agree that the banks are not allowed to carry out any crypto transactions but still many are doing by hook or crook.I also feel the blockchain technology is the future but i dont know what India is thinking about crypto space.I feel India should also take some bold steps like Korea and move ahead for having a bright future.

I also do not think that they have still taken such a step. May be they are thinking about it but nothing is so much clear about it, i think that even if they will do so i am sure that very soon they will change their decision, because almost all the countries of the world are going to legalize bitcoin. Because it is becoming the common currency of the world.

Slash61

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The ban for India is very common for all countries participating in the ban, so they have not fully stem the risks that will occur, have not been anticipated so that they will only take a safe path for the future to temporarily analyze and develop the nature of cryptocurrency, because when legitimized from now fear all shack money and transactions are not controlled thoroughly (overwhelmed).

mohammedmattar

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The Indian government's decision has several reasons
Withdraw money, especially hard currency from banks and exit abroad
Money laundering operations related to drug money
and corruption and funding of Hindu terrorism against Muslim
minorities and some radical groups belonging to Islam

Wicked Sick

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Well the main reason behind Bitcoin being banned in India is that the transactions are anonymous and they think that it can be used by terrorists to fund their operations. Although I don't know how they are going to stop people from using it cause Bitcoin is decentralized and there is no way they are going to be able to track people using it.

demenBTC

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PRIVATE FEDERATED BLOCKCHAIN

Quote from: maxy1999 on July 06, 2018, 06:02:10 AM

i dont know why india is not legalizing the cryptocurrency ?

from news that I read that the crypto ban in India has been challenged by the Internet and Mobile Association of India (IAMAI), and the trial will take place on July 20, we are waiting for the RBI decision to be considered in court

Chetan04

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I think lot of black money being transferred in the name of crypto. Govt. could not regulate it so they banned it i guess.

pixelvault

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so basically the government that cannot control the wealth of citizens bans it.
There needs to be a big power shift in this world imo

chidrawarster

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Its still not banned and instead put up in front of a committee to understand the pros and cons.I do agree that the banks are not allowed to carry out any crypto transactions but still many are doing by hook or crook.I also feel the blockchain technology is the future but i dont know what India is thinking about crypto space.I feel India should also take some bold steps like Korea and move ahead for having a bright future.

royal slave01

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Quote from: maxy1999 on July 06, 2018, 06:02:10 AM

i dont know why india is not legalizing the cryptocurrency ?

May be the Indian government did not trust bitcoin and other altcoins and they think that they need to protect their people from any investment that possibly may risk the money of their people.

sakahayang

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Quote from: maxy1999 on July 06, 2018, 06:02:10 AM

i dont know why india is not legalizing the cryptocurrency ?

I think you read the news that has been very long, indeed in March last Indian government especially RBI Bitcoin forbid because it considers there is fraud in it. But the latest news in June the Indian government has made a decision by legalizing Bitcoin, assuming there is no fraud inside Bitcoin.
Here's the link the news
https://inc42.com/buzz/bitcoin-cryptocurrency-india-government/

budismile

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Quote from: maxy1999 on July 06, 2018, 06:02:10 AM

i dont know why india is not legalizing the cryptocurrency ?

The reason the Indian government forbids Bitcoin, Bitcoin is a Ponzi scheme that can deceive all the people of India. therefore the Reserve Bank of India (RBI) has unilaterally refused to legalize Bitcoin without authorization from the Indian government.

After the RBI submitted its request not to legalize bitcoin and considered Bitcoin a Ponzi scheme, many others who criticized RBI even cointelegrap loudly criticize for describing Bitcoin being a Ponzi scheme.

but you do not worry, on 20 June the government of India has legalized Bitcoin and refused the RBI request, because the application and decision unilateral of RBI does not make sense and there is no strong law.

Osakrita

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The government is just scared it will lose its grip on the control of money,inflation is high and fears more people will convert their cash to bitcoins,draining bank accounts of monies.It all stems from ignorance anyway.

Annaray.tejith30

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Quote from: maxy1999 on July 06, 2018, 06:02:10 AM

i dont know why india is not legalizing the cryptocurrency ?
I think there is no such peoples in India to understand the same so only still its not been legalized in India.

Topic: what is the main reason for india to ban cryptocurrency - page 12. (Read 1701 times)