what is the main reason for india to ban cryptocurrency - page 13.

shivakumar D S

newbie

Activity: 114

Merit: 0

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

virendarnagpal

member

Activity: 672

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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.

YuginKadoya

legendary

Activity: 3038

Merit: 1169

Well the RBI or the Reserve Bank of India was the one who are pulling the plug on the country’s cryptocurrency ecosystem by forbidding banks from having any business relationships with exchanges even thought their government may launch its own cryptocurrency, Well the bank had it's issue with Cryptocurrency because of the possibilities that cryptocurrencies may pose potential financial and legal customer protection and security related risks.

Dasha88fed

member

Activity: 350

Merit: 10

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.

maxy1999

newbie

Activity: 126

Merit: 0

i dont know why india is not legalizing the cryptocurrency ?

Topic: what is the main reason for india to ban cryptocurrency - page 13. (Read 1705 times)