Topic: what is the main reason for india to ban cryptocurrency - page 7. (Read 1701 times)
India was not perfectly cohesive in its stance on the crypto. The relationship between the two dates from December 2013, when the RBI first issued a general public announcement to potential crypto users, alerting them to the typical risks involved - volatility, security, and links to illicit activities. Since then, the agency has released similar notes in response to the popularity of the cryptogram, with the latest issue in December 2017.
as per Indian government claim the main reason for cryptocurrency ban is illegal transactions that are carried out aboard with the help of crypto currencies Rbi strictly wanna ban bitcoin
The fear of money laundering via investment in these currencies and ensuring customer protection from the price volatility and complex nature of these assets are the main reasons why the government has not been comfortable with these digital assets. The hesitation is not entirely unfounded: The price of one bitcoin, valued at over $19,000 in December, is now worth less than $8,000. However, conversations with half-a-dozen officials reveal that all may not be lost for cryptocurrencies, despite unhelpful statements from the finance ministry and the Reserve Bank of India (RBI). A bunch of career bureaucrats and bankers are currently in the process of writing their fate. And even if they do survive, bitcoin and its peers will likely remain on a tight government leash.
THe Governing bodies does not have any idea about the positive out come of the use of bitcoins and other crypto currencies. The crypto currencies has brought a revolutionary change in the financial industry as this crypto currencies has the capacity to wider acceptance of bitcoins and other crypto currencies due to the fact that bitcoins has the ability to uplift the economic conditions of the world and can alter the lifestyle of the people by getting financial freedom to all equally and enjoy life without worry of debt so the Central authorities and the bankers are scared of losing the job when bitcoins become predominant in the market.
The good news is that some of India's exchanges are trying to make India an open country, and there is no need to worry too much about the future of Bitcoin in the Indian market.
When India banned cryptocurrencies and when the people to make the country open. These two didn't happen in that country. I have friends in my room from India. They use to reveal what is happening there.
It is actually poor country with no regulations on any thing even their country maintenance rules. In that case how they will treat bitcoin for citizens wellness.
I think lndian government has banned the cryptocurency because it will be used by bad elements & responsible to decrease the revinew
The good news is that some of India's exchanges are trying to make India an open country, and there is no need to worry too much about the future of Bitcoin in the Indian market.
The main reason Indian government is giving for ban is that btc is used in illegal money laundering which is giving way to illegal activities. More over they are not able to track this so they are banning it. So they have issued notice to all Bank to stop the cryptocurrency accounts through RBI notice. Even they have stopped the crypto exchange to stop the fiat currency trading but exchanges are now giving trading for crypto coins only no more fiat currency is supported.
The government has begun taking steps to improve that aspect of the economy. Not only in India, but all over the world the problem is one - the emergence of new coins and new projects! Nobody is against the encryption system, no one is against bitcoin!
The government has finally begun taking steps to improve that aspect of the economy. The main reason is that electronic money is being used for money laundering operations that I understand from many bank employees. But I also understand that a committee was established to understand the rules of encryption and its usage.
i dont know why india is not legalizing the cryptocurrency ?
it may disrupt the current balance on banking system in their country that may lead to serious economic problems like pay off workers specially in banking and payment industry because they will be replaced by blockchain. the transition of technology must be smooth in order to maintain the economy specially in the working sector.
they are prohibiting its use.
i dont know why india is not legalizing the cryptocurrency ?
Its not out of their wish to ban the use of crypto currency in their country more of the reason they are seeing is the risk posses by the use of decentralized blockchain.
I think that India can not control Bitcoin. They still suspect that Bitcoin is being used by terrorist organizations around the world, so they have decided to ban the cryptocurrency this year. But I hope they will think again
In fact, it is quite straightforward to say that the Indian government is afraid that its citizens will lose money when investing in BTC, because BTC is virtual after all, and they are afraid that it will harm the interests of the citizens.
I say so the main reason for the ban operations in any country is that countries are afraid of allowing and legalizing the trade in crypto currency, which can be an uncontrolled loss of currency, which will lead to very difficult resources in foreign currency. Many countries, such as India, suffer from the threat of going abroad and money-laundering related to drugs, money, corruption and the financing of terrorism. If their funding increases, terrorist attacks will increase.
One of the reasons why some countries wants to ban crypto because they afraid that cryptocurrency will be the leading coin than fiat. I think that's also the reason why the governments are against crypto because there will be a possibility that people will not be dependent to them when it comes to securing their money, people will keep their money by their own.
Maybe india want to stop BJP money laundering to save its economy
https://www.bitcoinmarketinsider.com/multi-million-dollar-money-laundering-bitcoin-scam-alleged-in-gujarat/
https://www.bitcoinmarketinsider.com/multi-million-dollar-money-laundering-bitcoin-scam-alleged-in-gujarat/
Every country that will benefit from this technology the most wants to slow things down so that they can understand how best they can win in this game..
Why will India benefit from cryptos the most in future? Because of population and the number of mobile devices in the country worth a billion plus people.
Why will India benefit from cryptos the most in future? Because of population and the number of mobile devices in the country worth a billion plus people.
i dont know why india is not legalizing the cryptocurrency ?
Recently representatives of the government of India have directly stated that they are not going to prohibit the country's crypto currency. The Supreme Court of India continues to consider complaints against the Circular of the Reserve Bank on restricting the work of subordinated banks in the crypto-currency, on September 11, a final decision must be made.The reasons why in India the crypto currency has not been legalized so far, the banks have announced more than once. They believe that bitcoin is too risky for investments and therefore recommended that its citizens refrain from investing in crypto currency.
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