Topic: what is the main reason for india to ban cryptocurrency - page 9. (Read 1706 times)
They might just be thinking of the risk posses by the Crypto currency since it has no traces of transactions identified.
The legalization of cryptographic currencies will lead to a sharp reduction in demand for Fiat, which is a serious matter for some big countries, and India must be concerned.
I do not know exactly why India forbids crypto, probably because risky crypto can be used as a crime tool like money laundering and fraud, but I heard that India has now accepted the crypto and started legalizing it.
https://inc42.com/buzz/bitcoin-cryptocurrency-india-government/
https://inc42.com/buzz/bitcoin-cryptocurrency-india-government/
To make this short and summary, AFAIK central bank of India is still skeptic about crypto's so there's a conflict on their agency but their government is stating that they would adopt it.
And from what I read, they will now consider crypto as a commodity. If there's an Indian there to give more precise and briefer explanation on what's really happening there will be much appreciated.
And from what I read, they will now consider crypto as a commodity. If there's an Indian there to give more precise and briefer explanation on what's really happening there will be much appreciated.
RBI and Indian Government is hesitate for cryptocurrency because they think its a biggest security thread for India, money laundering and mafias can do illegal activity from this currency but Indian government can Legalize this currency making a new law and policies for investors who wanna invest in cryptocurrency i think this will make strong Indian economy.
i dont know why india is not legalizing the cryptocurrency ?
India is a developing country and hence cannot take any risks in its economy, and no economists can predict what kind of effect bitcoin or any crypto can bring to the Indian economy also the fact being India is somewhat of a business hub in the south east Asia it can be easy for frauds to take place and with cryptos which don’t have a proper govt body to look after situations can become dire in no time and hence can affect the economy of India, and no country be it developing or developed doesn’t want an economic instability in them. 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.
Exactly that is the matter why cryptos have been banned from the Indian market, India being a developing country cannot take any chances which might cause an economic instability in the region and also due to internal and external conflicts among the neighboring countries and the people of India, economic state of India decides a lot and thus if by any chances cryptos causes instability in economic condition it can be a great threat to the country itself. i dont know why india is not legalizing the cryptocurrency ?
Not only india not legalizing cryptocurrency there are more coumtry until now legalization of crypto currencybis under observation.And the worstbis the other country banned bitcoin in no reason.
I also think it’s a failure of Government if they banned cryptos in India. World is moving fast now and they have to allow citizens to explore and invest in Virtual currencies. Indian Government is worry for Banks or either they do not want citizens to make good profit.
Indian Government is also not sure about future of Cryptos in India. If we take this year’s budget statement of finance minister of India(Arun Jaitley) , he clearly said that “Cryptos are not legal tender in India and we will explore future of Blockchain Technology”.
i dont know why india is not legalizing the cryptocurrency ?
India is really a big country and it's going to be a major participant of the Cryptocurrency trading soon in coming months. I believe that the Indian government is planning to take some actions before regulating it completely all over the world. Actually, it takes some time to prepare a best regulation plan and conditions by which Indian people can safely trade the cryptocurrency so that Hackers cannot hack their cryptocurrency by any means. I think its soon going to be legal in India just wait & watch.
There is no need for much reason, and the Indian government has not benefited from an encrypted currency deal, has not been taxed, and will of course introduce policies that do not welcome Bitcoin.
I guess they found cryptocurrency as a threat to their fiat currency and fir this they banned it in their country. Crypto is inconsistent and decentralized and for this the country was afraid of losing the control over money.
i dont know why india is not legalizing the cryptocurrency ?
Actually they are trying to digitalise all money transactions so that there would be no anonymous transactions and more taxes could be applied.They fear that if they allow cryptos,then they would not be able to control the illegal money flow.
India is one of the countries wherein there is a huge population.
The reason about that is many people don’t used banks in their daily life therefore the cryptocurrency will be hard to approach them if that is happening right now.
The reason about that is many people don’t used banks in their daily life therefore the cryptocurrency will be hard to approach them if that is happening right now.
i dont know why india is not legalizing the cryptocurrency ?
Actually they are trying to digitalise all money transactions so that there would be no anonymous transactions and more taxes could be applied.They fear that if they allow cryptos,then they would not be able to control the illegal money flow. 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.
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
The government has a fear when it comes to the market of crypto currency. Mainly because of the anonymity of the users in it where it is tough to find the transactions are done by whom. This unavailability of tacking out the people may cause fear in the government of something illegal taking place.
The trading floors in India are operating at full capacity, as the number of investors registering to buy Bitcoin has increased tremendously. I have not heard Indian news banned bitcoin
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