x - page 3. | Bitcointalksearch.org

tegarp90

full member

Activity: 546

Merit: 100

Quote from: SwayStar123 on April 28, 2019, 06:05:57 AM

Its quite sad, I have been using bitcoin for 3 years now but because of the crash, bitcoin has been labeled a ponzi scheme and there are plans to ban it in india Sad

https://coingape.com/indian-lawmakers-call-ban-bitcoin-cryptocurrency/
https://www.ccn.com/why-indias-bitcoin-ban-could-disappear-after-march-29-hearing

edit: Im Indian

We can deny that rich people like warren buffet, bill gates, and other billionaire said bitcoin is a scam.
But the scam is just only bad people are exploiting bitcoin as a scam, the origininal function of bitcoin is really good if we use it for a good things

Netnox

legendary

Activity: 2044

Merit: 1008

Tax evasion is a big issue in India, and only around 3% of the population pay income tax. So effectively this 3% of the population is subsidizing the remaining 97%. The tax rates are so high that anyone who is capable of evading taxes go for it at the first opportunity available. And reports indicate that Bitcoin is one of the tools being used by the tax evaders in India. So not very surprising that the government is adopting such a hostile stance towards Bitcoin and other cryptocurrencies.

TheCoinGrabber

sr. member

Activity: 994

Merit: 302

Let them. Good that they are out of this new development, I mean, do you actually want these people leading crypto? These are people with very conservative views about almost everything, the last thing we need.

We know what bitcoins really are but still, stay safe OP.

Quote from: Vishnu.Reang on May 04, 2019, 07:55:59 AM

During 2017-18, the Indian Income Tax department sent notices to hundreds of thousands of individuals, who were suspected of dealing in crypto-currency. Here in India, the bureaucracy and red tape is so prevalent, that the recipients had to spend a good amount of money out of their pocket to hire CAs and send the reply. Almost every crypto exchange based in India was forced to shut down the operations.

Is that still the case? How many exchanges do you have left there?

Patatas

legendary

Activity: 1750

Merit: 1115

Providing AI/ChatGpt Services - PM!

Quote from: jak3 on May 04, 2019, 08:03:16 AM

I am Indian too and I also face this problem which the government is going to do. Governments do not want Bitcoin or any other interference of cryptocurrency with our economical balance because these virtual currencies can cause inflation and the economy unbalanced (that's what they think ). But there is no regulation upon how much money can be printed by over the moment but there is some regulation upon when they should print. There simply not accepting Bitcoin because it is too much volatile to be a faint currency.

To be honest, governments don't really care about bitcoin/blockchain as technology. They also see it as a medium where people can hide taxes by converting the fiat into bitcoins. They are certainly interested in regulating the exchanges because that just means more taxes and tracking users who try to launder money through bitcoins. India is way far behind when mainstream economics like UK/US don't have any laws against it yet.

jak3

legendary

Activity: 1274

Merit: 1004

I am Indian too and I also face this problem which the government is going to do. Governments do not want Bitcoin or any other interference of cryptocurrency with our economical balance because these virtual currencies can cause inflation and the economy unbalanced (that's what they think ). But there is no regulation upon how much money can be printed by over the moment but there is some regulation upon when they should print. There simply not accepting Bitcoin because it is too much volatile to be a faint currency.

Vishnu.Reang

sr. member

Activity: 1988

Merit: 453

During 2017-18, the Indian Income Tax department sent notices to hundreds of thousands of individuals, who were suspected of dealing in crypto-currency. Here in India, the bureaucracy and red tape is so prevalent, that the recipients had to spend a good amount of money out of their pocket to hire CAs and send the reply. Almost every crypto exchange based in India was forced to shut down the operations.

ropyu1978

hero member

Activity: 1904

Merit: 510

Quote from: SwayStar123 on April 28, 2019, 06:05:57 AM

Its quite sad, I have been using bitcoin for 3 years now but because of the crash, bitcoin has been labeled a ponzi scheme and there are plans to ban it in india Sad

https://coingape.com/indian-lawmakers-call-ban-bitcoin-cryptocurrency/
https://www.ccn.com/why-indias-bitcoin-ban-could-disappear-after-march-29-hearing

edit: Im Indian

most of the countries in Asia crypto and bitcoin are illegal
I think it's very reasonable in some developing or poor countries that don't legalize or adopt bitcoin as an alternative transaction like in Japan.
this is the problem for countries in Asia that are not like Japan and Korea whose economies are more stable than other Asian countries.

dvdrewritable

member

Activity: 280

Merit: 13

Not just India or many other countries where BTC has been banned. I do not know where the government's problem is. Even in our country BTC has banned. Those who are buy or sell it they attack by the police Angry

Digital currency futures will go much and I hope one day BTC will main currency. In my opinion, The digital currency of the country should be supported by The government will be one that all of us desire digital.

Bagaji

sr. member

Activity: 1330

Merit: 291

Quote from: Sirait on May 03, 2019, 06:54:38 PM

not only the Indian government but in almost many countries such as Russia, America, China and some others say Bitcoin is a fraud using the Ponzi scheme. but their statement is useless, the proof is that more Bitcoin players, people who love Bitcoin are emerging, ICO/ITO/IEO programs are growing and the price of Bitcoin is crawling up every month.

Indeed, most of this medias; are good at posting things that has potentials of interrupting the price of Bitcoin for them to buy more from the feeble Bitcoin holders to enrich themselves. Indian government will not ban Bitcoin even though the news said so. Indian government are more wiser to ban Bitcoin in their country, also like other countries.

guoyu78

hero member

Activity: 1190

Merit: 541

Quote from: olamidey on May 03, 2019, 11:57:40 AM

Quote from: SwayStar123 on April 28, 2019, 06:05:57 AM

Its quite sad, I have been using bitcoin for 3 years now but because of the crash, bitcoin has been labeled a ponzi scheme and there are plans to ban it in india Sad

https://coingape.com/indian-lawmakers-call-ban-bitcoin-cryptocurrency/
https://www.ccn.com/why-indias-bitcoin-ban-could-disappear-after-march-29-hearing

edit: Im Indian

See, it's not only in Indian that governments want to banned Bitcoin, lots of others countries are all battling the same despite the fact that a good number of their young people are deeply in to Cryptocurrency trading and mining. It may be difficult for them to understand bitcoin that cant be controlled, regulated being a universal currency and the fact that it goes up and down. Really it's a night mare for bank transactions with bitcoin or crypto as it's narratives

Considering most of the surveys and forms, we came to an conclusion that majority of the young peoples are getting into the cryptocurrency markets to earn a living and start their own business into.

Youngsters are the future of country and if the youngsters themselves are getting involved into the decentralized transactions that means that the future for that country may start rising in the decentralized field which won't be tolerated by the governments of most of the popular countries and hence they are here stopping the growth of the decentralized markets.

But for us, we at least know that the cryptocurrency markets is going to have a blast in the coming future so that we can strongly stay with the decentralized markets.

Cosbycoin

hero member

Activity: 980

Merit: 506

Quote from: SwayStar123 on April 28, 2019, 06:05:57 AM

Its quite sad, I have been using bitcoin for 3 years now but because of the crash, bitcoin has been labeled a ponzi scheme and there are plans to ban it in india Sad

https://coingape.com/indian-lawmakers-call-ban-bitcoin-cryptocurrency/
https://www.ccn.com/why-indias-bitcoin-ban-could-disappear-after-march-29-hearing

edit: Im Indian

I read something similar from the official sources of news from India but what I think is that the government over there has not yet banned the use of cryptocurrencies. Most of the governments from various countries are going opposite to the use of cryptocurrencies because use of cryptocurrencies is minimizing the use of fiat currencies which is also minimizing the collection of taxes.

Governments are always greedy and try to collect maximum amount of taxes from the peoples but the cryptocurrency markets are anonymous which does not give the right to anyone to keep track on the transactions which also makes it impossible to government to impact taxes onto it so they are always running opposite to them.

fiulpro

hero member

Activity: 1890

Merit: 831

Hello
As far as I know India is the hub for the new inventions and in places like IITs something is happening everyday , also it is also famous for Ponzi schemes itself , even a simple call centre could turn out to be famous for doing things that is termed as as PONZI.
Therefore , it is important for you guys to show the government that cryptocurrency is not something that they should declare as a Ponzi scheme , unfortunately the government is 90% old political leaders who understand nothing trust me when it comes to things like that , but the other way around is , India is democratic and thus you have a say over everything, therefore right a letter to the administration , have some rallies gather people around because as you know in India there are many people who use cryptocurrencies, I am sure that will work somehow.
Best of luck .

gabbie2010

sr. member

Activity: 2842

Merit: 326

Vave.com - Crypto Casino

Quote from: akamit on May 03, 2019, 06:44:28 PM

Quote from: mk4 on April 28, 2019, 06:26:43 AM

From the article:

Quote

The Indian lawmakers have suggested in the bill that there is an urgent need to completely ban cryptocurrencies in the country as it leads to ponzi scams and supports money laundering activities.

If the government is indicating cryptocurrency as ponzi then I might say they do not understand what cryptocurrency is.
or if they referring to traditional ponzi scams then I want to say, will it stop ponzi scams if they ban cryptocurrency? I guess no, fiat will take over but ponzi will never stop.

I think Indian Lawmakers need to spend some more time on the internet to educate themselves about cryptocurrency. And one thing more, does Indian Rupees totally pure from money laundering?

Honestly those lawmakers hasn't got the idea of cryptocurrencies and lack depth knowledge of what cryptos is all about, however I am absolutely sure before their next hearing a further consideration on the ban will be looked into because of the vast population of Indians cryptos enthusiast and users I believe their actions would not stand test of time.

Johnzky

member

Activity: 616

Merit: 30

Quote from: SwayStar123 on April 28, 2019, 06:05:57 AM

Its quite sad, I have been using bitcoin for 3 years now but because of the crash, bitcoin has been labeled a ponzi scheme and there are plans to ban it in india Sad

https://coingape.com/indian-lawmakers-call-ban-bitcoin-cryptocurrency/
https://www.ccn.com/why-indias-bitcoin-ban-could-disappear-after-march-29-hearing

edit: Im Indian

Indian government is always making noise about their stands towards cryptocurrency but nothing turns accurate. I guess what your government wants is tl make money or take a piece of cake from our crypto community

But i doubt that they have the capacity to ban.bitcoin or the cryptocurrency as well because they know how the Indian people profiting from this and will not make them down just by issuing some laws

michael woo

newbie

Activity: 7

Merit: 0

There is always sad news and good news for BTC. The government always treat BTC bad and the enterprise treats BTC openly.
Like in China, there is a policy that will ban mining in the near future. But we know the Chinese government is using blockchain tech internally for the B2B finance in the limited area. The government don't want to deploy cryptocurrency in B2C too fast so they may lose control for the financial system. Some government like US or Japan may set up the policy to control strictly on BTC which I think will be a better way for the blockchain industries development.

Sirait

full member

Activity: 1890

Merit: 101

not only the Indian government but in almost many countries such as Russia, America, China and some others say Bitcoin is a fraud using the Ponzi scheme. but their statement is useless, the proof is that more Bitcoin players, people who love Bitcoin are emerging, ICO/ITO/IEO programs are growing and the price of Bitcoin is crawling up every month.

akamit

hero member

Activity: 1498

Merit: 596

Quote from: mk4 on April 28, 2019, 06:26:43 AM

From the article:

Quote

The Indian lawmakers have suggested in the bill that there is an urgent need to completely ban cryptocurrencies in the country as it leads to ponzi scams and supports money laundering activities.

If the government is indicating cryptocurrency as ponzi then I might say they do not understand what cryptocurrency is.
or if they referring to traditional ponzi scams then I want to say, will it stop ponzi scams if they ban cryptocurrency? I guess no, fiat will take over but ponzi will never stop.

I think Indian Lawmakers need to spend some more time on the internet to educate themselves about cryptocurrency. And one thing more, does Indian Rupees totally pure from money laundering?

Gaff

hero member

Activity: 924

Merit: 502

Quote from: Jating on May 03, 2019, 09:26:21 AM

Quote from: izanagi narukami on May 03, 2019, 08:37:55 AM

Every government have their own judgement toward crypto.
Like my government see crypto as high risk activity and able to cause inflation so that's why my government still not legalize crypto yet.

Right, many governments are still in the opposite spectrum of the discussions. Other nations are very friendly and would like to see crypto move in the next 5-10 years. While other nations doesn't like it at all and an imminent ban is likely to take place.

Quote from: izanagi narukami on May 03, 2019, 08:37:55 AM

For what I seen, crypto is not Ponzi because there is no 1 person or 1 company who own/control bitcoin but every people who trust and own crypto !

It really means that Indian government failed to realised what bitcoin. Calling it ponzi scheme is not true and we all know that.

Their government has no proper education on how bitcoin works on the lives of the people, who've been linked to Bitcoin's financial system. I guess it was too hard for them to adopt this kind of system in digital currency, as it will prove transparency on every transactions done. Corruption will no longer exist, that's why government politicians accused bitcoin for a ponzi scheme and they tried to take down bitcoin for that reason in order to prevent full implementation of digital currency in India. Greediness still exist, so authorities use their power to make things worst for bitcoin.

jjbanks994

jr. member

Activity: 255

Merit: 3

Quote from: Jating on April 28, 2019, 07:57:21 AM

I'm not surprised at all, they seems to be following China's sudden U-turn. However, bitcoin can't be stopped, people will still continue to trade underground OTC so I guess Indian's government hands are full if they wanted to chase those traders.

But just imagine if bitcoin takes out in the next 5-10 years, what will happen to those countries who opposed it? Are they going to be left out in the closet?

That was what I was thinking too, they are going to follow a rule of control from other countries like China.

olamidey

full member

Activity: 798

Merit: 104

Buy, sell and store real cryptocurrencies

Quote from: SwayStar123 on April 28, 2019, 06:05:57 AM

Its quite sad, I have been using bitcoin for 3 years now but because of the crash, bitcoin has been labeled a ponzi scheme and there are plans to ban it in india Sad

https://coingape.com/indian-lawmakers-call-ban-bitcoin-cryptocurrency/
https://www.ccn.com/why-indias-bitcoin-ban-could-disappear-after-march-29-hearing

edit: Im Indian

See, it's not only in Indian that governments want to banned Bitcoin, lots of others countries are all battling the same despite the fact that a good number of their young people are deeply in to Cryptocurrency trading and mining. It may be difficult for them to understand bitcoin that cant be controlled, regulated being a universal currency and the fact that it goes up and down. Really it's a night mare for bank transactions with bitcoin or crypto as it's narratives

Topic: x - page 3. (Read 1110 times)