Bitcoin Forum

Hi,

Mr.Kirit Somaiya, a member of Indian parliament is seeking public opinion about bitcoin. He constantly investigate & raise issues about unaccounted money and I think as a part of he is seeking opinion about Bitcoin.

https://www.twitter.com/KiritSomaiya/status/845839121180438529/photo/1

Please help me to draft a letter, in order to represent bitcoin.

Best
Dudeperfect

I suppose you are a Indian, it's best if you moved it to the local Indian board. However since you have posted it out here, all I can say is you can point out to him that Indians (I am talking about my friends in particular) buy through zebpay or local Bitcoin and they have given their Pan card, something your authorities use right. So I don't see any reason to be worried on it. I would say you ask a lawyer to draft you a letter. Maybe use Google and see if Bitcoins has any restrictions in your country. Hope it helps you.

It would be a little bit sad for indians if government declares bitcoin as illegal.Already, china and russia have tried to ban bitcoins and have dropped that idea.Just like dollars,some may use it for illegal activities and bitcoin cannot be blamed for it.

Do you think he will succeed 100% in his goal ?
No it's impossible i have seen some local selling bitcoins for cash.
Also after old cash ban rich people have exchanged their cash for 40% of it's total value.
Also it's impossible to trace tx of bitcoin so what he's trying to accomplish ?

I don't know if how is he going to react about the  things that you will be telling to him. I suggest that those veterans and a pure enthusiast of bitcoin will be the one telling him how it works and the pros and cons of it.

I hope it doesn't happen that way too because we need the population of India to strengthen Bitcoin and if it is banned the community will loose a lot. I'm hopeful it wouldn't be the case because bad people will always find means to commit a crime no matter the type of currency that will be introduced.

I'm not the best person to talk about bitcoins since I'm not familiar with its technical details but I sure hope this turn out well for bitcoin in that country. From what I read some people there have took to bitcoin because of the cash ban. I understand they'd be skeptical of bitcoins because it's unregulated (and governments in particular don't like stuff they can't control). 

I think India would be missing out on a lot if they completely ban bitcoin. It's possible that they can just have local exchanges be stricter in taking information on those who'll register (in my country they ask for government IDs) just to avoid money laundering and then just allow people to do their thing.

I can only recommend that you send him to reputable sites that explain what is bitcoin and how it works,it's much easier that way because they are the authority if you try to explain it in your own way,you could make a mistake..

Compile the best articles,links videos and send with a little explanation in your part.

Recently after the demonetization that has been imposed by the Indian government bitcoin suddenly got lot of users from the country. The same is aware of few politicians and fearing it he has put forth statemens to regulate bitcoin. I think it won't take place as India is now moving everything in the path of digital growth.

It will not be sad, it will be a tragedy if it does happen. The Indian remittance market is massive and the Indian economy is huge, so if we lose traction in this market due to political interference or because they were poorly informed, we can only blame ourselves.

You guys should try to get Andreas M. Antonopoulos, to visit your government, like he did with the Canadian senate to explain Bitcoin to them and the new opportunities it will bring to your country.

Current opinion in the Indian Parliament is that bitcoin is a ponzi scheme. This is a statement put forward by the ruling party currently.
He said:

"The use of Bitcoin, a hypothetical currency, is increasing at a rapid speed in India as well as in the world. Experts have expressed concern that Bitcoin is a pyramid ponzi type scheme. This issue should be taken very seriously and there is [an] urgent need to have a study on development of Bitcoin in India. There is no regulator. As it is functioning like [a] currency and seems like [a] Ponzi scheme, RBI and SEBI as well as Finance Ministry to take [the] appropriate step to save the people from another big ponzi fraud."

My opinion is that he is trying to cast bitcoin out of India is that it is a kind of currency which cannot be taxed and thus government doesnt get any income from that sort of thing. I think this move should be staunchly opposed as this might result in the banning of BTC in India pretty soon.

Yes, there are chances for the Indian Government to ban bitcoin. But will it actually work? I mean how can they ban bitcoin? Perhaps they can close down companies such as Zebpay and Unocoin and prevent business or online sites from accepting bitcoin. But people can still mine them and trade in other websites right?

It doesn't seem practical to ban bitcoin for any Governments. They can impose tax , a very high tax to discourage people and spread false news such as bitcoin being a ponzi.

I was just looking through the replies to his pic and comments. It seems to me that most of the general population is against Bitcoin and see it in negative light, while asking to ban it. I urge all Indians in the community to be outspoken and put Bitcoin in good light coz it doesnt look good otherwise.

Not much needs to be said to put Bitcoin in "good light". Anyone intelligent can see that Bitcoin has emerged to be the best answer to staying ahead of the rising cost of rent, traveling, education and healthcare. No other store of value asset can match it. Not gold, not stocks, not bonds, not silver, not oil. Stamping out bitcoin in India, would make it even more expensive for any Indians to acquire it. And worse, will make it harder for all other Indians to be able to keep up with rising costs of rent, travel, education, healthcare.

Political stance in India is probably very different from public opinion (perhaps though, political parties can sway public opinion if not outright determine it) and any sampling of opinion online would probably reach the very upper middle class at lowest. The current administration seems to be heavy-handed even with the Rupee but as usual, politics is better spent creating distractions from real economic problems.

There's hundreds of articles and videos about crypto currency and bitcoin just direct your law maker to those links and let him decide if Bitcoin can help india it's people and it's economy,I'm not good at explaining but good at recruiting people using links coming from videos

He is just a politician who don't know anything about bitcoin, he sees it just as another ponzi schemes but he doesn't talk anything about many ponzi seems that are booming in india in the name of network business.

Just watch this video, he doesn't deserve to talk anything about bitcoin https://youtu.be/7azpzYb5Xn0?t=38

if you want to write a letter to him, perhaps you need some strong scientific work, and a certain formula. You may also need to be more in learning formulas and algorithms that make up cryptoccurency, so he understood. cryptoccurency not a ponzi, but many ponzi who live in cryptoccurency.

Bitcoin is not a Ponzi scheme lol. I don't know complete Law aspect about India, but I can say one thing, a government official from your country are doing many scams, why are you not taking any charges on them. Bitcoin is completely freedom currency and even in recent demonetization why your government changed the currency to higher values because there are many fake notes circulating in your country to stop that you have printed a new higher currency, it means with fiat currency also there are many people doing illegal activities.

So bitcoin is completely a digital currency it is not possible to create fake currency like fiat and why don't you consider bitcoin as a currency, transform them into to people mind in the form any specific laws.

It will be harmful for you and other citizens of your country if your government did not studied about bitcoin and blindly banned it in their country. I do not know that they will give time to study it or not but the better option with you is that you start a survey in your country and ask from public to vote for bitcoin and then publish that survey on your media.

If he really wants to counter money laundering with the use of cryptocurrency and bitcoins then the proper way to do so is to require all exchanges in India to require all users to submit valid IDs and verifications. Such details are important so that if there are major or big transactions made in the exchanger you can report it to the Central Bank, this is important so that money laundering will not occur.

This is not a good sign :(

We need collective effoRTS to prevent govenment from taking any such harsh decision. I don't want to find myself just for using bitcoins.

https://pbs-h2.twimg.com/media/C8AnzEfVUAAwU-C.jpg

@Bitcoin is illegal User can face action under money laundering & other acts say government of india in Parliament says Indian member of the parliment.