Bitcoin Forum

India’s Government Agencies Still Have ‘Concerns’ About Bitcoin

Indian officials revealed last week that the country’s tax agency and investigation task force have concerns about money laundering and black market activities associated with bitcoin. India’s Special Investigation Team (SIT) is in the midst of drafting a report detailing problematic issues regarding the decentralized cryptocurrency.

What do you think?

I just pray that all this is just an issue and it will not happen but if it does happen I have to keep calm.semoga in my country stay safe :D

Sometimes when we read too much news about bitcoin, it makes us afraid. Just take a breath or take a rest at home.

I hope the bitcoin returns to its original state, which is where all countries receive bitcoin so bitcoin comes back to its original level, where its price increases and everyone is free to have or play bitcoin  :D

As of now, the Indian government has not taken any serious action against the cryptocurrencies and they never planned to ban the bitcoins or any other alternate currency. They have just set up a team to understand the concept and consequences of the bitcoins on the indian economy. We can see in the future, some laws related cryptos by the Indian government in order to monitor/regulate the bitcoins.

If Japan, Korea will create their own bitcoin drama story like this. We can see Bitcoin at $1900. Good thing I sold all my alts and bitcoin at $4000 waiting for the Big dump. I want to see BTC at $3200 in the next few days.

Theres no news or announcement by the indian government that they will ban the bitcoin or other cypto as of now they just assisting some team to study what is the benefits of cryptocurrencybin their economy. We cant blame that there are news and issue regarding money laundering related in crypto as it is decentralize... Government should understand its main function. And if they need to regulate it in the near future

They should regulate bitcoin exchanges and monitor each transactions, money laundering will be a big problem and may happen if they will not regulate exchanges. If this possible ban will push through bitcoin will stay continue but the support from the community will surely decrease.

They ll come up with regulations on legalising with Government policies and their own exchanges to be all legit and Safe, remember India is moving forward after demonization and government preference is more towards digital currencies, so India shouldnt see anything like china as of now.

There are no bad news about India and Russia, so please stop that FUD.
Especially Russia knows that cryptocurrency is the only way to defeat the US Dollar as word currency.
And if the would ban it, there are many other countries to take their place.
Mostly every week there are good news from other countries but the people are only listening to the FUDs.

There is nothing to think. Bitcoin is not subject to the existing rules and therefore all governments are afraid to legalize it. In their eyes, by the budget are the big money flows and these flows will only increase. Any attempts of legalization of bitcoin will be directed against the interests of users.

thats only strategy for buy bitcoin cheap price

Sometimes the best way to ignore some negative feedback is to accept it, learn from it and make way to solve this problem because one you'll be able to meet something like this. You should be ready when it came back again, because that's life, you learn from it.

Anyway, the government of India should start imposing a regulation to every exchanges in their country, just like how the other countries did it.

I hope that the government in India have a positive outlook about bitcoin and not only focusing on money laundering that even without bitcoin there is already money laundering happening globally. Digital currency is the future and Japan knows it, I hope India sees it also.

I think they are still on the studying , understanding and researching about cryptocurrencies before taking action about it.
For me banning cryptocurrencies on India is still unimaginable, I don't see india will take the same stupid step by China. If they really want to monitor transaction then regulate cryptocurrencies trading ang exchanges.

any other sane person in the whole world would have "Concerns" about bitcoin. that is nothing new. every government in the world shares these "Concerns" it is not a thing to really discuss. if a country didn't show any "Concerns" about bitcoin then you have to start worrying about your government's competence.

and India has adopted bitcoin and that is the only thing that matters. just like China, Japan, Russia, Australia, US, Switzerland,...

I think it will be a general trend to regulate somehow the cryptoworld as it will become bigger and more important. It is just question of time when it comes.

I have heard many times that Japan legalized bitcoin but have never seen documentary proof of this. I think that the same can be said about India. People often do not see reality but only what they want to see. I don't want legalization. I was quite happy with the status quo.

Not surprising actually. This kind of information or news isnt new anymore and lots of government do really have the issue into bitcoin about money laundering and black market transactions.They can make investigations as they can but i wont see that this thing would affect too much on the price.If they would block or ban bitcoin again then so be it.Nothing can really stop on bitcoins progress in the years to come.It might be used on these kind of illegal stuffs but government cant really do about it.

When government is drafting regulations for something they need to consider positive as well as negative aspects of a commodity. Nobody can deny the possible use of Bitcoin or other cryptocurrencies in illegal market where India is already has the problem of black money. Llike every other invention Bitcoin has some negative effects, but we certainly can't ignore the potential of Bitcoin in global financial landscape. India can't ignore Bitcoin when it is trying to make a place in World's economic system. If Bitcoin booms and India banned it, then India will be at loss. I think government can tackle the formal problem effectively by putting some rules and regulations at place. There won't be any need of banning it.

honestly this can make a bad impact on the development of bitcoin at this time. If India follows what China is doing then there will be global panic. India also has a very large population, just as China is an important part of bitcoin development. I think maybe there should be no action from another country. because of course this can make things worse.

Well obviously governments always have issues on anything, they always want to get something out of it that's why they are "concerned" they also want to earn something than making their people earn. Unlike other countries, that they prioritize their people. Also, the government wants to control bitcoin as the same as money so that people won't over earn and they won't have any problem controlling and so that every time their people earns bitcoin they want always a part of it.

Concern =/= ban. India is fine.

This might be some sort of clarification in regards to their stance about bitcoin. Probably some regulations that monitor money laundering cases closely but regular trading and exchange won't be affected unlike the case in China. India is one of the blooming markets in the East which also delivers great volume to trading on an everyday basis. Indian officials know this and might be stricter on their AML regulations but not to the point where they would need to ban bitcoins.

These countries are seeing bitcoin has a threat. It brings all the that fiat currencies bring, and also it's a problem for bankers and corporates because cryptocurrencies are decentralized, thus not controlled by them.They aren't worried about dollar or yen, or euro being used in money laundering, but there has been many things like that happening also, and maybe they even don't know, so if it happens in crypto why are all they tensed and all? Maybe because they are afraid of losing financial control over the population, and bitcoin can bring that !

I don't think India will Ban, but Money laundering or illegal activities can be happened from these crypto  currencies. Time will tell everything as this topic has to do nothing.

OP do you came here to post this news or to learn here? You have only 2 posts out of this one.

The real problem is that India would be perfect to receive the Chinese miners. Electricity there is cheap and there are tons of great engineers.

But now people would be scared of doing business there. At least until next year.

There are no reasons for India to ban bitcoin. There are no serious industries involved with btc there. That would be like a using bazooka to kill a fly. The btc in India is still on it's infant phase.

I expect this to happen and this are sign that bitcoin is the currency of future. Bankers, politicians, governments and elites are afraid of bitcoin because bitcoin is going to take food from there table and place it in the table of common man. China are attacking bitcoin and now another rumors that India has started their own about money laundry. Hope bitcoin stand unregulated.

We can expect new licensing requirement and heavy monitoring of each and every transactions in and out of registered bitcoin trading platform in each and every corner of the world soon.

Indians are buying bitcoin in crazy volumes because they have recently faced demonitization and limitation on amount of gold they can buy and hold. Sooner or later Modi will implement heavy taxes as well as limitation on amount of bitcoin one citizen can hold.

This doesn't sound too alarming. It sounds like a preliminary report with no real implications. This is the same type of language that US legislators and authorities were using a few years ago. As a matter of fact, a US senator recently called for Bitcoin to be "shut down" due to its association with North Korea. I knew that North Korea connection was going to be used against us. :P

From a government perspective, there is indeed darknet market usage and money laundering in cryptocurrencies, so it makes sense to keep tabs on that as they become more prevalent. I wouldn't take that to mean an all-out ban is coming.

India has not yet taken any serious action, Bitcoin can Overcome these shitty problems.
I think, Bitcoin's prices will continue to grow again very soon...

Yes, it is true. but I'm sure they'll rethink engagement with bitcoin. like russia, russia is now looking to break down the bitcoin, from the rumors I read. bitcoin can benefit the country and the world community. but some countries are worried about risks, such as money laundering. hacker crime. that's what I think.

Well, I am myself from India and I can say that there is no such serious situation here atm and whatever happens, whether Government decides to come up with their own cryptocurrency "Lakshmi" or not, but they seem to have no plans currently to ban Bitcoins because they know that it may be getting used in fraudulent activities but it isn't intentionally made for such purposes and that it is helping many countries gain it through mining (some countries have already joined and if OP says about Russia, Russian Government Officials have clarified that they are going to set up a mining farm on their own to mine Bitcoins) - a decision which could help any country to stabilize their debt ratios by somehow relying on it TBH...

This is a common issue on bitcoin. Blackmarkets needs anonymity and bitcoin is the best choice to run their transactions. This use of bitcoin is difficult to prevent, it is just a usual response of their government to act on this problem.

Correct me if I'm wrong, did India already lift is banknote demonetization? because the reason the government did it is because the same very reason or concern that they have on bitcoin. So there is no surprise here since they already did it to there banknotes as well. But I only speculate that they will not ban bitcoin but rather put a tighter regulations. So there's still no clear evidence that they are following on the footsteps of China. So title of this thread seems to misleading.

Russia is a different story though. They seems to contradict themselves and unlikely they will embrace bitcoin or any crypto in general.

 

I think what you say is debatable. what is said is not one hundred percent true. about china, that's right they've banned bitcoin.
but concerning russia I am not sure yet, because the issues that now circulate Russian engagement on bitcoin will soon be legalized. that's what I'm thinking now.

Till now, Indian government has not taken any serious action against bitcoin.
Now, Bitcoin can grow up with Japan & Korea.
If they will Ban BTC in future then I think bitcoin will return to its original state, no-one can say what will happen.

I believe that the country that prohibits its people who deal with bitcoin, will suffer a setback. basically we can not resist the times, this is the digital age. sophisticated and modern. we can never fight knowledge and knowledge. so does the country that forbids it. gradually they will re-engage.

What is bitcoin's original state? :D

They won't ban it. They have concerns because they don't understand it, but there are many smart people in India that will gladly explain it to the government. I know it's hard for older people to understand that there can be a currency that's not backed by any country or even a company.
IMO they won't ban it. Most countries will at some point regulate it, but that will be all.

The situation here in India is not very clear. The government has been sitting on the situation now for a long time but i dont see any progress being made. I don't think they will approve of this so easily after taking up steps like demonetization.

Indias government does have concerns with bitcoin, but that is every government involved or are aware of bitcoin having concerns.
India is pretty new in the crypto world and my personal oppinion is they have to protect their citizens and money from making losses over ICOs for example, once ICOs are regulated and are marked as proper projects its a win win, the investors are not throwing away their money and the governments can benefit from the project.

I think that's a good news actually it's the third time I am listening about this that Indian government is trying to accept bitcoin.I am from India and it feels good that government is at least trying to get a grip on the matter I know they cannot actually control it but it will inspire the citizens so they can start adopting it as well. well in some states it is already accepted but there are many states who are waiting for the government's action.

I dont know which country would be next, but i dont like all this stuff. Maybe it is a false fud, and you are only doing it to create panic in the market, but if it is true, then the whole market would bleed again. But as far as i know, they have not banned bitcoin and iCO's they are only trying to make it a little bit more regulated, and i dont see it as a bad thing.

China and Russia are clearly trying to control crypto-space in their countries. Even Estonia has a program for creation the so-called Estcoin. I guess this trend will be more and more present, but it could be another chance for invest and maybe the coexistence of national cryptocurrencies with bitcoin will be possible in the future.

Agreed. If we are going to see Bitcoin where we want it, government will have lots of "concerns". They will not keep quiet while they see it go really mainstream. Some things will happen along the way, and bans (from my point of view) are not at all unlikely.

Lately, there has been a lot of disturbing news in the world of crypto currency. But it seems to me that most of this is mass hysteria. Against the backdrop of rapid growth, and the rapid decline in the news from China (and manipulative), people tend to either rejoice or panic.

wow, hopefully what happen in india , it will not happen in my country, and hopefully it does not affect the bitcoin price in the market

The only problem i see is that the government cannot control the money and link their aadhar card to it  :P money laundering issue can occur even with fiat so that is not a problem that cannot have a final word ,all the exchanges running in India does have strict KYC policy and i dont see what problem they see in bitcoin and that is not the case happened in China as they wanted to regulate the exchanges and not bitcoin.

lol seriously are we worrying about india now?Who gives a crap about the opinion/decision of that country?I don't even care about china banning bitcoin(having massive hash power).Bitcoin is a revolution,it can not be banned,not by the government of any country :P

The tax issue will continue to rise each time the governments try to handle bitcoin trading and usage in general. They want a full control of the entire monetary system... Dictatorship...

I totally agree. It's just an obsession. Everything is gonna be ok  8)

People not understanding Bitcoin worry about anything that may form a certain "threat" to the accessibility of Bitcoin in such a country ~ these people are just here driving the 'hype' till they think it's done.

Bitcoin can't be put to stop, and those who understand this, and remain hodling their coins throughout the years, will be the real winners here. We have gone through a huge load of drama already, and look where we are now. :)

People were speculating that Bitcoin's days were counted at the time MtGox made the market sink from nearly $1200 to below $200 back in the days ~ just like everything we experience right now, it's just a short term obstacle.

Well in every country there is always an issue. It makes other users/ traders to be panic and sell their hodling coins. Lets just hope that this will be resolve anytime.

If no government was able to stop torrents, then I guess these bans are all noise making .

I hope bitcoin will go back before but not the price . Because if all country dont have issue with bitcoin for sure the price will increase so everyone will benefits . I hope china russia and india will be back to bitcoin so will become as united and we will see bitcoin more powerdul and stronger .

There are many engineers from india that work in sylicon Valley.They are not stupid, the influence of the engineers is big in India. They know about tech, and they can give advice to govt to regulate bitcoin better than to ban bitcoin.

this is really sad, when bitcoin is popular, but the government is worrying, maybe because bitcoin does not know taxes, or other reasons that make us confused. It's also worrisome for us as bitcoin hunters, hopefully no side effects for us, and their fears are not followed by other countries.

This is nothing new, since governemnts also has its duties, that is to protect its people, india seems to be doing that as well, i think they just wanted bitcoin to be regulated, so as to see whether or not someone doing criminal activities, i think india accepted bitcoin, knowing the fact that bitcoin used to be the currency for the deep web and since bitcoin gained its popularity and had proven that it can be used outside the deepweb, many had seen its potential. I can see that there will be a time that those countries that had lealized bitcoin will have a summit and make rules in regulation of bitcoin in their region, sooner or late, we might see india speaking with russia, regarding bitcoin. Hopefully at that time their neigboring country, china, will also reconsider bitcoin, since they will now have help in checking for scam ICOs, sinece india is a great ally when it comes to technology, they will have no problem in destroying those who try to destroy cyprocurrencies.

On a sidenote, I saw a video the other day saying India is the 5th largest military spender globally. I would have thought they would put more resources into crypto instead of military. hahaha :P

Well this hardly a surprise after all that is one of bitcoins features or forte for some countries this might be an disadvantage for some it is an advantage. Money laundering even happens in fiat currency so how can crypto currencies be any different. But the indian government still hasn't take any actions, they dont any plans in banning crypto currencies or all altcoins i guess their just trying to understand btc's concept in order to regulate it.

It would be surprising to me if every tax & police authority didn't have concerns about Bitcoin and other Cryptocurrencies, this doesn't mean that they are going to ban them.

I think India not banned the bitcoin it's still under abrevation, the government collected the reviews from the experts of Bitcoin community in India, so till we have to wait for government announcement about bitcoin.

I don't see any problems or news about that India concerns about bitcoin because the only thing that i know that India doesn't have complains about bitcoin and in fat, they already made bitcoin a legal currency in their country so i don't think that there is something to worry about the relationship of India and Bitcoin.

I fell like when one big country officially acknowledges bitcoin, then chain effect will happen for all other country. But, we need this one starting push!

Maybe it's because the transactions in blackmarket that using Bitcoin. Then, government become confuse how to deal with Bitcoin.
Bitcoin may give us freedom and privacy. But Bitcoin also can be use to buy guns and drugs in blackmarket. I'm talking about the Deep Web.
Let us hope, this problem will get answer and solution. It's not fair to block all the Bitcoin transactions, just because criminalities.

The Reserve Bank is uncomfortable with "non-fiat" cryptocurrencies such as Bitcoin, its executive director Sudarshan Sen said today

By that statement, it's clear the the reserve bank there are against bitcoin, it's like stating their refuse to bitcoin clearly. the regulations which I expected to soon to be released will most probably tighten the rules even more or simply ban the existence of bitcoin in that area.
I'm sure that if india government only planning to release regulation to tighten the rules, it's to benefits their bank and to make bitcoin struggling there.

hopefully the Indian state does not ban bitcoin as it is already happening in china today and this country added can formalize bitcoin with the conditions imposed eg in tax payments so that society and government complement each other and no party is harmed.

as well as very confusing. on the other hand we want to get ease in transactions on the other hand there is a misuse bitcoin

I thought bitcoins weren't going to be declared totally legal in India, similar to Japan. What happened to that!? Also it seems that Russia is actually loosening the reigns not tightening them.

I'm not sure, whether it's only a speculation or the latest decision from India's government. However, I certainly hope that India won't follow China & Russia track...

in my point of view India government is not wrong to do investigation towards illegal purpose of activities regarding bitcoin. india government have a right to do that to do their one of functions to secure their country from crimes. but the important point is how bitcoin users use bitcoin, nowadays many people are taking advantages of bitcoin features like anonymous and using services of bitcoin laundry to trace their crime 's track. we as bitcoin users should change mindset regarding this case.

Who told you that Bitcoins were about to get legalized in India? The Reserve Bank of India (RBI) never said anything in that direction. On the other hand, the RBI authorities had issued multiple warnings about Bitcoins, even in the past. At no point of time, the central bank authorities said that they were considering legalizing the coins.

realize or not, bitcoin is helping people in india to have additional income from bitcoin. we are see many indian people which is trying to make money from many ways especially with bitcoin. and if there is any investigation from the india government, i think they are really concerns and want to prevent money laundering in their country and because bitcoin can hiding someone money, the government will against any illegal activities that might be happen in their country. so if they want to do this, then i think they can do whatever they want and i am sure that only few people that using bitcoin for illegal activities. lets we wait for the next news from their government.

Hope its just rumour because there was committee assigned for bitcoin regulation in India this year April . Till now there is no negative impact on bitcoin . Again this statement made me to think again because country already demonetise some of the running currencies.

that is a problem for any government, money laundering and people earning money without them getting taxes from it. That is why no government really want bitcoin

we cannot blame india and their officials asspciated to investigate to these kind of happening ..
its like their defense mechanism you know..

it is up to them for the sake of security of their country
I think they will do investigation but the will not ban BTC instead they use it to track the one who is doing wrong about the BTC
I am also hopefully that in our country the bitcoin will remain the same

and I think there is not much infos regarding to that so just chill

I am agree with your opinion. Digital currency is future and everybody know about it. Just look like a positive mind.

India will take time to regulate bitcoin but they will regulate.
Just like internet was new in India and people are scared that it will lead to bad sectors but later they regulated internet and it increased India's growth.
same is like bitcoin right now people are frightened and scared it will lead to bad sectors but later bitcoin will be regulated and gets legalised.

I think russia didnt actually banned the bitcoin.As I have read in the news that they are planning to regulate it in their country but still not consider it as a currency.But if they ban the bitcoin in their countries I think it will not really affect the bitcoin that much because their people who uses bitcoin will just find a way just to use it.

More and more bad news about bitcoin.
I think only positively, and will not be affected by the news..
The most important thing in my country is still safe using bitcoin,

it's a very common issue for any government regarding their financial system, every government must have to regulate on the financial transaction so that India also are checking out this window. but I think no one authority can stop Bitcoin anywhere. it's a matter of people's involvement. so concern authority can only regulate on this system. it's not a matter of concern.

Well Bitcoin has been going through such turbulence ever since its inception and so I don't think this current one us what's going to bring it down. I think it rather gives Bitcoin and Bitcoin users the platform to price those oppositions wrong. I'm optimistic as always that Bitcoin will bounce back in no time.

I don't think Indian Government is going to follow the china. Yes, the govt is concern about the misuse of the decentralised nature of the bitcoin and want to track the bitcoin transaction so that they can take control over its misuse like terror funding and hiding blackmoney. And, I think not only India or Russia many other countries are also have a plane to regulate the cryptocurrencies but banning is completely different thing.

This is just a news created by people who want's to have a control over bitcoin they want people using bitcoin to panic. We cannot prevent if many government wants to have control over bitcoin specially now that it is growing very fast and continuously to have a good value appreciation but bitcoin is digital currency as much as they want they cannot have the full control over it

not too worried, news buzz about Bitcoin just a lie issue. they want cheap price. and that's just FUD.
It has been proven that such an issue has not succeeded in destroying Bitcoin's price.
all is fine and Bitcoin will remain the currency of the future. I believe.

There never was such a state and never shall be, because Bitcoin is perceived as a threat by most governments, especially the ones with somethings to hide. If it were such, that they were able to call the shots and manipulate Bitcoin the way they do with their local currencies, all these dust in the air and finger pointing won't have arisen in the first place. At any rate, it is nothing to lose sleep for, Bitcoin is a dark horse, this line of action will only end up making Bitcoin more popular and valuable.

The same thing will always result in all their report which will be to either

1. They go the coward way, by saying banning everything that are related to bitcoin, from website to exchange site and several others or

2. To regulate which might be much more difficult for country like India.

Aside those two options, I don't see any other outcomes of all of their meeting, discussions, committees etc.

THis is kinda expected to be a trend as china and russia have given bitcoin a shadow that other cou tries will also think about. Yet I think this can be turned postively as long as the attention it garners now can be fuelled by other issues and isted put into more positive actions.

I hope that it wouldn't affect the price too much,
Wish that this wouldn't decrease the number of bitcoin users that we have,And hope that it is just a fake news.

Hoping That This kind of news will be vanished Just for a few days just to take a Rest.

This must be gone too far if it is really happening,
but as far as I know, every country has a reason to do this,

1st. They will ban bitcoin it's because of the blackmarket and payable through bitcoin.
2nd. bitcoin currency has no tax.
3rd. Bitcoin has a great value than any currency in it's respective country

Try to imagine 1 dollar is equivalent to 50 peso in Philippines.
In other Words, 1 bitcoin is equivalent to 180-190 thousand Peso in Philippines, ( not stating the exact Price Because of its Volatility)
See, a very great Difference, these are the reasons i know why Banning is implemented in the moment.

the amount of FUD is becoming ridiculous. and to think all of it will disappear very soon and be forgotten by everyone who is now worried or worst repeating them!

i think this past 2 weeks was the height of new members on bitcointalk. every day i see at least 10 of these same topics which are talking as if their imaginary "bans" have already happened.
i don't know if it is because of gullibility or dumbness.

we knew that India also got a lots of bitcoin supporters same with china, they also got a numbers and it can be felt if this news is true, if they will start this
issue then we will see the effect, but as time passed more of us here already understand that whatever the government will try to abolish or try to interfere
the market will continue and the support will go back better to keep holding and never to fear with any news that will show up.

Seriously? This is a bad news again, if India will ban Bitcoin or ICOs, bitcoin price will fall again. This is the sad reality with bitcoin, no taxes involved then the government will ban it.

Such criminal acts often happen to people who do money laundering by utilizing the service features of bitcoin, in fact the purpose of bitcoin is made in order not to do unwanted things like crime, but bitcoin is created by developers to facilitate transactions that can be done by everyone easily from wherever they are. Hopefully the concerns of India and other countries can be easily overcome by assessing the good side of the bitcoin function. The things that should be avoided not from bitcoin itself but because of the misbehavior of a person using bitcoin function.

in my opinion it is bitcoin can be used by anyone. bad guys and good people can use it. I also once thought how if anyone uses bitcoin as money laundering. especially criminal money laundering activities such as corruption and black market trade. such problems are the government of a country that has to give rules, so bitcoin is not used as a crime.

I think is is something completely different from what is happening in China. Money laundry is a problem, not just for crypto, but for fiat as well, and I think that every country should do their best to stop it. This looks like a normal concern, and it doesn't mean that they will "start a fight" against crypto.
As for Russia, from what I've read I think they favor bitcoin as well.

All these rumors are sent only to disrupt the market in a tailspin and buy up cheap coins. China will never start a war first. The Chinese tactic to rake up the fire proxy. They will wait who wins, bitcoin or the dollar, and then you will be victorious in any case.

Instead of showing concern arrest those money launders. That will solve the problem from root. Idiots.

Well any country that is concern about fighting corruption and money laundering in the country will definitely diverse a way to check the activities of decentralized currency eg bitcoin and other cryptocurrencies, cause it might be use for laundering money out of the country.
But am very sure that, that will not affecte the activities of bitcoin that much cause cryptocurrencies are not subject to any central bank or institution of any state.

That's really a sad new for bitcoin users in india.Just recently,indian government formed a committee to give recommendations for legalizing bitcoin.We all were waiting for the bitcoin to be legalized.I think that indian government is totally confused about bitcoin.Some times,it says that it is to legalize bitcoin,then suddenly takes a U-turn in its decision.Just we have to wait and see whether the government would follow china or japan about bitcoin.Let's hope the best.

should really be supervised using bitcoin because I think bitcoin can be used for crimes, such as money laundering, for its policy depends on each country.

There were a few panicked guy show thought we're dead without China but...INDIA?
INDIA?
Who the hell gives a damn about INDIA?

https://www.youtube.com/watch?v=itEamKJuY28

These news aren't good ones for bitcoin so far.  :-\
Hopefully, these countries will do some laws and then allow bitcoin again. In the worst case, more countries follow and bitcoin will go down more and more. But I don't want to think about that...

That will not be happen in short time. I think that India's government will do some research before they take action.
There are some possibilities that they will not forbidden bitcoin (such as China and Russia) if they do the research about bitcoin profit.
For now, India's government just concern about bad impact that can be generated by bitcoin.
It is not only concern by India. There are some countries where worried about the same thing.
But, they can prevent that and begin to legalized bitcoin such as USA, UK and Japan.
If they forbid bitcoin, maybe it would be bad news for bitcoin due to India is one of the most populous countries that can play an important role in bitcoin price.

Its pretty clear countries are raising a wall to allow or block bitcoin, they had been able to see and realize the power that bitcoin does have already, imagine it being legalized. Japan has been the first country to support and history will record those, they had build already several structure around bitcoin and looks like they are already considering to enter into the mining game, with new and profitable miners to all.

This is starting to get annoying with all the different stories out there, barely know what to think no more.

I don't really care about this one cause China is the country has biggest effect to Bitcoin but Bitcoin still alive when China government ban it in their country so I think India will not affect to much to Bitcoin price. But I'll feel a little bit nervous if Bitcoin is banned in Japan or Us cause there are two countries that Bitcoin was born and accepted.

I think that sooner or later, every country will come to the recognition of bitcoin. Today the process of integration of cryptocurrencies in daily life is irreversible. In going to build farms near power plants, in Ukraine Dash cryptomates are installed in different cities . It is clear that this phenomenon is necessary to develop a legislative framework.And the sooner this happens, the more successful the state in the new digital economy

I think soon each country will have its own cryptocurrency.

I don’t think the popularity and the price of the bitcoin will go down ever because it is not only one or the two countries that are using the bitcoin. I don’t know which country is going to be the next pone now. It is just the false decision by the people. Bitcoin is the good currency that is good to reduce the unemployment and the poverty in the country so if china wills not it will loss the huge and the best opportunity of the high profit.

So what?
First of all, the volumes come from India is not yet very important, so at this stage, it will not have significant impact on bitcoin price.
Second of all, a country that can declare the paper money to be useless and 99% being recycled by the bank (means all black money are cleaned), I will not be surprised by anything they can do on other money...

India's User base of Bitcoin is not very large, neither its very widespread across the country so, it might not make any effect, moreover I heard the Government is trying to bring cashless society, and banning it, might only make the process more complicated. Governments can easily track or regulate the transactions, so its useless to ban or perform such activity.

Is this news credible st all because just a couple of eeeks back we heard the Indian government had approved Bitcoin usage in this jurisdiction and then we wake up to to this conflicting news. Even if it is true I don't think there are many investors and miners in India as does china and o the implementation effect will be minimal.

This is a big threat for us, We won't this things happen , Lets wait and see what comes after this issue , Still unpredictable and precisely btc will slow down and this gonna be a great loss to all who invest lately. We should not put all our money in one basket for security reason's and disastrous thing might happen in the present. But for those who believe then, its up to you to go through.

everyone is sacred of de irregulation of crypto, so nice to see that

You are joking or what? India Bitcoin user-base is absolutely massive man. I am not from India but they have over a billion people!

What I think is that this process is somehow considered as an SOP for any country who are considering to implement btc. Thorough investigations and analysis should be done in order for them to understand the risks. And with that they can come up with strategiesbor maybe even a law to lessen, if not prevent, illegal activities and to regulate the use of btc in their respective country. This is normal and there's nothing to ponder on.

the hope you want to do is secure the country, and there's no problem whatsoever about bitcoin until it ends.

I think we'll eventually see most countries government try to regulate cryptocurrecncies in some form or another, the thought they're missing out on something will be too much for them to ignore.

India does everything right! As I know they want to legalize all crypto, isnt?

These are only concerns and many ministers are somewhat concerned about the user of bitcoins as there have been a lot of money laundering cases that involved bitcoins but some reports say that they are still monitoring the use and haven't yet declared any official statement. even Unocoin and Coinsecure are trading efficiently as it seems that there may be new tax rules applied in the financial statement of 2018 for all crypto currencies. Hope so they do make it legal.

Of course, those are the mission of the government, if they do not have any move when the famous of Bitcoin grow more and the crypto market changes to many type, they will have many troubles after long time and cannot fix those troubles.

Yes, its absolutely true. But I dont think they will ban bitcoin a tax regime may be introduced to account all the transactions. India govt. Is already taking steps to stop money laundering so strict action can surely be taken.

A decentralized currency will definitely cause problems to any government and there is nothing wrong with the Indian security agency probing into BTC related activities to that effect. As much as i love crypto currency it seems to be providing the opportunity for illegality, that is not right

so much bad news coming lately , but bitcoin price still rise hard  :-\

This bad news are instruments to measure power of bitcoin. Bitcoin is solid as rock although countries at Asia tries to take him down. I think once settled, journey to moon will continue.

You are right, we should not be afraid.It used to happen this kind of thing often,
But bitcoin persists,Maybe the bitcoin end of the year will start to rise.

Yes true, bitcoin users are global, if any banned country like Russia, China and India certainly will not have much influence, I'm sure users from those 3 countries are still actively using bitcoin.

Another greedy bunch of individuals within the government trying to get backing from the rest of the government officials so they can stick their filthy claws into it's peoples hard earned coins. The thing is in India wages are so poor and bitcoin solves this problem and they make much more then they did doing horrible manual labour. If you made 3x more online then you did dong horrible manual labour wouldn't you want to keep earning Bitcoin ? The government already has people so poor and now they want to take that from them. This is terrible.

I think this is just another issue.
Yeah, there is still a lot of country that trust bitcoin. There is no way that they left bitcoin just like that.

There are some consequences of Indian government about the bitcoin they think that the black market will be changed into white one if they introduce bitcoin now without any check and balance and this will cause problem so they are bringing revolutions to their systems and then they will implement this and this will give boost to bitcoin easily.

It is not like money laundering got started some nine years ago or did it? By the way, where are the specific incidents of money laundering traced to Bitcoin or isn't it all about their fears and apprehension that Bitcoin is beyond their control and so could be used by oppositions rather than criminals?

Yes news are not good but they are getting closer to solve these problems and when these problems get solved these countries are on the top list of investor as now Russia is near to solve and Indian agencies are also figuring out their concerns to use such a valuable coin in their region, every region wants the fair use of bitcoin.

This is a topic of concern definately but util and unless we do not get an official statement from Indian Government regarding this topic , we cannot say what is going to happen .Many countries fear that people are doing unfair practices using bitcoins but that concern will not lower the market value of bitcoins. Bitcoin is going to stay for a long time .

Regulations in the sphere of bitcoin will somehow appear in every country. Some countries will start earlier. Some will act as well as large countries.

We must understand that bitcoin has great potential, but it also carries great danger.

I haven't found any news online about the prohibition of bitcount in Russia. Do not enter people astray and sow panic.

defcon 4

Its not banning bitcoin..its just the Russian central bank not ready to accept cyrptocurrencies.

LINK: https://cointelegraph.com/news/russia-central-bank-categorically-against-regulating-crypto-as-money

Cheers

if true, I think it is the prerogative of a country to ban it. but I do not think it will have a big effect on bitcoin development. so no need to worry about the ban that will take place on india. maybe it is a rumor.

In my opinion, it is important to understand that China, India, Russia are the countries for which co-financing and money laundering is a huge problem. And governments want to prevent the attackers from using bitcoin.

I think it is a process for better change in the near future. It is still very new to many countries i guess and they are trying to find solutions to be able to manage them properly. In the near future things may be much more stable than as of now

Dont forget to mention Korea and also Malaysia.. Hehe.. I a little bit worried about this topic but they all still searching a solution on how to get thing going well. Due to fund money at terrorist many government start to block the ICOs. Well this is not country faults. I can see some peoples are not always a good guy included us i guess..

There are always concerns...but the world needs Bitcoin and altcoins...makes things easy .

Yes... tax evasion and money laundering is a big problem in these nations. So it is not very surprising to see these nations taking a very tough stand on Bitcoins. Especially in India, Bitcoin users are being monitored by the government, after a lot of black money hoarders used BTC as a tool to hide their wealth during the demonetization process.

hopefully the Indian state does not ban the bitcoin trade and crypto transactions there

But, regulating it doesn't mean negative effect always. This can be maybe good for the big investors to get into this market.

Not surprisingly, currency eventually becomes very popular and the government is afraid that it will soon be worth the unity. I'm just curious how strong actions are able to move in terms of controlling bitcoins.

Governments are afraid of Bitcoin because they still do not have complete knowledge about this technology, but when they recognize the fact that Bitcoin is unstopable, they will find another way to deal with it.

I think governments will always worry about bitcoin if it is going to affect their tax revenues more so now that they see how much bitcoin is worth. When it wasn't worth alot they were not bothered now they see they have missed out on something.

Presently neither Russia nor China and not India gather to forbid cryptocurrency in the countries. So, Russia gathers to settle circulation of cryptocurrency in the country. About the same on нeпoтвepждeнным the representative office of China, that tries to do cryptocurrency of more centralized, declared data. In India already also send to the conclusion, that digital currency has a right on circulation in a country.

True, none of the mentioned country has complete negative outlook towards Bitcoin. It is media that pull out fake news based on little truth or facts.
In India, government is trying to find out a way to legalize Bitcoin instead of banning it. Here is the article lining out the government's strategy :
https://coinjournal.net/chief-indian-economist-bitcoin-wont-become-legal-currency-india-without-regulation/

Little by little all of the countries are interested about the idea of cryptocurrency or bitcoin. They are willing to adopt, regulate and legalize bitcoin to their country. I think if they already regulate and the bitcoin become legal, they will encourage their investor to invest in cryptocurrency because they know that they can earn a lot of income. Also they will introduce bitcoin to its people.

It is seen that south Asian countries have more negative views abt BTC. They seems to be more concerned about issues like money laundering, terrorism, tax evasion etc. Air may be because of Impact of terrorist activities in these countries. Hope India takes a positive decision toward BTC legalization

indian government should think for its lay out to legalize BTC in india which is quite not possible yet because of huge big country with rular area can not adjust it properly but government can permission in some business modules to use it as a currency or can give its alternate coin also of its own 

yes they banned miners import too

I think it's all fake news. Russia and China wanted to manipulate Bitcoin price and they managed to do it! Imagine how much BTC they must have bought. Russia invites miners to invest in mining farms in Russia and they claim that cryptocurrencies are bad at the same time. Isn't it weird? I wouldn't be suprised if they confiscated all the mining equipment.

It's perfectly normal for them to be concerned. That's their mission as a government, to project their citizens from criminality. Japan is concerned about that as well, that's why they ask for licenses from exchanges, and KYC verification. But one thing is what Japan is doing, and another thing is what China did. Their government clearly didn't understand BTC very well. I think they will now start asking for licenses as well, and resume exchanges operations.

I don't think you should include Russia on that list though, because they seem to be making efforts in dealing well with BTC as well. A proof of that is the Moscow Stock Exchange planning on trading Cryptocurrencies.

Yes they have taken the initiative about the bitcoin in India for sure and there is official news regarding it.

The thing is they are concerned regarding the black money and money laundering but they will not touch you if you are showing up all the wealth that you earn from the bitcoin to income tax office. That would be competitive tolerable as you are not doing anything wrong about it. India has mass movement last year to recall the black money by changing their fiat currency into different valued notes so they will never want bitcoin to support that otherwise they will ban it too.

In my opinion China and Russia wanted to spread fear among young investors who sold their Bitcoin for a lower price than they bought it. And they did it successfuly! Fortunately, the Bitcoin's price has already recovered so we don't have to worry. I was calm all the time but you never know what can happen.

It will be legalised eventually and govt will want to be paid capital gains tax on it.

I hope all the news about the counties who doesn't want btc at their spot is an issues or not true, it doesn't even bad thing. And I really very praying to my country will not follow all those country to banned the btc. Hopefully because we're enjoyed the thing.

You can check by yourself about the percentage of trandes/exchanges that India has in the whole bitcoin economy, I don't think it's significant. So their altitude doesn't really matter that much, at this moment.

Let us admit that Bitcoin has been abused by some investors. Taking advantage of its decentralized nature and anonymity. It is well known before that Bitcoin was used by drug syndicates to conceal themselves on their transactions. India's government was just doing its part to regulate this kind of issues with Bitcoin. Bitcoin is not illegal, we just need to regulate it.