Bitcoin Forum

According to a news report (https://finasko.com/bitcoin-trading-india-government-may-take-strict-action/), a Government panel has advised to close bitcoin and cryptocurrency exchange/dealers in India. How it can impact bitcoin ecosystem? After China and India, It can influence other countries to take similar action. Whats your opinion

It could actually make it stronger in my honest opinion,  if it gets banned,  it will be like books,  people will want it more because it's banned.

This is only the beginning of the war of governments against bitcoin. I think that similar actions will occur on the part of all governments. I hope that in the world there are several countries which will create a bitcoin total freedom and they will become an offshore zone for bitcoin.

If the current government bans bitcoin in India, that will be the end of the current government. Because the government has failed big time to address our basic needs and invests money in to building big statues and bullet trains. They have also failed miserably to provide job security to the youth of the country. A majority of the bitcoin users are young age people who are earning a decent income and a decent life using their earnings from bitcoin and related activities. That's a blessing to the government that they are not looking for a job. Otherwise it will worsen India's already over crowded job market. So I doubt that Modi government will take such step. But if they take any such steps, they are going to be dumped by the youth in the next election.

 

We cannot stop these Governments to ban Bitcoin, well i suppose some of the officials are just lazy enough to study Bitcoin that's why their default decision would be based from a "Powerful and Successful" Country such as China. Probably, There will be a lot more countries with the same Government (with lazy Officials)  would default their decision to ban Bitcoin and CryptoCurrency.

You have to understand, no government in its right mind can allow bitcoin to exist as a part of its economy without regulation. it would literally ruin the economy. governments depend on the fact that they can control how much of the value it generated, makes it outside of the borders. we wouldnt want people to get paid, cross the border and go shop for everything. sales tax is a really big stream of revenue for a government. bitcoin, with its lack of borders, facilitates this process, which is called capital flight.

if you had a government, you would say fuck a bitcoin. trust me ;)

We are hoping that eventually Indian authorities would not decide against Bitcoin trading within the country as this can certainly impact the growth of Bitcoin in that side of the world. In my opinion, it is actually India that needs Bitcoin rather than the other way around. Now, if they would eventually ban Bitcoin trading then it is their lost and not so much on Bitcoin actually as India is not yet that a big player for cryptocurrency.

India together with Russia is one of the few countries who could not finally decide on what to do with the coming of Bitcoin. In the past many months, there had been mixed signals coming from this country and now we have this proposal to ban Bitcoin trading.

Whatever can be the final results for this we will see in the coming months. One thing I  could not understand is why can't they just take the clues and ideas from Japan which successfully get into Bitcoin and now it is helping their economy...come to think of it Japan is a rich country and yet they openly embrace Bitcoin.

Also according to my observation this country just following the failure that China did. I have heard a news that it china is opening the one they closed on October, it might be true or just rumors. India  is great country and have many bitcoin users in this forum, it will not affect the bitcoin as a whole but they’re citizens/bitcoin users in that country.

I always admire Indians technological adaptation if this will be going badly, I will be really disappointed about it.

Absolutely correct.I think in long term as they ban bitcoin people will more and more excited about it.
And want to be curious to look and adopt this technology.
Where everything is decentralized and no government have control.

Its not the question on how it will impact the bitcoin ecosystem. The questions should be how will it impact the Indian bitcoin community? Its really the citizens of a particular country that will be affected not bitcoin because it can continue without that country, in this case, India. I guess government really doesn't care as long that they ban bitcoin because its threaten your financial and economic state.

For me it will only make a small impact, last time china banned ICOs and local trading of btc, there was only small changes in btc price but after that btc still get its high price now and still keeps increasing. It will only affect btc if all countries will ban it or if larger countries will starting to ban it.

Let them ban centralized exchanges. This will only stimulate the development of decentralized exchanges since they can't be affected by governments. But even if they ban it I honestly don't really care because if China can't disrupt the crypto space by banning ico's India won't either.

Government Ban on  Cryptocurrency in India is really bad decision. Like Russia, India would have provided regulatory framework for operating crypto assets in country. It would have given employment to youths and lot of investment to India. Starting from demonetization there is  negative sentiment about the way things are going. Indian crypto group should unite and find a solution. To much centralization is creating problem. Already Indian economy is struggling without money supply and government is taking hard decision without understanding its implications.

International community should help Indian crypto community to address this situation.

Now I’m confused India central banks said the positively about bitcoin acceptance. Maybe even the authority’s are in conflict of what should be done with cryptocurrency. They’re on different stands that makes them ignorant of what or how to handled bitcoin in the society.

This is the true status of cryptocurrency in the world, it destroyed the real meaning of rules and centralized. Now, how can we put ourselves on they’re policy when in reality they have no unity and understanding on what really is happening in each department.

It will be badly affect the Indian bitcoin community as there are so many enthusiastic bitcoiners from India and there are many bitcoin service providers. This negative news could also force the investors for panic selling, which will again hurt the growth of the bitcoins. Governments should take proper measures to regulate the bitcoins, banning will never solve the problem as people will find the ways to use the bitcoins.

No panic will not. China is having more influence on the bitcoin community than India but even the news of possible ban of bitcoin in China have failed to provoke panic. This was not reflected in the price. After the beginning of the regular scandals with offshore zones, I think that the major owners of Fiat will turn their attention to bitcoin. They have more money than China and India combined.

Understand the Indian government's fear of crypto. Being a democracy unlike China, it would be unfortunate if they take this path - they will be shutting a door of opportunity to their people. Unlike in Africa, India has a large educated youth and a middle class who, given the opportunities, can lead their country to great heights.

Governments of each countries now will surely take an action with regards to Bitcoin and will start regulate each and every exchanges or crypto related they see because the price of a single Bitcoin now is no joke and they know that there is a huge money that is involve now and the flow of money in just a day is so big that they really want to put a tax on. Despite of the issues that China started to regulate their exchanges Bitcoin still goes up in price so I think the impact for future regulations of different countries is not an issue at all.

India’s central bank, Reserve Bank of India (RBI), has previously announced its plan to ban the use of virtual currencies as a form of payment across the country. The central bank, however, has shown its support to Blockchain, which is the technology behind the cryptocurrencies.

At a conference held in Mumbai, India on Nov. 6, 2017, RBI executive director, S Ganesh Kumar, has hinted that the digital currencies such as Bitcoin and Ethereum will not be allowed to be legally used across the country.

https://cointelegraph.com/news/reserve-bank-of-india-hints-on-possible-ban-on-cryptocurrencies (https://cointelegraph.com/news/reserve-bank-of-india-hints-on-possible-ban-on-cryptocurrencies)

There is one thing in common when I see countries banning Cryptocurrency Exchanges, and that is these kind of services are not permitted to operate in their country. Countries like Nepal and China have banned this exchanges because they are running an illegal business. They are not doing this because they are against cryptocurrency but it is for the protection of their people because these illegal exchanges have the power to runaway with your Bitcoin and Altcoins.

If that's true , then that's a shame .
India needs bitcoin , bitcoin doesn't need India . Many users ( almost 90%) of them in India are young people , students who want to earn some amount of money for future needs . This decision of government can totally snatch the hope and source of income from many of them . There may also be some serious protests against this decision . Instead of taking such stupid decision government must aware more people about bitcoin because that is ultimately going to integrate their economy in the future run . Governments not able to understand bitcoin always seems so upsetting .

China hasnt banned it.There are  will probably regulate and back their best companies, making giant monopolies of a very small groups.

nice points, also i would like to add that banning of bitcoin will create more awareness among all and will create issues like very thing in country creates, issue will rise and rise more and more will hear it often leading the people to see what actually it is. If still ban is not lifted ,users will find different way like vpn, different servers just like what is happening with torrent website

How will they ban this? How do you ban bitcoin? I can always sell it to someone somewhere or even get funds in Euro or USD even if everyone stops trading in INR. And as OP said, if Modi bans this the youth will dump BJP next term as the craze is very feverish especially from this year. Oh well, anyway my country has taught me to accept and live on through anything and everything and just ADAPT and find shortcuts through stupid changes and rules and regimes by this point of time lol. Don't even care if the government bans it anymore, it will be in line with all other stupidity that the country is going through

Most likely this will be pretty much the same authoritarian countries that are already known for limiting personal rights and free exchange of information.Some potential candidates would be Russia, Iran or Saudi Arabia for instance

I’m glad that happened. Yes, I know Chinese Govt. likes to control everything and it’s not fair to the dream of decentralized currency.There might even be a bigger game at play here since Fintech is not just about digital currency anymore. Even Russia is becoming keen on cryptos, it seems like we’re on the verge of FinTech and AI global war. Recently Moscow Stock exchange welcomed the Crypto trade.