Bitcoin Forum

In the new 2018 budget of India under the Modi government, it is said that measures will be taken to control the spread of cryptocurrencies in India.
Is it good or bad? Comments.

In the whole world all the Governments wants to control the Crpto currency. But peer to peer blockchain technology is a decentralized and transactions can not be traced so crypto currency can not be controlled.

Yes it will be good that is is now not getting ban, its just going under control. Because every country's ban definitely effect the price of the bitcoin.

It's a bad news
But i don't think any country can control BTC or cryptocurrency

I think goverment control is need for cryptocurrency

It all depends on what kind of regulation gets passed. It could either be a good or a bad thing.
Regulation such as needing to register with an international authority body if  you want to launch an ICO would be fantastic. Some KYC is okay as well. It keeps governments at ease and reduces the risk of an outright ban.

If they however want to try ban it, they will fail. I think a lot of governments are starting to realise that bitcoin cannot be stopped. If you ban it then you lose all visibility on what people are doing with it. The best approach for any government is to implement some KYC so that they can at least hitch a ride on the bandwagon for their tax.

A short time back they said it is "not legal tender", well neither is gold. People often times overreact on the news. Do realise that bitcoin cannot be stopped.
This is the people giving the finger back to banks and governments. It is impossible for them to stop us using it. If they outright ban it they lose all visibility on it and cant rake in any taxes for it. Bitcoin has all the banks by the balls.

Is he said like that,proof please. ;D

If it is true then it is good for the crypto currencies because India is a big populated country so other countries will follow their rules so the crypto currency will spread more over will result in price increase for all the currencies.

You’re wrong, most crypto transactions can be traced. And Governments can control exchanges, if they do that they can control most of the market.


I agree. A link to the info please.

I think the crypto space will be narrow, so the spread will not be maximal because it is limited. and probably will be long.

but on the other side is also very good, because as a preventive measure. so it will minimize the use of crypto for criminals.

It is good to see that because few days back there wan an rumor created that bitcoin was banned in India and media also portrayed that in the same way but now it shows that India is not against cryotocurrencies so the world is moving towards the cryotocurrency system.

The introduction of regulations is not necessarily a bad thing. It becomes a bad thing, when these governments over regulate the technology. I see the New York BitLicense is finally under review, because it was a good example of over regulation. We just have to hope that India will not follow the same stupid route as the people in New York.

India has a high unemployment rate and a innovative technology like Bitcoin will help to alleviate unemployment and poverty, with the introduction of low fees for micro transactions. ^smile^

Although it is considering using block chain technology to manage the government information records, but does not think encryption currency is legal tender, and will take all measures to protect against enterprise using the encrypted in finance assets.

This would damage emerging cryptocurrency trading and could affect the business of existing exchanges.

this could only be possible in some ones dreams.. crypto-coins and block chain technology are evolve with the idea of decentralization concept which gives people to have money in their own bank or wallet. block chain initiates the concept of someone to be his own money manager. Indians are superstitious but too much superstition can things bad for them self. No body can control cryptos.

hope i make things clear.

regards

This news is better than being banned. Regulation in cryptocurrency is a good idea because it will create a good relationship between the people investing in crytpocurrency and the government. This way they can control the money circulating around online and traditional trading which is prone to criminality and fraud.

If I think personally it will be a little worse, because it will be a lot of precise rules that many harm users, hopefully not a bad thing happen.

The characteristics of the government but if not the rules for bitcoin users in India I feel even better to run, and that would be a very good thing if the rules are more inclined to bitcoin users.

I see politicians are very interested in Bitcoin's technology, Blockchain, they like it very much, but when they start talking about Bitcoin... Then the talk's climate changes totally to negative. I think it's not even needed to put a link here to news related to India and Bitcoins. It's well known India's government doesn't like Bitcoin and have already warned their citizens to take care with BTCs and even compared it to a Ponzi scheme.

It's a pitty their government acts like that as India is one of the countries that most support Bitcoin.

I think a lot of governments are beginning to realize that bitcoin can't stop. Because the point-to-point blockchain technology is decentralized and transactions cannot be tracked, the cryptocurrency cannot be controlled.

It is actually a bad thing that affects crypto business, but the decentralized system of crypto business is a big defense that any government peole cannot directly control the total operations of cryptocurrency. The government can only control some transactions of cryptocurrency but not the operation.

I think it is a very good act. and every decision has a positive and negative effect.

the bad effects on the crypto world, can make the crypto spreading slow.

and the good effect is that crypto becomes easily controlled, easily for transaction and minimizes crime.

I am employed in an Indian call center located in the Philippines and I had a small talk with this Indian about the status of cryptocurrency in his country. He said that it is near impossible for their government to sort of control it because P (Pakistan) will surely take advantage. The people will surely find a way to buy/sell cryptocurrencies whether the government takes control or whatever... If they will place some sort of taxation out of it, then these people might consider to do business with Pakistan, and the government will not be happy about that.

Just controlling the spread of bitcoin is not controlling bitcoin. Bitcoin is not controlled by any other country. In my opinion, the characteristics of bitcoin determine its ability. India wants to control the spread of bitcoin. I think this is a bad idea and it is very difficult. With the district Blockchain and the development of virtual currency, their reputation will let more people know.

Taking measures is always good for further acquisition but the problem is they are mentioning Cryptocurrency is not a legal tender but they will collect the taxes if people trade those. So not only India many governments are doing the same thing because if they can control the Bitcoin, as of now they could easily be controlled those.

I am a bit surprised by your comment here,lets say for example,if a country bans bitcoin or crypto currency altogether then you are telling that people will be free to use the banks and other facility provided by the neighboring country,how come this is possible,if any country bans the use then you have to follow that rule unless you want to be on the wrong side of the law and dealing or movement of money with countries which have political tensions,the entire picture changes as you can even be framed for moving against national interest.
@OP If you check the news there is no measures in place till now and there was nothing concrete during the budget speech too,just some vague things.

Purchasing items online or offline is going to be tough if there is another form of payment. Exchanging the coins is going to cause a market panic.

India doesn't have the measures to control cryptocurrency. Even in the budget it is termed that bitcoin will not be a tender currency same as the fiat. It never mentioned that cryptocurrencies were gonna banned. The news got spread in the opposite manner.

Hello. this means that taxes will be applied to those who win out of the crypto currencies. So, Indians, withdraw your money in dollars or any other physical currency, they will get hard times for crypto coins

Let's not forget that India is a third world country! Adopting restrictive laws, it can not remove all the holes in its law! Moreover, it is very difficult to control and limit what can not be controlled!)))) India takes at least some steps in this direction, like all countries! Therefore, the whole industry is trying to move to other more loyal countries!

This information is not true and it was spread by the "out of news" media, news channels in India show this kind of half-true stuff regularly and you shouldn't blindly believe it. You should've done a little bit more of reasearch. The finance minister of India said that bitcoin, along with other cryotos is not a legal tender and they would most probably be imposing taxes.

If actions are taken for the common good and mutual benefit of course it does not matter. But if the action is taken a lot of harm to users of course it will make many people disappointed.

Cryptocurrencies were created in the first place to not be controlled by governments. It is not a good news to hear about it

the indian banking cartel might quite quickly collapse under the penetrating pressure of cryptoeconomics.

Cryptoeconomics is not an Army that invades, its how i define it in Information packed potential Social Fabric

It depends on what kind of measure they are taking.If it's to restrict the citizen to use crypto,then it is a bad news.If it's to regulate the companies in their country who uses bitcoin or other crypto as payment,then it's good.I hope they are not talking about how bitcoin has a negative effect and will affect their country.

dont worry,

cryptos cant practically without damage be banned, just insulted

It would result for a positive thing on the system of bitcoin becaseu taking a time to somehow regulates Bitcoin to be used in transaction is actually a part of support on the part of system if Bitcoin. We should all make a big part on this forum or on the system of bitcoin that could have a support on both the system of Bitcoin and on our investment.

Previously there was news of complete bans so regulations are better than bans.

China has banned crypto completely according to many news articles. If China was also regulating crypto then it would have been much better.

India was not against Bitcoin before. I wonder what happen to the people that work there, where they complaining about Bitcoin?

By itself, the control of the crypto currency is a normal phenomenon, and gradually all states follow it. However, control is also different. There is control on the verge of prohibition, and sometimes it is loyal, as in Japan. The Government of India has so far urged its citizens to be cautious about the crypto currency and remember the existence of large risks, but did not intend to limit or prohibit.

The introduction of regulations is not necessarily a bad thing. This will be a bad thing when these governments over-regulate technology.

The news is better than the ban. The regulation of cryptocurrency is a good idea because it can build a good relationship between people who invest in currencies and governments.

getting banned is different from being regulated, any government that are open to cryptos has a positive impact on crypto, if this news is true, this will create more room for the development of cryptocurrencies to be legally and widely accepted by such government. this means that the gap between crypto and government laws are open to a more productive and safe in terms of trading and commerce are concern.

Digital currency is mentioned in the national budget, which is a step in the right direction!

Every country except Japan does not recognize that digital money is legal, but that does not mean that encryption is illegal.

I can not comment much about India
there is no link you include. so I have no evidence base on what you say. but in my view, however, India will not have a major influence in the crypto industry after India forbade it.

Still, this is better step taken by Indian government regarding bitcoins. It seems they are concerned about better economical states of their country after some years. Like now, they have ordered and informed their citizens who are using bitcoins for any reason, to be attentive while dealing in bitcoins. They have shown them the circumstances after being indulged in any criminal activity if they get into.

But I got a update news - As per the budget plan for 2018 , Indian finance Minister doubled down on refusing to recognize cryptocurrencies like bitcoin as legal tender amid talk of a wider crackdown on their usage.

I already predicted this will happen, central government already told this. But the main clash I think in between central bank and ministry of finance.

Bitcoin might not be the coin that will bring that into all the huge banks. Bitcoin is making them more aware of it now though.

It all depends on what kind of regulation gets passed. It could either be a good or a bad thing.
Regulation such as needing to register with an international authority body if  you want to launch an ICO would be fantastic. Some KYC is okay as well. It keeps governments at ease and reduces the risk of an outright ban.i guess the kyc will help regulate

i do agree with your opinion it will be a good thing for India to put some measures to regulate cryptos which will acutely give people more trust in crypto and i don't think they are looking to control in the meaning you think , i think they want to put taxes like South Korea or something like that

It seems that people who accepted the news as "India is going to ban cryptocurrencies" have misunderstood the whole thing. What they really want to do is implementation of some regulations which might even help overall crypto adoption. Recently Forbes quoted Sandeep Goenka, cofounder of a major Bitcoin exchange in India, Zebpay. Here's what he says:


So imo what's happening in India is a good thing for crypto in general.

Of course right now the authorities will take to make life for us kripchans more difficult to introduce tax bans, etc. and etc.. We will break through.

The control of goverment isn't a good thing for Bitcoin at all because Bitcoin is the one that presented for freedom.

It can be both good news and bad news. Why bad news because the government in India they want to kill bitcoin and because of that there are many users in India will be affected. On the otherhand, the reason why there is a good news they want to adopt the blockchain-technology. They believe that once they have a blockchain-technology it can serves as a record keeping system that can't be forged or can't reversed. And they have so many reasons why they want to adopt blockchain-technology beacuse it can more useful instead of focusing in crypto.

Isn't the purpose of crypto to not be controlled by the govts? How are they going to ban? They can only make it difficult for people to convert fiat to btc, which can be subverted by localbitcoins.com.

They can tighten the control of the on ramps to crypto, meaning the fiat gateways.
But as you said, people will always find ways to buy their favorite coins.
And that will most likely be via peer-2-peer transactions. We've seen this happening in china after the exchanges had to stop their operations.
The selling and buying via localbitcoins saw a massive spike afterwards. Right now it's down again, probably due to holidays (chinese new year).

I think India is one of the largest opportunities for Crypto to grow in...

It will also allow people to use their money through the digital space and while they travel.

It will be hard to see this adoption if the government is clamping down on it

however there are some exchanges like Bit India who are disrupting the space.

As long as you don't know what kinds of measures will be taken, you can't really be sure if it's good for crypto or not.
Regulations can also be a good thing in some cases, some people just need a good legal framework to be able to use and invest in crypto.

Just look at what happened in Japan when their government regulated crypto, usage went way up.
While in China it had more of a negative effect, I think

It all depends on the measures in question.

Its not neccessarily bad, for all we know this is the way of India to accept bitcoin and their own baby steps into regulating bitcoin so that they might integrate it into their own financial and economic sector. I am really positive and hopeful that this is the chance that we all in the bitcoin community would still have a chancr and would still have more effect on a national and global scale just by these acts of a country alone. We would just have to wait and see and check for ourselves what the jusgement would be

It is inevitable. Sooner or later all governments will need to take measures according cryptocurrency. Consequences will be different in every country so we need to watch this process, analyze bills and make conclusions

It's difficult for any government to control cryptocurrency because it's Decentralized and can not be controled.

The least they can do is to watch as crypto take over the world currency.

It can be both uplifting news and terrible news. Why awful news on the grounds that the legislature in India they need to execute bitcoin and on account of that there are numerous clients in India will be influenced. Then again, the motivation behind why there is an uplifting news they need to receive the blockchain-innovation. They trust that once they have a blockchain-innovation it can fills in as a record keeping framework that can't be manufactured or can't turned around. Furthermore, they have such huge numbers of reasons why they need to receive blockchain-innovation since it would more be able to helpful as opposed to centering in crypto.

Yes, India taking measures against bitcoin to evident that Finance minister made an open announcement no more bitcoin in India. And also they have said that they will track the bitcoin users and here is the link.
https://www.indiatimes.com/technology/news/budget-2018-no-more-bitcoin-in-india-as-arun-jaitley-just-killed-the-cryptocurrency-dream-338851.html

I think they have a bad infrastructure for bitcoin development. Not a very rich country to deal with such things.

Its a very good news, it only means that bitcoins will continue to grow all over the world, if india will start to accept bitcoins then maybe in the future, all the country will accept cryptocurrency and we can have a better life because of the wealth that it will bring to us.

If my opinion of the Government of India to control the spread of the cryptocurrencies was good. Thus the movement of crypto in India could be restricted according to me it is nice for the advancement of crypto can be more controlled.

Government or any other regulator in India has not given license to any agency for working as exchange or any other kind of intermediary for any cryptocurrency.

The control of cryptocurrencies, especially bitcoin and altcoins, I find this to be impossible. It is possible that the Indian government will ban the cryptos trade for financial or monetary balances, or possibly take measures to stabilize the Bitcoin exchange rate by investing directly in it. This will adversely affect Bitcoin rates as there are now a lot of people spending in bulk and manipulating the Bitcoin exchange rate, causing it to fluctuate regularly.

We should all expects certain regulations that might comes out as bitcoin gets more popular through the years. I can see government are now turning heads into crypto currencies after the noise it made last year and after seeing how the demand grow so fast. I think it would be better to have some sort of regulations so that legality issue of bitcoin can also be resolve.

The government of India has constantly warned its citizens about the big risks of investing in the crypto currency. Therefore, the fact that it did not prohibit it in such a large country and in terms of its population is good news. Lately, a lot of negative information has appeared from India and this was a destabilizing factor for the crypto currency. Such a decision of the Indian government will have a positive effect on the Crypto currency.

We are now used to of it. We have heard so many news from all over the world about bitcoins to be banned in different territories.

As far as India is concerned, we were happy that some Asian countries are welcoming bitcoins and that would have best step to welcome crypto currencies in Asia continent but this dream seems to be drowned. What would be the future of bitcoins, we are only hopeful.

I disagree with your statement. Governments in the whole world don’t want to control the crypto currencies, they just want crypto currencies to be regulated so that any illegal activities or terrorists groups receiving funding from these cryptos can be stopped and also so that people may pay their taxes fairly and not hide in some exchanges or wallet.

Paying of taxes is necessary in any country to carry out developments and maintain the existing structures and government will take all measures to ensure that taxes are being paid and illegal activities and being put to an end.

Yes, I agree with you. A regulation to register with government authority before launching an ICO should be made necessary and also KYC to participate in a ICO. This will help secure people from any ponzi schemes and scams occurring through ICO. Bitcoin cannot be stopped and can neither be controlled, so government have chosen to regulate them and stop the use of it for illegal activities. This build a trust bridge between people and the government.

Yes, the finance minster said that they are planning to eliminate the use of cryptocurrencies but I am worried about the black market of the same. As we all know, there is no practical way to ban Bitcoin as a technology so government can ban Bitcoin to fiat and vice versa transactions and it might boost the black market within the country and it would be the worst thing that could happen to Bitcoin so I believe that legalizing it is the only viable and good option for everyone.

Politicians always talk a lot. About everything in a row and about bitcoin and cryptocurrencies in particular. Sometimes they talk about something popular (bitcoin) just to improve their ratings. They do not have a clear plan of action, only Intentions. In my country, politicians also talk a lot, but the main thing is actions and not conversations.

this is better, the government is not prohibiting but facilitating for investors to be protected and feel safe from false investments.
I think this is the best way the government should do it. ie organize, not hinder.

I doubt that this is an up-to-date statement and the Indian authorities are serious about controlling bitcoins. Most likely it was information phishing.

Yes, many countries will take control after the legalization is introduced taxes and other topics. That the government and nothing received from this? Nope. Can not be.

Government in 2018 budget in india has said that it will take all measure to stop use of crypto for illegal activities. Later on it was said that cryptos will be regulated in india and not controlled. There is difference between the two. And according to me its pretty good thing that government is accepting blockchain technology and is taking measures to regulate crypto assets rather than making them illegal and banning them. As long as people pay their taxes, its good for India even if crypto is regulated.

I think this is good news. India should establish relations with the crypto currency. This is a country with a huge population and prospects, from its relationship to bitcoin will be much dependent around the world.

As we all know that every market involves risk and reward. So it is same for cryptocurrency too.

Let me tell you the risk involved in cryptocurrency trading:

1.Market Risk: Cryptocurrency faces problems with fluctuating value. If there is a decline in its acceptance across the world, then expect it to lose value and potentially become worthless.

2. Security Risk: Cryptocurrency is entirely digital, thus it’s not safe from hackers or criminals. Once they get your private encryption key and transfer the stolen Bitcoins/Other Coins to their accounts, it is permanent and irreversible.

3. Government Regulations: Various countries are now looking at the possibility of regulating the cryptocurrency, given its widespread adoption. But, the currency is being linked to various criminal transactions, forcing some governments to ban the usage and sale of Bitcoin. If national governments regulate Bitcoin, then it won’t be too dissimilar from physical money.

India's finance Minister's statement are quite ambiguous. But the statement from the members of committee that was set up by government of India to draft regulations for cryptocurrencies seems to give positive outlook. They are definitely not banning cryptocurrencies. But they are bringing in regulations. I feel there isn't anything wrong in that. By this move, they ll recognize cryptocurrencies and will help in boosting the adoption in India.

lol.wheres the link?you story teller making post just to get attentioj,dont you even care about the impact of this issueyou have ben throwing here?if you dont have  enough supporting links for you news better shut up your mouth.you don't contribute any goodness,but only negativity

https://techcrunch.com/2018/02/03/psa-no-india-hasnt-banned-bitcoin-but-its-still-talking-tough-on-crypto/

Its more of a grey area than you think, not banned. Cryptocurrency is not controlled yet, a commission was setup back in April 2017, announced by Arun Jaitley in August 2017, that would look into what should be done with cryptocurrency in India. It will probably be taxed. No news has come up since then, just ministers saying investing is not recommended, and this has damaged the adoption of bitcoin and probably also affected its price in a major way.

I don't see how it could be banned by any country, seeing as it has a decentralized nature, but it will probably be taxed, which is not good news anyways.

It is a good deal actually, there is nothing to lose for who are trading bitcoin legally .. but for those who use bitcoin for money laundering and illegal activities will have a bad time.

I would appreciate if you could explain how it is bad if a country is trying to regulate crypto to stop illegitimate activities and stop funding of terrorist organisations and also to remove taxes from people that have hidden their money by converting them to cryptos and storing in wallet or exchanges. It would be bad if government banned the use and trade of crypto currencies or declared them as illegal. There is clear difference between being regulated and being controlled. There wont be peace if nothing was regulated in any country. Regulations are necessary for a revolution to take place.

Govt of any country in the world would like to put some measures or control over cryptocurrncies but it's not that easy given the de-centralized nature of cryptocurrencies. Govt might ban use or trading of cryptos but that won't put 100% restrictions on cryptos. People will find ways to invest in virtual currencies. What more govt can do is to regularize it with some rules. That is pretty possible and mostly Indian govt will also do the same in future.

Let's see if govt of India comes up with any innovative idea to regularize cryptocurrencies.  :)

Regulating crypto is inevitable governments recognize how much money they can make in crypto currency by taxing it but  I do not think that they can control it unless they go to extreme measures such as banning all IP address of exchanges and make some ridiculous law that will imprison their citizen for a long time for using crypto.

The only good news about having some law will legitimize crypto currency and also protect it users against scams.

Considering the fact that for a long time India tried to ban cryptocurrencies, and now it is considered with them, although it tries to regulate them, this is already quite good. I think it's a good sign. Each country wants to control cryptocurrencies, but so far no one has succeeded, because the whole point of decentralization in uniqueness and independence.

Regulating the crypto currencies is good for that country's economy and revenue but not good for the investors because we need to pay taxes from our earnings.But a big country like India making bitcoin legal in their country will influence the many countries to do the same.

Recently I saw a scheme with a statement released earlier, the government had equated Bitcoin and other cryptocurrencies with Ponzi schemes. Is it true ?

Not good. That's why we have cryptocurrency, because we don't want anyone getting involved with our very own cryptocurrency. Dom't just blindly follow the government and just accept the fate of control of our cryptocurrencies. I refure for the Indian government to take control of their crypto currency.

As a Bitcoin Lover I always wanted to equalise the full frequency among the world economy , I hope everyone will start accepting the Bitcoin. It will enable the brotherhood of crypto world.

I think its good in politically and also for the banking system. And its bad in terms of trading bitcoin for Indians.

Control of crypto spreading is necessary because it is so risky to inflate that the news is good news for bitcoin price movements, but if it is controlled by bitcoin prices then it will not be possible because a decentralized system of technology used by bitcoin will not make any party control the bitcoin price.

According to previous media reports, new regulations were expected by the end of March. They are likely to involve anti-money laundering procedures and measures to prevent tax evasion.

Really I am not sure how government will take steps to stop trading of cryptos but once government will start adopting Blockchain in its project we can expect another bull run in market.

for the government is good, for the people badly unambiguously (( it's not a fact that it will work out in the government

It will be practically impossible for any government to be able to control the activities of cryptocurrencies because the blockchains technology can not be control due to it decentralization nature but the government can at list welcome bitcoin and other cryptocurrencies as a mode of payments and a peer to peer mode of sending digital currencies.

Every country want to Control Cryptocurrency especially Bitcoin England has the same plan. But come to think of it. Bitcoin Bockchain is Decentralized Technology so nobody can control it. One thing am so happy for is that Bitcoin owner are not known. I wish they know them... They would have arrested them. But nor of their plans will not work out. It can not be control

I think India is just trying to control Bitcoin and their owner by putting an id for each one and force them to use it , so they will easily control in and out transactions and they will tax them as well.
That seems a good ideal but in reality seems hard to make it come true because they won't use those ids.

Basically we not talking about government, and i will agree with you.
Although India has one of the largest crypto communities, they still can not use their advantage to determine the market, as the current market potential spreads and crypto users are increasingly increasing. So sure they certainly can not control the market.