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Let me guess, these Indian lawmakers are probably too old to even understand how a smartphone works? Seriously. Some governments need people who actually know what they're talking about especially in the technology aspect.

From the article:
They pretty much just went the easy route and simply ban crypto overall. Heavily unfortunate.

These ignorant law makers are not gonna bring anything good for their country. How do they get the vote/job? LOL

Most countries of the world are now moving towards crypto regulations and that to me is a welcome development since cryptocurrencies will not be outrightly ban which is almost impossible. The Indian government is already on this bill since 2018 and uptil now nothing have been done in regard to that. The most aspect the government is interested in is in the area of security of investors found and tax.

 - Stop trusting news from unknown sites.
 - Stop worrying about what is coming from such sites especially India and cryptocurrencies.

Even if India ban BTC, it does not mean anything "you can cash-out it using any other payment system or outside of India."

Since China banned Bitcoin trading, such news has become used to spread FUD.

Then they're idiots who don't understand what cryptography is.  It's simply a branch of mathematics.  Last time I checked, it wasn't actually possible to ban numbers, so I wish them the best of luck in trying.

Indeed the lawmakers aren't conversant with the latest technology and ignoramusly want to ban Bitcoin, which is not possible in my opinion because Bitcoin is a technology. The volatility of market might warrant them(Lawmakers) to have taken such move. Frankly speaking, Indian's will not find this easy if Bitcoin is finally Ban in their country.  Here's a thread that all Bitcoiners should read to keep calm even though the world government intend to close down or Ban bitcoin https://bitcointalk.org/index.php?topic=5135646.0

I think India govt just didn't understand the vision of Bitcoin and its blockchain yet. Well, it's a normal thought for everyone who are already comfortable with the current bank system and the govt just want to prevent their citizens frombeing scammed. I do believe later in the future, the whole world will accept Bitcoin as the new technology for future life.

They are absolutely no concrete basis for their allegations and they are know nothing about crypto. Nothing important for them but to keep their people still at the poverty. We aren't have this as discrimination but of what their government actions will simply putting themselves into no room for improvements.

i wouldn't really take this seriously since it is a clickbait website and it is calling it "Indian lawmakers" to be as vague as possible. probably some dude that doesn't even have any government ties made some statement and these sites are reporting it as an official statement.

in any case things in India has been strange as it is. half the time they are negative about bitcoin while the other half they seem undecided and sometimes even positive. and all the while the people are still buying bitcoin.

If this happens on India then their lawmakers are going to take the worst decision ever. There is a big community in that country and they are eagerly waiting for a legal announcement about the use of bitcoin from their government. I don't know how much trusted this news source is but hope to see best development of bitcoin in India.

It is not really new that most countries are thinking that way, Well if it is unknown for them they will treat it as a scam, A Ponzi scheme, Fraud, and a deception, Well this seems normal for people that don't have any knowledge with cryptocurrency Well I really think that many countries are thinking the same but there are a few that treated bitcoin as a convenience for them a future money and has a potential with the future for countries that have poverty to surely  end extreme poverty.

It is true most of the people who doesn't know a thing about crypto thinks that it is a scam.
This has been around since I started earning in crypto most of the people around me thinks the same thing.

Not only is the government of India, but the government of many more countries thinks Bitcoin as a Ponzi scheme. But I still do not understand the reason. I think Bitcoin is very good cryptocurrency. But sadly, Bitcoin is not acceptable in many countries. But Bitcoin is the best among all cryptocurrency. Bitcoin should be taken positively in all countries.

Thank you

Ya it is very true that Indian Government have issued notice that as soon as the new government is formed the first thing they are going to do is ban the crypto currency immediately and then they will think of regulating or not.

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

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

More than half of the population does not understand Blockchain technology, How will they understand Cryptocurrency?. They think Bitcoin is a PONZI schemes because of the Media and MLM scammers. That is the truth. Government of India will loose a lot if they Ban Cryptocurrency, that is for sure. But, who cares there are other Big problem than few Crypto traders/investor. This is very Sad.

P.S - How will they even implement this Ban, when you cannot Ban the Internet  8)

once you cannot cash out any e-currency, it becomes useless.

If someone mark bitcoin as a ponzi scheme then he don't have proper knowledge about it. Bitcoin doesn't promise any return. So how it would consider as a ponzi scheme? If India decide to ban bitcoin then it would draw negative impacts. People's will use it illegally, so government would lose taxes. Bitcoin like a thing that you can store without any third party. For example if you buy gold $50 per grams and store it. Then after few days gold price raise up to $100 per grams and you want to sell it then will it consider ponzi scheme? I don't think so. So though of Indian government is wrong in my opinion.

Okay, let me tell you something. I am from India myself. TBH I am kinda pissed off from the government too but it has become a usual thing now.
The whole point of the argument made in the article is to create a pressure on the Indian government to make a statement on the crypto lawsuits.
The Supreme court of India has been pushing the deadlines since 2018 and it's really been a long time now. They do have to make a statement.
The ultimate goal is to regulate crypto in India. I don't know why they have said to directly ban crypto, may be some strategy to pressurize the government.

Finally, even if crypto is banned here, there are P2P exchanges that would still function the same way. Further more, there are other options to cash out as well.
So the trading will not stop in India but it might become a little more difficult.

I don’t think so as long as you have the access with it you can use it in other country and if there’s no way to cash-out the money then you should not cash in at the first place. It maybe useless in your country but its more useful in other places, so don’t lose hope easily and wait for the good news to happen again.

Many people consider India as a shithole country. Maybe shithole countries have shitty governments? There is nothing surprising that politicians, that are not able to evaluate the risks of cryptocurrencies blindly deciding to ban it.
By the way, many ponzi scams, fake ICOs and just shady services were related to some countries like India, Pakistan and Bangladesh. Maybe this ban is a blessing for crypto community.

At the same time, the quote is about cryptocurrencies leading to ponzi scams, and in a way this is true. If India is so worried about scam, they should simply ban or impose strict regulations on ICOs and other initial offerings. This is the most risky thing on the crypto market, and it deserves restrictions. The call to ban cryptos altogether is a wrong call. Bit because it's not cryptos' fault, but because this way India risks causing a development of underground economics and experience an outflow of smart people and businesses. Fortunately, it is just a project law at this point, so it doesn't mean much.

Probably people start investing in cryptocurrencies instead of banks and banks don't like when "their" money goes elsewhere. This only proves that Earth is shitty place run and controlled by banks.
They can forbid stores to accept bitcoin but other than this they can't really do anything. People will always find a way, exchange hand-to-hand, buy from stores which are in other countries - maybe India need to build big wall around country and ban all services which are outside country  :D

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On side note, how is this going https://cointelegraph.com/news/india-media-reports-central-bank-has-postponed-crypto-rupee-plans

Your thread title is misleading


Neither of the links you provide has any evidence of that. The only reference to Ponzi (https://coingape.com/indian-lawmakers-call-ban-bitcoin-cryptocurrency/) that I saw from a quick scan was



Which is true.

There will always be those who are dead wrong about bitcoin and for sentiments chose to see the amazing gift bitcoin offers to the world of money- a money system that is both technologically advanced and economically sound (if Governments are sincere). The real ponzis are government pension schemes, central banking system, insurance schemes... and not bitcoin.

Exactly! I hate how people are mixing altcoins and Bitcoin together under the term cryptocurrency.
You get a statement from someone saying there are ICO frauds and they want to ban them, the title must say "bitcoin is going to be banned".
This comes from lack of education on cryptocurrencies. Most people don't even know the difference between bitcoins, altcoins and shitcoin ICOs, not to mention that a ponzi scheme needs to have a leader, or a group of leaders. I dare the Indian government to point them out. 

Its definitely not a ponzi because no one is taking money from new members to pay old ones.  You could say that most people buy hoping that someone else will pay a higher price.  There is no doubting that bitcoin has risen more from speculation rather than pure adoption.  It would be near impossible for them to enforce a bitcoin ban, its like trying to ban music piracy.

i guess india is one of the corruptest country's world wide.
I visited this country once .... and sure the government dont want bitcoin at all :D


regards

Most people that think bitcoin is a ponzi scheme do not even understand the basic concept on how bitcoin works. This is very sad especially for large country like India with great prospect for bitcoin and other crypto. We all hope the government doesn't consider banning the bitcoin and probably support the use of the digital currency

It happens.

India is one of the countries in the world with a lot of traditional belief. (mostly it is in Asia)
With that, lawmakers of this countries are still old and dont want to swallow new things and would rather stay with their tradition. (fiat currencies)
One more thing is they have been used to it and also might give a hard time adopting.

There is a large need for a younger guy in this law firms and inside the government. Someone who did read what crypto currency really is and not just being dragged by all the drama because it is the currency used for a scam.

And that could be the case for most Indian law makers I presumed, I remember in 2017 wherein it was a hot topic on their parliamentary wherein they hire someone to investigate and look at crypto. However, it seems that the people they hire didn't really understand what bitcoin is all about in the first place that's why there are having this sort of hard line stance against it. And they are very old and traditional, they wanted to stick to their fiat as well.

Quite funny, do they already making plans to ban stocks and commodities? It's almost the same, the whole market is based on a ponzi scheme.  ::)
Sometimes it's really interesting how govs try to argument  ???

As I understand it, the decision to ban the circulation of cryptocurrency in India has not yet been made. Then it simply should be recognized as unverified rumors. While there is nothing to discuss, because nothing has happened yet. The Supreme Court of this state is still considering the issue of the legality of restrictions on cryptocurrency, which introduced the Reserve Bank of India. During the consideration of this issue, the court ordered the government to provide its vision on the regulation of cryptocurrency. Perhaps it was in connection with this that there was talk about the prohibition of cryptocurrency.

It's not something new! Indian policy makers are just too outdated to understand a technology behind bitcoin and it's real life usage! That's the reason why India is still counted as a third world country. However, a court case is still ongoing in Indian Supreme court but the hearing date is continuously getting extended since last few months. I don't think anything good will come out of that but it's just a ray of hope for us! Otherwise bitcoin will be straight away banned by the Reserve Bank of India! 

I think the financial authorities and the politicians are misleading the Indian government. Let they themselves have a fair independent researchers that won't be bias take a study on the bitcoin and independently submit their report to the government for a better understanding. 

Indian government should read and understand a definition of a ponzi scheme.
It should rather be called a pyramid scheme because ponzi is only used in the US. The rest of the world doesn't use the example of Charles Ponzi and have their own name for it like MLM scheme or pyramid scheme.  Bitcoin is far from it.

Sorry for bitcoin ethusiasm in indian country this is another lonely news, some people didn't know the important of new digital money thet accuse a fonzi schem because their volality.

I think the government official of india isn't understand well of bitcoin how its run as new form of money give opportunity for those people jobless.

Does it really come as a surprise to anyone though? Not really.

The Indian government has esentially been trying to ban bitcoin for the last 1-2 years without stop. Even though there were calls to review the regulations around bitcoin they were all postponed or dropped to the best of my knowledge.

What they think bitcoin is is quite irrelevant, because it's clear what their intentions are with bitcoin policy at the moment, and obviously they are going to go with something that is negative. Ponzi scheme has been one of the most widespread accusations that bitcoin has faced, and it has been debunked time and time again. It's just a way for them to justify their actions, I'd say.

Sometimes the hatred for something makes you turn a deaf ear to the good aspect of the whole thing. It looks like people are just refusing to embrace technology that will make life more easier for them. instead, they feel okay to stay with what they have at the moment. Some old lawmakers just refusing to advance in terms of technology and decide to conclude that anything about bitcoin is a scam.

Well then the people in the government is the one who is wrong,old people who cant even use computers that saying bitcoin is a fraud.Indian government needs a new government officials who are not that old and not that young that have the mind to understand this kinds of stuff

Actually financial authorities in various worlds have the same concerns, and they generally refer to it as a high-risk and speculative investment. But they're able to compensate very well so that the case isn't as severe as what happened in India. In my opinion, their minds are very narrow, frozen and selfish, so they cannot take the positive benefits brought by bitcoin. By the way, in previous years the Indian government has tried to do this kind of prohibition, have their efforts been delayed or in vain? Honestly, I don't know the progress of their regulations.

Those officials should first educate themselves what bitcoin, altcoin, cryptocurrency, blockchain are.
If they understand the full nature of bitcoin alone, they won't ban this cryptocurrency.
Many individuals are influenced by the people around them, not knowing the basic technology surrounding it.
If they will truly ban the usage of bitcoin, they will be left behind.

The anonymity of bitcoin mkaes it confusing to most government as they don't understand why a transaction should be this way. Some countries have labelled it outright scam or completely illegal and I keep wondering when they will catch up. Even bank transactions with crypto in its narratives get cancelled, account banned and owner arrested. This too complicated the process.

i am very sad to hear that news. no one can handle bitcoin price crash or down immediatelly. your goverment must have research first before baning or take action about crypto . because they have alot of  indian  people work and hold bitcoin. it can be some people very dificult to get job and work to get money

People who refer to bitcoin as a Ponzi scheme have no idea what they are talking about. By definition, a Ponzi scheme must have a controlling person or group using the proceeds from new investors to enrich themselves and give older investors the appearance of legitimate returns. This money is then misappropriated by the controlling person or group. Bitcoin, on the other hand, has no centralized party controlling it. It is merely a speculative digital asset with built-in scarcity.

Regarding, 'their plans to ban' — it's just a speculation, until law has been passed for the same, don't bother about it.

China has never made any turns to be U or not :D
just like India and most other countries they have been doing the same thing, they have not regulated bitcoin fully so at the same time they do and don't accept bitcoin's existence. the only thing happening is the news sites publishing weird articles every now and then exaggerating some statements. for instance the recent nonsense about banning mining was a completed bullshit.

India being a highly populated nation and people are much used to technology always make the corporate network have a focus on Indian market. Now cryptocurrency network too is not an exemption, because if some positive news relative to cryptocurrency happens within India a big change can be experienced in the global market for bitcoin. Upon that different ways of news relative to bitcoin is spread around. What really happened is an article posted from a news portal. There is nothing big as ban and same as other countries even if banned people will continue using it.

You are posting 2 news and both are opposite to each other.

News 1  says about possible banning (It is speculation only). No minister recently said anything against btc.
News 2 says about lifting current sanction .(like exchange cannot operate, financial institution are asked to keep themselves away from cryptocurrencies, cryptocurrencies not accepted as legal tender etc.)

I think current sanctions will remain in place and government will not ban crypto.

Do your government not getting tired of issuing bitcoin?after that Reserve Bank of India(RBI) issue then here again another stupid propaganda?
Arent your government contented on what they are suing this great currency?

I guess the better way to stop this is not giving attention to their stupidity and just do what is available ON your country

Indian government have banned bitcoin as transaction and investment, they are always make bad thing of bitcoin become scheme ponzi. right now many bitcoin member from India could not available joining bitcoin as investing or trading.

Keep in mind that India still has a caste system, there is a legitimate concern that there are people at the top of their government which are interested in keeping people from moving between the different strata. Bitcoin can be seen as a means of people moving up from their caste, especially considering the insane jumps in value that can occur. All that can be done is hoping that their government doesn't ban Bitcoin, but at the end of the day you can't do anything about it. Let them do their thing, hopefully, the Indian people know what they're doing and don't listen to the trash spread by their central banks.

Problem with Bitcoin is happening in the South Asian side of the world. Other day I read a news about Bangladesh which is the neighbour country of India.

Are these people too naive to understand technology? Or there are anything else involved like personal greed?

I also read the news regarding on bangladesh  . a user posted a link with a short description which says that there are 3 people who got caught trading cryptos  .

maybe bangladesh did actually ban cryptos or they didnt accept it yet ? Now its india that will ban bitcoin ?  oh no what happen to the world now , why so many negative news that happen lately ?  Good thng that bitcoin is still staying strong. I dont see any major declines yet .

I believe the main concern of the Indian government is not upsetting the caste system but rather protecting the value of the rupee. If Indians start to trade their rupees for bitcoin, it will cause the value of the rupee to collapse, leaving the powers that be vulnerable. Of course, a move to bitcoin would be great for the peasants, just as is their hoarding of gold and silver. It's simply a desperate gambit to preserve power, and it will ultimately fail.

I think we could let them think like that because we cannot force them to accept bitcoin or change their mind that bitcoin is not a Ponzi scheme. I am sure that if they can prove by themselves about the truth of bitcoin, they will accept bitcoin and even they will use bitcoin as one of the payment systems. It's all about time, and soon, they will realize that the present of bitcoin now is trying to help their people and the other people from the other country. Let them find the truth and meanwhile, we could continue our journey to collect more bitcoin.

That's normal until now, honestly a lot of people think that bitcoin is just another ponzi scheme and that's why they are not investing. India with a huge population should consider this as a great opportunity for their people to grow and make money, study further and the government will realize it. India will not ban bitcoin, let's be positive and don't feel discourage to own bitcoin because they can't stop it even if they banned it.

Not surprising to see people here abusing India for banning bitcoins but last I heard that most countries have had the same thoughts about bitcoins and crypto so all are the same ****** countries then?

Indian Govt. doesn't want to regulate the currency as it's almost impossible to track down the source and because many people are evading taxes, the currency is being blamed. I don't know whom to blame as I have met many lawyers who hate cryptos so it's unfortunate to change these people minds when there are many cases involving cryptos due to its anonymity.

Maybe they judge bitcoin ponzi scam because they have a bad experience in making transactions, for example they make mistakes when making large amounts of transactions so that the funds they have are lost and not returned, or they see only from the negative side used by fraudsters to get money in the form of bitcoin. So they judge only from the mistakes they made themselves and the criminal actions of others without wanting to see many positive sides.

Many news like this before, its really sad to hear the news of every country who are planning to ban bitcoin.
Indian government are quiet strict on this one and it can be hard for the hodlers if bitcoin totally ban on India, there might be insufficient knowledge about bitcoin or they just really want to control their people. I'm lucky that I live in a place where government have no care at all and they just let people to chose where to put money, I hope India will be more knowledgeable about bitcoin so they can't ban it.

There is no hope for crypto in India if their leaders never wanting it. I know a lot of Indian's members in this forum but isn't quite enough to push their government for making decision regarding of crypto acceptance. It gives a devastating effect into the life of every crypt members in India and it makes them down cause they can never used it once finally banned.

This is a sad news for all bitcoins users who live in India and I’m surprised by their decision to ban bitcoins, cause many of my Indian friends told me they would regulate it and not ban it. After reading those links I feel the Indian government has completely failed to understand what bitcoins is, and their reasons for banning it are invalid and should be challenged. They should look towards Japan model of regulating bitcoins, as that would create a new income source for the Indian government.

India before was denying to used cryptocurrency aside from XRP where is it is centralized coins. Now, they think that bitcoin is a Ponzi scheme. Well, that is their loss not of us. People in India can continue to use bitcoin if the used VPN, it can easy for them to bypass the rules by their government. Nevertheless, Indian members here in forum nothing can do is just obey their rules that they implement by the lawmakers.

I have no words these people are not gonna let us enjoy the trend. I mean it's ok they are scared to try out a new system which is not anything like their 500years old faint currency. I mean they are maybe seeing it like the first time early men saw fire. we can't help them if they think they are doing the right thing then I have nothing to say, I am an Indian and I am ok with whatever their decision is [i am not gonna quit trading though].

All of us do mistakes when we were new on using bitcoins but that is only a human error . if we are careful on what we do we cannot make the same mistakes again . its enough reason to ban cryptos .


You mean criminals used bitcoins ?  but what about fiats ?  All cryptos are also being used by criminals  . i dont think that criminals will used bitcoins at all times because its not easy to use bitcoin and bitcoin is still new  .


Yes  . they only see the negative side of bitcoin but they dont consider the advantages or the benefits that bitcoin could possibly bring to their people .

You are wrong, India is not even in the top 10 or 20 of most Currupted countries in the world.
Check here
https://www.ranker.com/list/the-most-corrupt-countries-in-the-world/info-lists?page=2
https://www.transparency.org/news/feature/corruption_perceptions_index_2017 (you may find more information here)
https://en.wikipedia.org/wiki/Corruption_Perceptions_Index

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Government of India should find the way to legalized the Bitcoin rather than Banning bitcoin. And I personally think the Indian Government will not Ban Bitcoin. They are just avoiding Bitcoin now because of Election. We may find positive news regarding Bitcoin after Election.

Indian government have formed teams to investigate the needs of bitcoin and blockchain technology for the future development. India is one amongst the corrupt country in the world, but they were not at all against the technology development. Another thing if the politicians were much aware and have known about the possibilities of money laundering surely India could've legalized bitcoin.

I hope Indian government don't ban bitcoin. Many indian developers who create good project and help this cryptocurrency economy to be better. I am not an indian but I hope that India can be good environment for cryptocurrency. Many indian earn a lot of money from bitcoin, so actually it can help india's economy to be better and better.

Not only in Indian but also in some countries, too they considered cryptocurrency as a ponzi scheme. And the fact that it is not easy to change their mind and to divert their trust in bitcoin. If India will going to ban bitcoin, it could be doomed for bitcoin and surely affect the market because of decreasing of the btc supporters and patronizers.
Well, it is not final yet. So, let's just hope that Indian government will think twice and reconsider such positive scenarios.

What is so clear to someone with an open mind is that Bitcoin can be the digital gold and therefore has value on its own that can rise and fall depending on the market...precisely like gold or stocks or forex. How can this be a ponzi scheme when nobody is paid using the money that newcomers are paying? Yes, Bitcoin can be used in many pyramid schemes or programs online or offline in the same money that dollar can be utilized as the medium of exchange in any scam program (which does not make the dollar a ponzi).

A Ponzi scheme is an investment scam that pays existing investors out of money invested by new investors, giving the appearance of earnings and profits where there are none. Ponzi schemes are also known as pyramid schemes.

So every stock is a ponzi scheme, every coin is a ponzi scheme, fiat itself is a ponzi scheme.  

The Indian government has long been unable to decide on the regulation of Bitcoin and the cryptocurrency market because of this, there are no educational programs in the country to raise public awareness of cryptocurrencies. But I think that after accepting Bitcoin in most countries of the world with a high standard of living, India will also change its attitude to Bitcoin and cryptocurrencies.

I don't think the Indian government actually thinks that bitcoin is a Ponzi scheme. They're just saying that to discourage people from investing in decentralized Bitcoin because they can't make money out of it. The government doesn't want its people to use any other currency aside from its own.

 ;D much like my country men. Indeed, they are yet to understand that, legalizing Bitcoin can give them more was of moving funds. The reason i can purely see why Indian government thinks of Bitcoin as ponzi scheme is basically because of their forthcoming election to avoid money laundry.

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

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

and where exactly can I find a document proving that they think so ?
or even a single quote bar that dubious comment by one of the spokespersons
India just like Russia is sitting on the fence regarding cryptocurrencies
it has been a couple of years already since they can't say either yes or no to legalizing it
if the government thought bitcoin was a ponzi , they would have beanned it long time ago
 

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


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

Again, I thought that indian government were already accepting the bitcoin since they had made a plan to lift the ban of bitcoin. I am.not just sure because I am.not living in India but to think that there was a thread to.which its content stating that India has planning to lift the ban on cryptocurrency. Anyway, whatever decision they will make hoping that it will be for the goos of cryptocurrency.

Bitcoin is a ponzi program, that is just a false information spread throughout India, and this information comes from some bad users, some users can't make money with bitcoin, it doesn't come from the Indian government because as you say, the Indian government only warns people not to participate in bitcoin when it has some risks and the government cannot solve these risks, they do not want their people to have unnecessary losses, do not believe in the rumors and the news has no authentic evidence, please look at the reality

Did you know the concept of ponzi scheme? it is not about transaction but this is related to an investment.

I would be fool if Indian government decide to ban bitcoin just because they assume some people there or government itself have a bad experience when make a transaction.

You have to read about ponzi scheme in order to not give a bad statement and allude to other issues which is not related to it. Check this link (https://en.wikipedia.org/wiki/Ponzi_scheme) to learn more about ponzi scheme.

India can think anything especially when its come to media  ;D :D

Lol, typically in many countries, don't worry. Actually, I think the govt also realise that crypto and blockchain are in trend and useful (in the legal way). BUT, Bitcoin hasn't been widely amitted because the govt afraid of the development of Cryptocurrency will destroy old banking method. Furthermore, Bitcoin is used as the payment method of many scam projects, so people usually heard about Bitcoin via those fraud cases.

Joke?    Joke? Try something new which makes India Laugh on you.  :-\

You know its not a joke.

It goes like this: Any asset that increases in value and price can be labeled as a ponzi scheme even it's not. It is because somehow someone else buys at a higher price (The Greater Fool Theory).

Now, because they don't understand Bitcoin, they can easily assume it is a ponzi because the earlier investors already made profit.

Its really so sad when thinking of Indian Government. Why they have not yet opened their eyes and be in line like other countries who have accepted bitcoin and crypto currencies. What should trigger them still to look upon its benefits. Indian politicians are much self oriented. Need to make them updated of whats going on around them.

in my opinion, India has difficulty in the process of banning crypto currencies in its country. I see users of crypto currencies in India very much, besides that there are many companies that support crypto currencies in India. in my opinion the rising economy of the Indian community is caused by crypto currencies, so I strongly agree that the crypto currency is accepted as a means of payment because it provides a very large profit.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Not just India or many other countries where BTC has been banned. I do not know where the government's problem is. Even in our country BTC has banned. Those who are buy or sell it they attack by the police  >:( Digital currency futures will go much and I hope one day BTC will main currency. In my opinion, The digital currency of the country should be supported by The government will be one that all of us desire digital.

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

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

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

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

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

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


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

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

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

I think thats the reason, maybe because of the price of the bitcoin now. For that reason, their has no enough knowledge and they not know some of benefits in bitcoin. In my idea some other countries also think about it, but coming soon we believe they can really understand and think that bitcoin is the best cryptocurrency.

The fact that cryptucurrency is one of the tools scammers uses to confuse victims, unfortunately tokenization closely related to crypto and scammers twisted alot of words around it, like value incentives and such. Even they really banned it, still unawared people will still fall for it nonetheless. Look how Bernie Madoff had done its big scam over span of decades and even big companies were still unaware. The term ponzi scheme for crypto is so damn wrong when you could arguably compare crypto with stocks which devote more investors unnoticed

I am not sure how can a government term something as a ponzi scheme simply because there was a market crash, every financial market will have a crash once in a while during their circle and how does the Indian government analyze the stock market crash of 2007, India does have a booming IT industry and i am not sure why they are not taking a progressive approach to a new technology rather than shutting it down because the lawmakers does not understand how to deal with it, seems strange and make sure you vote for a good government when it comes to the next election  :P .

All the Indian exchanges are closed. A few of the users have registered on exchanges such as Bitfinex and Bitstamp, but most of them are using P2P trading sites such as localbitcoins. But the government is cracking down on the P2P sites as well, by tracing the bank transactions. The risk is always there, in case you want to convert your coins to cash.

These types of governments lack knowledge about technology and just makes negative assumption. Anyway, this is not the first time that I've heard that bitcoin will be banned in one country because it already happened multiple times. A Ponzi scheme is just a scheme created by a group of people in which you can apply it to any type of currency even fiat money.

The government has turned a blind eye to seeing the potential of bitcoin, and for fear that traditional currencies will lose popularity, so they consider bitcoin to be a ponzi scheme.

I agree.  I also think that they are simply afraid of such a powerful mechanism and technology.  This may affect the overall economy.

they received the notices and on what grounds does the government want them to pay taxes ?
if the crypto currencies are not regulated , they cannot be treated as assets or money or anything taxable , only if converted and sold to fiat
and even then the legal area is as grey as it can be
as for the cryptoexchanges , yes they can be shut down or created such an environment that it would be impossible to operate in India
but I lived in India ,I would simply ignore any Tax department notices unless there is a certain law saying you must pay taxes on your bitcoin operations (which there are none yet as far as I know)

So basically there's no legal way for you to en-cash your bitcoins when needed? That sucks a lot. I never knew they already made it illegal, thought they were just restricting it.

I'm assuming the only safe way is to meet up and exchange cash in small amounts in person. Oh wait, don't you also have limits on how much cash you can have at home?  >:(

I dont know why they do it? They treat bitcoin as a ponzi scheme without and enough research or knowledge about it,they didnt know what could be bring bitcoin for us.

To my knowledge the restrictions were made in such a way that bitcoin cannot be used for products or in exchange for services. This way it hasn't limited the exchange for fiat. Long back itself the government have come up with a team to research whether bitcoin needs to be regulated or need to be banned. It might have warned people don't fall to ponzi in the name of bitcoin.

There are some things on the world that the indian government doesn't really understand including how bitcoin and cryptocurrency works. There are a lot of reason why they are not trusting bitcoin but for sure they will regret again if they did not choose the correct path.

I am not sure whether there is any regulation regarding bitcoin in India and hence it is not illegal but there was a circulation from the central bank or their reserve bank to the banking sector to stop dealing with crypto currency based companies and now majority of the exchanges have shut down or moved away from their traditional system and a few have adopted P2P trading.
Having a cash limit at home is nothing new, you will find that in majority of the nations but i am not sure about the limits.

You all do realize Bitcoin is in fact a pronzi ::)
We all get profits from the difference between buy and sell prices when others buy bitcoin. Which technically is a pronzi ;)

https://en.wikipedia.org/wiki/Ponzi_scheme:
A Ponzi scheme is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors. The scheme leads victims to believe that profits are coming from product sales or other means, and they remain unaware that other investors are the source of funds. A Ponzi scheme can maintain the illusion of a sustainable business as long as new investors contribute new funds, and as long as most of the investors do not demand full repayment and still believe in the non-existent assets they are purported to own.

Well this is something that we must always face in day to day, the FUD that is done from a government, is something normal as they attack the Bitcoin, they are already saying that it is a Ponzi scheme? Well, I think they should read at least the Whitepaper and everything Blockchain technology has with it.

It can also be a strategy for people in India to sell their bitcoin and the government or specialized people buy them, so they can accumulate much more money.

This type of strategy should not be ruled out that they can use it, because many are realizing that bitcoin can continue to increase almost $ 50k in the near future. Although I wonder, how can you get an idea like that? will it be that they are not clear about what a Ponzi system is? or that they are just small enthusiasts who do not know how to manage technology and who are learning in that way? good everything is possible, in the crypto world everything, absolutely everything can happen, nothing is exempt that does not happen. Crypto is like life itself.

Oh, so they still can use exchanges then. I'm going to assume it's possible to pay for goods/service in bitcoins if handled through that exchange.

I think its just not in India where there are people using the name of bitcoins for scams. They tend to target who only have a vague recall of the name and sell them shitcoins or outright fleece them.

I don't know how authentic this is, I read an article which claimed the Central Bank of India has authorized cryptocurrency. If this is true, how come the governments of the same country pick one cryptocurrency (Bitcoin) and relate it to a ponzi scheme. Is it because the governments are afraid of the potentials of decentralized financial transactions which Bitcoin takes a lead?
Most of the young generation now are developing the interest in utilizing cryptocurrency after knowing its benefits. This generation is the future and this means the future of crypto and Bitcoin is bright irrespective of the governmental decisions now.

that is the government right to limit cryptocurrency circulation, to safeguard national assets and protect its people from cybercrime, although there is no strong evidence ponzi scheme issue, the relevant ministries must have thought about the impact that will have on the national and global economy against this banning step, whatever the government reason also does not have to give a clear reason to ban cryptocurrency because that the government right of that has been decided.

What a load of BS.

Yes. The government has every right to safeguard the national assets. But that doesn't mean that it can dictate the right of the citizens to invest in a particular asset. And I think that you are confused about the linkage between cybercrime and cryptocurrency. I am 100% sure that the latest move by the Indian government has nothing to do with "protecting its people from cybercrime". It has more to do with keeping the citizens under constant surveillance and forcing them to use the worthless national currency.

That said, I have some advice for you:

1. In case you support a ban on BTC, then please don't join any signature campaigns here.
2. Improve your grammar, if you don't want to get reported for spamming. 

Well, we can't do anything about it since Bitcoin is decentralized and unregulated.

These ignorant lawmakers will regret if the price of Bitcoin will rise in the next years and will reverse their decision and let Bitcoin be use in India. Since you are an Indian OP, I think you will know what to do now. I know you are a Bitcoiner and you are a believer :). Just do what you are doing.

Bitcoin is not a Ponzi scheme. Bitcoin is good money. Bitcoin is that money very necessary for the world economy to grow, to raise (to increase) production and maintain the peace for the next 100 years to come.

Indians are very good matematicians. I respect them for this. They have taught me physics, they have taught me mathematics.
 If you praise for 20 or 30 years a thing (bitcoin) that will grow in price, that will be 100 million dollars/1 bitcoin, that thing will happen.

You can not say that something that is accepted as money in the every country of the world, is a Ponzi scheme.

Banks are paranoid if BTC survives they will lose their business so, every time I hear about this type of news .. It seems to me like Banks are trying to scare people from BTC. And no, BTC is definitely not a ponzi scheme.

The problem is they don't see the benefits that cryptocurrencies can give especially to the government, in tokenizing and securing processes. These law makers does not have enough knowledge about the technology, they are killing the better possibilities. The market of course is volatile because it is decentralized, they are only seeing the cryptocurrencies like bitcoin as a digital coin with a very volatile price and not the underlying technology.

A major country in the Indian sub-continent. They have been trying to build a regime since 2018. I do not think they can stop it. Because most of India's autistic people are seeing it positively.

Bitcoin is decades away from replacing the banks (if that ever happens). I think that the banks are more worried about being associated with money laundering and contraband sales. Money laundering is a big issue in India, and after the demonetization exercise in 2016 there was a sharp increase in the crypto sales in that market. Another worrying aspect is that last year (2018), there were incidents of cops raiding houses and seizing narcotic substances which originated from dark markets (where BTC is accepted as a mode of payment).

not only Indian govt many other countries have restrictions for btc , i think govt is worried that btc being used for payments in many  illegal stuff and recent news of bomb blasts in srilanka have also suspects that transactions were made through bitcoin for terror actives   

Almost anybody who does not like the use of cryptocurrencies as a new way of making payment for transactions call bitcoin a ponzi scheme. It's been a decade now and bitcoin is still being used by crypto enthusiasts to make payments for their  transactions. Alll these negative comments would change once they get to understand how cryptocurrencies really work and its importance.

As I see India isn't going to ban bitcoin, it's just not possible to use local banks (working with central bank) to work with crypto exchanges. But you can still use the trading platforms. Also, Securities and Exchange Board of India (SEBI), sent its officials to Japan, to better understand how their regulations work.
Maybe they will copy a similar regulatory method that is already used in Japan.

bitcoin is not a "pronzi" , getting difference between buy and sell price doesn't constitute a ponzi scheme , get your facts straight
this would mean any shares you buy that grow in price are ponzi  ???
ponzi pyramid scheme is a fraud scheme where the sole purpose of it to get others scammed and it often offers no product or asset
bitcoin is nothing of the kind , its price is volatile and you can both lose and earn money selling it but new investors are not the source of funds ,
there are no institutions that profit from selling it to the new members and it is decentralized with the deflationary mechanism inbuilt

One of the safest way to trade bitcoin in India (https://airfio.com/) is p2p trading, So, i recommend you to choose leading p2p exchange Airfio which is safe, secure and simple to trade.

Just because of the crash bitcoin has been labeled a ponzi scheme? What government are you having?? Probably they are not doing their own researches on cryptocurrency. At the first place why is it just now? Bitcoin had ups and downs why didn't they banned bitcoin at the first place when it first drops from $30 to $2?

I also heard it and it is really sad news, because India has huge population and these people are very hard working and technically working very well. So this news will be disturb them by their career wise. Government should think about it once again.

Its very pathetic for so called lawmakers to have such awkward believe. That's what you see when you have old men as lawmakers than young talented vibrant youths. Maybe India's still operate on analog rather than digital programming

Apparently, the Indian government is not voicing the real reasons for the negative statements about cryptocurrency.  I have already seen such a situation in other countries that intend to prohibit the use of Bitcoin.  That is why they are inventing today different reasons for refusing to legalize.  It is a pity that users of cryptocurrency, who are citizens of such countries, will suffer from this.

They did not even look at the technology side of it and they prefer thinking differently, all the other countries especially the first world country are adopting and integrating Cryptocurrency to their system, it's unfortunate that India cannot keep and prefer to go on a different path.

Being a resident of India, all I have to say is that you won't be surprised if you know about the real situation. India is a country where most of the lawmakers get elected because he belongs to a particular caste or sect. That means that rather than competent people, Indians usually end up with illiterates and criminals for lawmakers.

Just for those who cannot read or do not bother.

"The usage of cryptocurrencies like bitcoin and ethereum is not banned or prohibited in the country. Only local banks working with the central bank, which essentially is the overwhelming majority of the banks in the country, are not permitted to work with cryptocurrency exchanges."

Crypto is not banned. Stop it now.




I think they should ban fiat. Crimes are committed over fiat. Even physical violence is used by some to get their hands on fiat. People use fiat to buy guns to kill other people too. Every drug dealer accepts fiat not crypto.
I really think we should ban fiat. Lets ban trading all together actually since there is a chance you can be defrauded trading.


I love how the so uptight about AML laws. Like we gonna pay tax to begin with. They piss the tax money away so screw them.

This is the true reality taking place within India, among them only few are eligible to be a law maker while the rest represents a caste or a community. The decision related to economic development will be taken without any form of prior reviewing same as the demonetization that happened years back which was planned and executed within a single night.

There are many news coming out of India regarding how the government is planning to look at the new market place, it is not because of the crash they are labeling it as ponzi and none of the officials said that about bitcoin, some illiterate members who does not have any knowledge about the market have said those things about bitcoin and the central bank has banned the banking sector from dealing with businesses related to crypto and that is the real situation in India from what i understand, after the G20 summit there are news coming out that they will be coming up with regulation .

Bitcoin and other cryptocurrencies volatility can be misinterpreted easily because it raises a lot of curiosities how in seconds a market can lose more than 10% of its value. I hope they reconsider their decision.