Bitcoin Forum

The elections for the seat of power in the largest democracy of the world came to an end on 23rd May 2019. The current ruling political party won the elections again as the people of the nation chose Narendra Modi as their Prime Minister for the second time.
The election in India began on April 11th, 2019, since then India has been under ‘aachar sanhita’ or code of conduct, according to which the Government can pass no new law. Nevertheless, with the election results announced, the pending work of the lawmakers would also resume. Subsequently, cryptocurrency regulations can be expected soon as well.

Complete Crypto-Ban or Stringent Regulations?
Reportedly, an economic committee under the Indian Government has drafted a bill the “Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019.” The discussion on the bill is being held between the various branched of the Government. The bill will be introduced in the parliament for approval if sanctioned by the departments.

Source:
 https://coingape.com/india-bitcoin-elected-government-pass-crypto-friendly-laws/  (https://coingape.com/india-bitcoin-elected-government-pass-crypto-friendly-laws/)

We should be hoping that India or rather the government of India will have an open mind on cryptocurrency as it has one of the most vibrant, young, hi-tech and talented pool of human resource that can work well with many fintech companies to pour in once the country has a good regulatory framework for this industry. But in my estimate there are more chances that the bill banning cryptocurrency can be passed by the legislature as the same leaders will soon assume into their seats. I am personally sad about this turn of events. Now, am waiting for a movement against that bill and for passing another law regulating and allowing cryptocurrency. India is already so behind with the blockchain and cryptocurrency as many countries in Asia are all set to exploit this opportunity.

What I know is this is the same government that was for the last 5 years.
But I hope they'll be more ears to new startups and tech enterprise and lead themselves into a crypto friendly environment.
India of course is a country with high potential and the current leadership though somewhat lost, has a potential to make India one of the superpowers.
For that they need to reduce political lies and propaganda, corruption and build an open and competitive society. 

This would be interesting to follow up if they can keep good on their word and put sort of regulatory measures on cryptocurrency instead of an all out ban on it as the previous government declared with the seizure and disabling of bank accounts which were found to be involved in the purchasing of cryptocurrency.

If he is the prime minister during their crypto regulation problem and his power just got extended then I don't think we could expect any kind of good change anytime soon. And to point it out the RBI (their central bank) is acting out the current head of the state when it comes to their crypto regulation as there is literally no news of other government departments interfering with the matter so it only means the current PM right now doesn't have any interest in the industry whatsoever.

Considering how many scammers and shady projects had their roots in India I would be happy if their government bans cryptocurrencies at all. Most part of Indian crypto community is just a bunch of rednecks (there is a word that describes Indian ones but I forgot it) whose only activity is looking for different airdrops and clicking on faucets.  Amount of their transactions is incredibly slow comparing it to the other countries, so most people don't really give a shit about what is happening there.

Nothing is gonna change in India. It's the same government now who was for the period of last 5 years.
The crypto case for ban/regulation has been delaying the judgement for several months and I don't think we will be hearing a judgement any sooner.
Though Modi has done a lots of good for the country, I think he is a bit hesitant when it comes towards cryptocurrencies.
May be their lack of knowledge of cryptocurrencies is still keeping them back on their decision towards regulating the cryptos.

Well, if the same party won the elections, I don't see anything should change much. Perhaps only under pressure, but given the total population of India, the number of crypto users in this country is actually seriously low. I think there might also be a conflict of opinions there with the government being ready to regulate but the economy-related authorities demanding a ban. I don't think India will go as far as banning cryptocurrencies, but it might impose the kind of taxes that will strongly discourage crypto-related activities in the country.

this means that the Indian people who like crypto will have 5 years going through the biggest hell with the present government. according to what I read in the international newspapers the president Modi in the speeches during the campaign he spoke of national security. this means that they will be more focused on banning bitcoin and will focus on religious issues

It is in their best interest to embrace it, and find ways they can profit from it too. Worst thing they can do is outright ban it, not only would they be repelling wealth from entering their country, people will find unregulated ways to keep using it anyway and no way to tax it. Even a neutral stance is preferable than outright ban.

There could be also a generational difference, among the politicians who act hostile or not against this new world reality. Want more profits and wealth? Embrace it, sooner than your neighbors, and see the money flow in...

If you are going to regulate it, STUDY it deeply first. I expect no less than the very Indian law makers asking questions on this very forum as a good sign of their seriousness. In fact more countries should be doing this.

Due to a huge number of laundering and scams in India, I don't think that the government would still adopt and support crypto. The mistake of users there is they use crypto in their own illegal ways which ruined the reputation of blockchain in their country. I just wish that India would still support crypto in time.

The idea of accepting and regulating bitcon has been discussion before hand during the same guy's period being a prime minister, and with him being reelected what makes you think that they will rethink their decision and accept it, my personal opinion toward bitcoin regulation in India and any other country is there must be a new people in the seat of power, people with vision and with knowledge what bitcoin is capable of, in order to make progress and development and bring the future to the next era.

I'm sure that his decision is firm and nothing will change. India is one of the most influencers of crypto before so banning of crypto in this country is such a big disadvantage. However, there will still be ways for users to pursue crypto. They just have to dig deeper into the possible ways to earn.

Well for someone whose best interest resided tthat on a massive statue instead of addressing the nation's issue, I don't think any form of reconsideration regarding crypto ban will occur. Also, even if the ruling party was overthrown, for sure some of the constituents will still vie for the past administrations platforms and implement it as best as they can. Perhaps the Indian crypto community would have to wait for yet another term before having their wishes granted and trade on Indian soil without hesitations and fear.

yes exactly , this what I have been thinking about, new people in charge will be open to new technologies including cryptocurrencies.

Already it was the ruling government in India, by that time itself they keep on going with the slogan digital growth. Till date they haven't been able to make things advanced, and particularly in the name of digital growth they have been promoting digital payments and whenever some talk comes relative to bitcoin it'll be delayed by the court authority. This is gonna happen by the following years.

If their decision will favor the usage of crypto currency then it will surely benefit the crypto community that are based in India.
But if they are going to ban the existence of crypto currencies or digital assets then it will surely affect the users in India.

Government is the big hindrances if we are going to tackle about crypto currencies as they are worried about the freedom that crypto gaves us. They are worried that they cannot monitor the incoming and outgoing money, they are worried that they cannot get a tax from crypto currency and etc.

Hm, that will give an impact to the Indian people are trying to work in cryptocurrency because with the banning of cryptocurrency, they will not have access to work on cryptocurrency project.
But I hope the Indian government will not apply a strict regulation or even banning cryptocurrency because cryptocurrency was helped Indian people to stay survive in difficult situations.
But I think the discussion will take a long time because I am sure that there will be people that will want to see cryptocurrency approved and the other people want to see cryptocurrency gets banning.

There are a few things to remember here.

The first time they considered regulating crypto-currency was sometime during 2014/15 and the RBI governor at that time was Raghuram Rajan. He was extremely hostile towards crypto-currency and wanted a complete ban on Bitcoin and the other cryptos. The economic advisors of the newly elected government also supported him in this. But somehow, a complete ban was never imposed.

Then in 2016, Bitcoin was widely used during the demonetization exercise to evade the banning of high denomination banknotes. The RBI became concerned once more. And during the insane bull rally of 2017, the RBI issued warnings against trading of cryptocurrency. In 2018, they sent tax notifications to more than 100,000 people who were suspected of trading in cryptocurrencies.

In 2019, it became clear that the local Bitcoin users are increasing in size despite the all warnings and harassment. There are rumors that a blanket ban on cryptocurrency may be introduced very soon.

IMO, the future prospects for crypto-currency in India looks very bleak. None of the major political parties are willing to support Bitcoin.

Bitcoin won't magically lift indians out of poverty but it may give their country some new jobs in the crypto sector.  Any country that goes and tries to completely ban crypto will just lose out on economic activity and loss of tax revenue. 

Why should crypto currencies in India be banned? while the use of crypto currencies in other countries has received permission from the government both for investment commodities or even as a means of payment. Developing technology, including in financial technology, if the government prohibits crypto currency for security reasons, it is wrong because it is actually very safe but must have sufficient knowledge for the user.

so far with all the restrictions they have been putting in place for Indian to buy bitcoin, they have never slowed down buying bitcoin. this may become a factor in decision making in the future in my opinion, they know their restrictions aren't going to do them any good so maybe a total ban can never happen in India.

in the small number of countries that have actually banned bitcoin (like Bangladesh) it was done because of the fear that government had for losing their control and not being able to continue their corrupted ways if people were to switch to bitcoin more some day so they banned it now to prevent that from happening.

Just like the rest of other countries which ban it, they are threaten by this new technology. Besides India has somewhat very strict specially with the cash flow within their country. Remember they have "Indian banknote demonetisation in 2016", to curb out the use of illegal bank cash to fund terrorism.

So I think they put too much weight on the fact the crypto can be used to move funds around and help criminals illicit criminal activity.

As of now Bitcoin is not completely banned in India. But the authorities are making it extremely difficult to trade or convert cryptocurrency. The exchanges were forced to shut down their operations and traders had their bank accounts frozen. On top of that, the tax authorities are also harassing everyone who they think are dealing in cryptocurrency.

They probably will not. I understand now,,, the regulations and the sandbox actually allow blockchain tech and fintech etc,,, so it is not a problem of the technology, but the problem specifically with cryptocurrency. I do not blame them. This will be good even.

Think about it. Banning crypto means you cannot operate a centralized or private blockchain money. Like Ripple or BNB. But Bitcoin cannot be banned. People can use it still if they want. So, go ahead.

This government not new, they are rules india past five years also, so we can judge about them their past activities. I think it's totally depend on their perfect decision making! we can keep on eye and waiting for their decision about this type of situation.

Well i think it is not right.. why should banned  bitcoin in india? Their government have to do something for ttheir people.. government tackles  the problem  with full wisdom..

Other countries which accept bitcoin don't have any problem. Even government of developed country such as USA and Japan are accept and regulate the use of bitcoin so I think it can become role model for other country like india and etc. I am sure that at the end most of country in this world will accept bitcoin

Well it's the same government that has been in power, what they might do is just to suspend the bill and ask for further study of the technology of concurrency and  how it possibly affect their economy. I don't see the government banning cryptocurrency, if they decided to ban it, no problem, the world will move faster, and the people of India have their government to hold responsible for hindering their progress.

I am from India and as much as I know people in India love Narendra Modi as a prime minister but he is not just going to make blind decisions because a lot of people want Bitcoin to be accepted in India. Narendra Modi will surely conduct a lot of analysis and he is probably going to ask RBI and other financial departments(cryptocurrency enemy) about what consequences can happen if Bitcoin is accepted in India. And as we know what they are going to say for the cryptocurrency is mostly negative and hence the chances of banning Bitcoin and other cryptocurrencies is not for higher in India.

Its not a new Govt so you may have to face problems in future. No one know how demonetization and taxes will happen in future.

I expect a 100% ban on all Crypto currencies, because India has not been open-minded about this technology and the previous corrupt government did not want to have anything to do with it.  ::)

India need technologies like this, because they have some brilliant software developers and something like this has huge potential for creativity and innovation from these developers. The government will be the stumbling block for innovation in their country.  >:(

Everyone mostly in INDIA are hoping for a cryptocurrency-friendly leader.
This will give them boost and more hope on the new technology. and also will help the campaign for the world change in currency and mass adoption.

I partially agree with you. First I'm totally convinced that any regulations of crypto needs to clean the space from scammers and frauds to prevent people from losing their money investing in ponzi schemes. On the other hand governments should be more open to the new technologies such as crypto currency industry because it makes life easier in terms of payment methods and fees than the current dominant greedy banks

India is observing others countries actions toward crypto currency to make their own. They have already sent officials to Japan, Switzerland and United Kingdom to see how their regulations work and how they are dealing with Icos.
What we know is that India isn't totally crypto friendly, as their banks were forbidden from dealing with crypto exchanges before, furthermore the government is still the same (reelected), so don't expect anything too different from what was already done.

I don't think this time India will accept Bitcoin! Because the newly elected government was the previous government too! I mean no change happened in governance! Bitcoin in India is complicated nowadays, after a long discussion, BTC got banned there a few months ago! But I have still the hope that soon or later, India will open the door for the cryptocurrencies.

Not a single Indian politician has spoken in favor of cryptocurrency till now. And the RBI officials have adopted a very hostile stance towards Bitcoin and closed down all the exchanges and Bitcoin ATMs. I would say that as a third world nation, India is at least a decade away from regulating Bitcoin. We can expect this to happen sometime after 2030.

I really do not expect any positive changes in the entire market in India simply because the newly elected government is the same bunch of people who were ruling earlier, who ruined the market by a big margin because of their incapability to forecast things and their lack of vision and i do not expect anything different this time around too, i wont be even surprised if there is a blanket ban for bitcoin, they have already destroyed the exchanges and all of them have to shut their business and what more can we expect from them  ::).

Actually we the crypto lovers can hope for this new government of INDIA as they are Committed to young generation for their welfare. So if present government wants next win they must think about new era of economy that everybody expecting. If i say friendly many things can happen in next big budget economic country-INDIA. So lets see what is happening in next few year.

I think there are no big change will be happen in INDIA because same government again win in the recent election.
The all previous rules will continue because of ruling party again win. Without changing government india can't able to adopt crypto just wait another 5 years.

The opposition in India is even more hostile to the idea of crypto-currency. The very first anti-Bitcoin measures in India were taken by Raghuram Rajan (then the Governor of the Reserve Bank of India), who was an appointee of the opposition party. Ironically, his successor (Urjit Patel) also followed the same policy, despite having a different political affiliation. The problem with India is not with the NDA (ruling alliance) or the UPA (opposition alliance). The problem is with their third world mindset.

sometimes even change in government body doesn't mean certain rules would change. they can remain the same if the future governments share the same views as the previous ones. but also that doesn't mean bitcoin adoption would stop, rules can change. the government can only slow it down so much before they realize that they can't stop it and have to give up and accept it.

But we can hope that the Indian government will not ban cryptocurrency because people cannot use cryptocurrency to help them again.
They need to reconsider the banning of the cryptocurrency because it will not be good for their people to get better life from the crypto.
But I don't know what will happen later, and we could only wait and see.

A government could make things hard for the bitcoin community if they really want to, if any country ban the use of crypto and come up with rules and regulations, then no one will dare to trade them as the legal problems they will be facing if caught will be really huge, no one will risk their life so that they could trade if the government is against the market. The level of legal issues that can arise include, money laundering, terrorist funding and so on and they could put anyone behind bars for a long time with those cases.
Not sure about the situation in India.

If the government does not understand what they are dealing with, they will consider banning it and with the current government anything progressive will be shut down by them as far as the past examples we have, as i said earlier in this thread, they have already crippled the exchanges and majority of the old exchanges are shut or in the verge of shutting down. Some of the things you said cannot be deciphered  ;D.

I feel that the Indian government has already learned by secretly about cryptocurrency because they are not doing a fast action to banning the cryptocurrency.
Maybe they need more time to get the result from what they learn, and I am hoping that will change their decision to banning the cryptocurrency.
It is sad if they still want to ban the crypto because as I said before, the people cannot continue what they did in cryptocurrency and probably, they will lose all that they start in cryptocurrency.

They are planning to ban crypto-currency... but they'll be wondering how to implement it. According to the government sources, there are more than 100,000 Bitcoin traders in India. Active users may number in millions. Now they can't suddenly ban something which is being used by this many people. Let's wait and watch how they are going to do it.

I supposed that this time the India government will finally find how beneficial cryptocurrency is and might consider opening their country to be friendly users of crypto’s
For years they are trying to deny their fellow man to have a chance to gain profit from this profiteering

I do not see any development for the technological sections in India. Narendra Modi has conducted a lot of hackathons On previous years this shows how much we want students to learn about technology which was much encouraged that previous government. But still, I do not see any y why Narendra Modi is going to pass crypto friendly laws.

To my non-Indian friends here: it is too early to speculate anything. The election results were announced just 5 days back and we don't know who will be the next finance minister. The former finance minister (Piyush Goyal) was opposed to the idea of crypto-currency. But the rumors are that the next finance minister may be Amit Shah. He is in favor of technology innovations, and I hope that he'll take a favorable view about crypto. 

Since they have big resources in information technology sector we should believe that they must be crypto friendly and with facebook recently announcing their plan to launch their own crypto currency and India being a big market for facebook we must consider that there should be some sort of regulatory framework being done rather than an outright ban, i am not aware of the political situation in India but being a big democracy in the world we expect a fair ruling.

Are you serious that Amit Shah will be the finance minister  :o , has he ever held the position of finance minister in Gujarat during in term there and now he is eligible for being the finance minister of the country, what a wonderful story it will be. Yes i am aware of his love for technology and how he is active in social media but that alone does not make someone in favor of innovation  ::). I am glad he is educated and hopefully he will have some sense in making a decision which impacts many start ups.

There is no confirmation yet on the next finance minister. I am not entirely sure if Amit Shah will be taking up that position but even then nothing will be changed. Ministers in India take decisions but the ground works ate done by the bureaucrats and the decisions are made based on their work.

Majority of the bureaucrats don't have the IQ of seeing the bigger picture. Also the banks are ready to bribe them to push for the negative decision. What else can we expect?

The same Government that issued a ban last year may or may not pass any judgement in favor of cryptocurrencies as they have appointed a new finance minister.

However, the lawyers and RBI still despise crypto saying it is used for illegal purposes and since they can't pass any tax regulations, they prefer banning it as a whole. The case has been pending since a year and most of the exchanges have shut down giving up hope.

This article (https://news.bitcoin.com/indian-cryptocurrency-regulation-ready/) shows that we still have hope but I follow this saying "hope for the best, but prepare for the worst".

High hopes for crypto traders and crypto community in India looking ahead for crypto friendly guidelines by newly elected government we may see some important changes in India very soon hope it turns to crypto loving nation

Looking at the above responses it says that the same government got re elected and why do you still claim that they have a new government  ::), if you check the world political news you will know that the same government will be coming back to power. I am not aware of their position in the crypto community but considering the amount of population they have they could make a difference if there is a legal system around it.

OK... I was wrong... the next finance minister is not Amit Shah. The former defense minister, Nirmala Seetharaman will be handling the finance ministry. She is well qualified and tech savvy, but I have no idea about her stance towards cryptocurrency. She has a reputation for being very fearless, and has a nickname "Iron lady". I am being optimistic about crypto right now.

IT will certainly help. It will provide a platform for potential. What they do with that potential is up to them. So if they pass this silly bill that it is illegal to have crypto then they just shooting themselves in the foot,
instead of embracing this wonderful technology to enrich their life.

I know that the Indian government will embrace crypto. The best law for crypto is no law or at least very little.

the best law is to have a good law not no law at all. a good law can help in a lot of situations for example in cases where people get scammed, if there is a good law in place they can pursue it and get their money back from the scammers otherwise pursuing something like that is near impossible.

Time is running out for the Indian Bitcoin users. The finance ministry is gong ahead with its plans to ban any form of cryptocurrency and jail anyone who doesn't comply with this legislation. Right now it is only a draft legislation and may need to get voted on by the parliament to be passed as a law. So Indian users have a few more months time.

Why do you think digital money could end poverty ?
I don't understand this kind of thinking.

The world has limited resources and if you pay them via paper money or digital money there won't be any diffrence in the limitation.

I totally agree it's stupid to ban crypto in India, but this country has a lot of much more priorities to take care of.

Unfortunately for startups in India now is not the best time. The government and ordinary people were misinformed when it was reported that investors who owned, bought or sold cryptocurrency would be put in prison. People are easily suggestible and often believe especially in negative news.

News for the crypto community is the leading tool for analysts, traders and just enthusiasts. It is not true that it spreads better, especially when it comes to such an innovative area as the cryptocurrency. I understand that there are many fraudsters in the industry who launder money, but it is not worthwhile to restrict the entire market. After all, this new area of startups can bring many benefits to the country

The government will not deny both the risks of cryptocurrency and the great advantages of blockchain technologies. It is not beneficial to abandon startups in the field of cryptography, when it gives a plus to the development of the economy. However, the problem of lack of public awareness on the topic of cryptocurrency can be misleading. That is why you should take the time to use such free platforms as taklimakan to get relevant information from the crypto industry, but the main thing is to get knowledge about crypto investing.

Yes, knowledge is crucial. The inexperience of traders often makes them make mistakes, which can be avoided by studying financial theory. For people who have not previously been familiar with cryptocurrencies, the lack of reliable sources becomes a limitation. Although they could get much more than financial literacy, they could also improve their real income.

It is possible to create fake news about cryptocurrency in the country are made specifically to manipulate the market. Cryptocurrencies also do not have a very stable system, everything is subject to the mood of people.