Bitcoin Forum

Once again India plans of banning all private cryptocurrencies through the bill that is into discussion on the winter session. The bill is called the Cryptocurrency and the Regulation of Official Cryptocurrency Bill 2021. Lawmakers have been into deep discussion about the regulation of cryptocurrencies. In recent days there is massive rise in the user profiles and transactions on exchanges. It is the middle class that hasn't invested on stocks or other assets have begun to start trading. This is the fear of the government, because it is the majority group of the country. Anyhow once after the winter session on parliament we'll get a clear stand of the government on cryptocurrency usage.

Source : India plans law that will prohibit ‘all private cryptocurrencies’ (https://www.google.com/amp/s/techcrunch.com/2021/11/23/india-plans-law-that-will-prohibit-all-private-cryptocurrencies-with-certain-exceptions/amp/)

Keyword, ladies and gents: "plans"

What's described on the article was pretty opaque; but I definitely do agree with the "misleading ads" part. Not sure about India, but there are so much misleading ads from shitcoins(HEX, FLOKI, etc) going around in some countries.

https://static.news.bitcoin.com/wp-content/uploads/2021/11/floki.jpg https://i.redd.it/9ouh46cw1xo71.jpg


https://news.bitcoin.com/floki-inu-cryptocurrency-ads-under-investigation-uk/
https://www.reddit.com/r/HEXcrypto/comments/psra4r/investors_paying_for_hex_advertising_on_london/

The bill was also seen last session though so the same thing might come from this one as the last.

Can we even define bitcoins as a private cryptocurrency?
Cryptocurrencies especially the ones who are decentralized are not private but on the other hand they depend on its investors. They are created for the use of public and are not really *owned*. On the other hand if they do decide to ban cryptocurrencies like bitcoins a lot of things would suffer.
- startups
- enterprises
- entrepreneurs
It would also mean that India would be far away from the technical revolution that bitcoins is as a whole. Where we have countries like El Salvador doing everything they can to support bitcoins, India might be taking steps back with this. But I remember they proposed high tax right now for cryptocurrencies like bitcoins, it's certainly a bill might not go through as well.

Not sure if they do, but they shouldn't. Sometimes governments/entities are pretty lax on bitcoin because it's traceable to a certain extent; probably using something like Chainalysis. The moneros and zcashes on the other hand, nope. Probably hence why Coinbase doesn't have them listed; to save their asses from potential problems concerning the SEC.

True. Some shitty scam called Chingari App hired top Bollywood actor Salman Khan to promote their GARI token and printed front page ad on widely read English dailies. This and a few other issues drew undue attention.

Possibly going to skip this session as well. Lots of other important bills at hand.

As per government, anything that is not sovereign, is private.

I guess most government entities is probably will not agree to regulate and not into private cryptocurrencies.

But if india, its lawmakers, considered bitcoin as private cryptocurrency then obviously, they are a victim of fake news, or they just want to know the difference of private and not, such ignorance and disappointment considering this country is one of the techie countries.

What would you expect? Government has always been like this on which whenever they do really see something which isnt pleasant into their eyes or simply seeing some threat then they would really make out

some actions which its not really surprising at all of them to do so thats why news like this isnt something that im really get surprised because anytime they could really make out decisions like this if they wanted to

which you should expect the unexpected in short and deal off right away and sad to hear into those people who reside into those places but not actually enough on getting rid of them.

As others have said - all these trash and gimmicky coins created purely to make the founders rich are going to end up doing much more damage to the crypto scene than almost anything else. When there is so much junk being pushed to many uneducated buyers, then it attracts the attention of regulators who have a tendency to hit hard with a hammer instead of chiseling away delicately so the more established currencies can last. We're stuck in a catch-22 situation however, because many buyers here will simply chase the crowd in the hope of increasing their wealth in the short term but may ultimately undermine the whole sector in the longer term.

Exactly, many are capable of planning things but only very few actually execute their plans.

India planning to prohibit all cryptos is something that will cause great torment to the country and because India is not oppressing people, this action will inevitably end worse than the China FUD/Ban. Though we can be understanding why the Indian government would think of such an approach - obviously to pave the way to its own governmentally governed digital currency.

For now these might just be speculations and this is what this response has been based on.

This source claims only certain select crypto will be targeted for ban.

India plans law that will prohibit ‘all private cryptocurrencies,’ with ‘certain exceptions’

https://techcrunch.com/2021/11/23/india-plans-law-that-will-prohibit-all-private-cryptocurrencies-with-certain-exceptions/

....

Based on past history, I would guess ethereum might be legal in india under the ban, due to its long partnership with JP morgan.

Other crypto and exchanges who are allied with banking establishments may be given a green light as well.

Once again? They still haven't done it yet? I thought they already did it few weeks ago. What's with them and "we gonna ban all crypto currencies right now"? Why is the government fearing for those people that are investing and trading crypto currencies? Is it because they think their people are going to lose everything or fall for a scam? Then instead of banning crypto currencies, they can actually teach them about crypto currencies. They can warn them about the risk and then let the people decide what they want to do. It's not that hard..

Indian government is right for worring about the massive waves of crypto scams the country is facing as we can see through so many official ads which legitimize the scam schemes in that country. Now politicians just need to balance their decisions a little bit to not put every crypto currencies in the same dirty basket, because that isn't really fair or even benefical for themselves, if they think about this matter in a more personal way (crypto means more income for its adopters, what also means a higher taxes income for the government).

Just ban the ponzi, hyip schemes and punish their promoters, including the celebrities who use their image to deceive investors. But keep legit crypto currencies intact!

That would be nice and smooth if they do that but they choose to do less work by generalizing every cryptocurrency out there and banning it at once. Looks like they will be turned hostile towards bitcoin as well with this rate. Anyway, India has been promoting such a law before and there has been no change in the crypto market. Whatever their decision might be, it won't affect us anyway.

What I noticed more than any other detail about this news is the statement of Shaktikanta Das, India's central bank governor.

"When the central bank says that we have serious concerns from the point of view of macroeconomic and financial stability, there are far deeper issues involved."

“I’m yet to see serious, well-informed discussions in the public space on these issues.”

At the very least, the central bank's head seems objective, open-minded, or at least cognizant of the fact that issues involving crypto have yet to be deeply and thoroughly discussed or perhaps even understood.

I've heard irresponsible pronouncements coming from other central bank leaders who immediately jump the guns against crypto probably without understanding it first. Many fiat institution leaders immediately talked of risks, criminals, terrorism, money laundering, volatility, and so on and so forth in instantly dismissing Bitcoin and crypto presumably without even looking closely at the technology.

Nope, Ethereum will be banned as well (not sure why they consider it as private cryptocurrency)


Well nothing surprised here, it seems they're define private cryptocurrency is created by someone not by government ::) It's private for them since they doesn't full control over that crypto, except they create their own coin (CBDC). They're force their citizens to choose CBDC and not using other crypto, they're scared if people no have any interest to use their coin, poor government.

I don't follow Indian news but from what I remember from at least 2017 there has been a struggle between government and bitcoin users specifically those who trade. They have even shut down a couple of Indian exchanges during these years and have been putting a lot of roadblocks for bitcoin adoption in their country.

It is absurd that news like this are coming out as new, now that bitcoin price is trying to break the $60k resistance again.

Aren't cryptocurrencies already banned in India?How many times do they have to ban them?
What do they mean by "private cryptocurrencies"?Privacy coins like Monero or all cryptocurrencies?


I agree with that,but it seems to me that the Indian government wants to "throw the baby with the dirty bath water",because this is way easier for them and it requires way less effort.
Ponzi schemes and HYIP schemes cannot be banned because they are illegal by default.
This is like saying that all crimes are banned.That doesn't stop the criminals from conducting more crimes.
The people in India must be educated and warned about HYIP scams,shitcoins/tokens and ponzi schemes.
Prevention and raising awareness about scams is way better than any restriction or ban.
I also agree that any misleading ads regarding the crypto industry should be banned as well.

Same old story. Regarding Bitcoin we have two types of countries: those that turn their back on it, such as India and China, and those that embrace it, such as El Salvador.


So they are going to allow the crap cryptocurrencies they can control and they are going to ban Bitcoin and some others. I think in a few years they will realize their mistake and they will be in a hurry to buy Bitcoin.

Hahaha while the government’s center of attention is starting to go to “private cryptocurrencies”, they don’t know that as long as Bitcoin’s anon-set increases because of increasing usage, then privacy to use Bitcoin also increases. 8)

Relax Guys. Nothing is going to happen. As far as India and it’s bills are considered they will take ages to define a rule about the crypto currency. They keep changing the rules as per their needs and what others has to say. Considering the democracy of India they will surely go for petition filing which has been done through zebpay and WazirX in last year.

They are big crypto tax payers and government will have to make few changes in favour of them whatsoever. This definitely is not the first time India is revising the bill against crypto currency. The PM knows many of his voters are involved in the crypto and it’s bad time to devalue them when the elections are up front.

for my several years here in Forum , it is always India and China in which has this kind of Issue and behavior towards crypto, and guess what ?
i am not interested anymore , because same thing happen each time , banning and unbanning talks.
India's government  will keep this for their own benefits  so why give a look?
and also Lets assume they will totally banned like what china did, isn't it is helpful so there are no other same regulatory issues will come in future?

I'm not sure about the story written by: @Manish Singh, I've seen him write some other stories.
Example:

The news on the internet and google, is not completely true and accurate, exists as hoax news and there are only compositions, not necessarily authenticity, You should ask @Manish Singh, where did he get the news that the Indian government is banning crypto users.

---

Did you take another look at the comments inside that source, I mean this one: comment from within the OP's source. (https://techcrunch.com/2021/11/23/india-plans-law-that-will-prohibit-all-private-cryptocurrencies-with-certain-exceptions/)

As this person said:
https://zizihub.com/049017.jpg

I conclude the news sources, which the OP presents here the laws in india against crypto, are not entirely true.

It may be different this time because Amitabh Bachchan is promoting cryptocurrency.   ;D
Both countries matter because they are becoming big actually, India's economy is also rising like China as they are also into manufacturing products, and Indians starting to invest heavily in crypto. If they are to regulate the industry they'd have to have this Cryptocurrency & Regulation of Official Digital Currency Bill.

I, however, doubt they could prevent private currencies to exist, and just like China, they may also ban crypto again.

In the past, if I remember correctly they are the ones who also said that they will ban cryptocurrency in their country right? Correct me because I might forgot it or I might be wrong :D. If the news is true then... Good luck to them :)

Well, its all plans meaning they are just making small moves to do it but the question is "Will it happen?", "Will this "plans" that they are doing will become successful?". I will not be surprised if this moves that the government is doing will just be another fail move from them. If they become successful then, it might have a negative impact in the market or I mean it will have.

It's ridiculous if by 'private' cryptocurrencies they mean Bitcoin and other decentralized, transparent cryptos. IMO, only those that have private blockchains should be called this way, and restricting their usage is at least somewhat reasonable. Let's wait till the bill comes through, though, because for now it looks like FUD. Even the article itself mentions that they're considering support of cryptos as to oppose Chinese crypto mining ban, but that some call for banning private cryptocurrencies. Also, I believe the article doesn't clarify what kind of exceptions there will be. As for the ads, I think it would be good to impose strict regulations because ads are often from scammers, and they have to be prevented from sharing information about their projects.

That’s what I assumed they were proposing, but that actually are saying “private cryptocurrencies”, not the currencies issued by the government, which is public. The same if a bank issued its own currency that’s not legal tender, that’s a private currency.

Rather than going on a witch hunt, go to the official website and look at the proposed bill
You can download it here (http://loksabhadocs.nic.in/bull2mk/2021/23.11.21.pdf):

It's on page 12:



Just because things that you don't like are happening doesn't mean they are not real.

This is a speculation only! Some media houses are releasing misleading news like the one you have posted.  Government has indeed created a bill which will be presented in the winter session in parliament. No news paper really know what's gonna happen so they are trying the old clockbait method to increase traffic into their website.

Don't panic! Because it seems highly unlikely for Indian government to ban cryptocurrency. Especially when there is multiple exchanges operating legally in the country. But expect heavier regulations and reporting requirements.

A ban like this will only have a temporary effect and then Bitcoin will not need India anymore and India will not have the power to influence Bitcoin. Just like what China did, Many FUDs were spread about the ban on bitcoin in China so that the bitcoin price started to crash.
I'm not even sure India will ban bitcoin, they are still negotiating. Bitcoin has a positive impact on India and when India wants to ban bitcoin it becomes a big question. Other developing countries currently provide regulation as a commodity asset and do not completely prohibit it.

I am not surprised. Governments have been throwing everything and the kitchen sink at BTC and other cryptos to see what sticks. The thing is, these types of regulations seem to me just efforts to find the best model, and when authorities figure out that it doesn't work, they will revert to the old model and look for alternatives. I wouldn't make much of this.

The Government of India will introduce “The cryptocurrency and Regulation of Official Digital Currency Bill, 2021” in the Winter Session of the Parliament. This release has led to unfortunate speculation in the media that crypto will be banned.
From a technology perspective, a regulatory ban would not even be feasible.Crypto is an asset class that has been adopted significantly in India and abroad. The crypto industry has created many jobs and job opportunities in the technology space. It has also seen significant investments in India. Taking these factors, among others, into account, we believe that the Government will not proceed with a blanket ban.
However, rumours of a possible ban have been spread in the past 24 hours causing a massive shift in the market.No further details have been released yet the story still developing we will keep track.

Over the past few years, there have been about a dozen different threads on this forum about which cryptocurrency bans are planned to be adopted in India. But for some reason, lawmakers and the country's government are in no hurry to pass laws regarding cryptocurrency. Therefore, most likely, I simply will not react in any way to these intentions. We need to wait until real laws are adopted there, and then we will discuss them.

Private cryptocurrencies are pretty much centered around anon coins like XMR & Z-Cash. The only reason they are aiming to ban them is because they aren't able to get their slice of the pie.

what you will find. in law. is that for a government to be able to apply policies and regulations and licence certain businesses to operate on such things like crypto. they first need to make it illegal to use crypto. and then develop the 'access' permit/licence that then allows only certain businesses to engage in crypto if they follow government rules.

dont think of a country banning crypto as the end of a debate. think of it as just chapter 1 of government acceptance.

I also don't agree that Bitcoin should be classified as a private cryptocurrency - that category belongs to Monero and similar coins. However, we know that many of our government officials do not have a general understanding with this industry so they might come up with a different definition of their own with the intent to regulate something they still have to know a lot. India is such a big market for cryptocurrency and there is no denying that a growing number of people is interested with it...this could have been the right replacement with what we lost in China. Hopefully, in 2022, India can come up finally with acceptable regulatory law for the industry.

Being positive with cryptocurrency adoption is the key that has been changing the world towards the new age money adoption. As mentioned when a government is into policy making, then it isn't the end of the debate. It is a positive note for the regulation for the upcoming days usage. India being the highest population next to China, any positive decision from the government will make a big change in the market. Lets wait and look for the end result which for sure is not gonna be a ban.

In recent days the government itself have experienced the rise of cryptocurrency users around the globe amidst the ban news and other opposition words. This policy making also serves to be a way to keep the population under control.

Aren't we gonna stop about these BS things/stories for India?

I'm Getting tired of India is banning Bitcoin or cryptocurrencies , India is doing this and doing that. is this really helping the market of crypto? or this was just bringing Bad indications and results?

India will never sleep towards good or bad things but we as Users of crypto can take a rest.

They are more likely another variant of China. Skip what they said and what social media is spreading very fast in matter of seconds.

Let's think of it deeply yourself. If a cryptocurrency is truly private, untraceable, does such ban attempt from government in any nation can affect its network, its usecases and its adoption in crypto community? No effect at all.

We see big effects from such ban, crackdown, prohibition news because many of self-called privacy coins are not actually privacy.

They won't be able to enforce it long-term though, people will eventually don't think about it. Remember that India has done this kind of thing before with cryptocurrency and look where it got them? Nowhere because they have already forgotten about it and that they have a big population and that's going to be difficult for the police and the law for continuous enforcement.