Bitcoin Forum

News 18: Bitcoin Ban in India: No Ban on Cryptocurrency, Govt May Bring Crypto Tax, Say Sources (https://www.news18.com/news/business/bitcoin-future-in-india-no-blanket-ban-on-cryptocurrency-in-india-say-sources-4480691.html)

The Times of India: India to consider allowing crypto trading for some investors (https://timesofindia.indiatimes.com/business/cryptocurrency/bitcoin/india-to-consider-allow-crypto-trading-for-some-investors/articleshow/87888260.cms)

NDTV: Crypto Bill Will Regulate, Not Ban, Claim Industry Sources: 10 Facts (https://www.ndtv.com/business/cryptocurrency-ban-news-cryptocurrency-ban-unlikely-say-crypto-industry-sources-2622667)

Because of bans, fake news, regulations whatever reasons, the trading volume of crypto on Peer to peer marketplace in India is increasing too much.

Usefultulips (https://www.usefultulips.org/combined_Asia%20Pacific_Page.html) chart shows it. The 2021 Global crypto adoption index (https://blog.chainalysis.com/reports/2021-global-crypto-adoption-index) report shows that India is one of the most actively nation in Asia particularly and in the world generally.

Overally, I don't see any nation will go to ban Bitcoin. They want regulation, yes. They want tax, yes. but they won't ban Bitcoin.

Where do you see any increase in that chart?
https://www.usefultulips.org/combined_INR_Page.html

The volume is almost flat for the entire year
https://talkimg.com/images/2023/06/12/AKDpq.png

$15 million a month for a 13 billion poeple country? One ¢ traded per citizen per month is too much?

I don't know why news channels love to spread these kinds of lies and fake news, so far I have not seen any government source where it is written that government will ban any Cryptocurrency, so far I have just read about regulation, even in the meeting with the stakeholders they concluded it's impossible to ban Cryptos I don't know why these news channels are spreading these sort of news.

India will overtake China in Bitcoin FUD, I just read a lot of news in a TV channel talking about a ban on cryptocurrencies.
Generally, it will not have an effect, we have heard a lot of news and therefore most magazines will do such analyzes to get free views.

As already, India from the beginning often issued this kind of policy and said it banned this type of crypto exchange. But the fact is that in India, cryptocurrency users are even more massive and continue to increase from year to year. not even a few crypto projects launched in India are enlivening the crypto industry by almost 30%. I'm not sure the new policy will actually be fully implemented either. Even if you read from the article there are investors who are excluded. means that there is an imbalance in carrying out the rules there.

Bitcoins and cryptocurrencies in India have been regulated since way back and at the same time the exchanges have been having a lot of issues with the same. I do think you have to understand that Indian government is already putting up taxes for cryptocurrencies like bitcoins, if they wanted to ban it they would have said so instead of trying to earn from cryptocurrencies.

They have had issues and banks like SBI have been banning users who are involved with cryptocurrencies but other than that there are banks like DBS as well who never did that, the issue is not with the government entirely. The issue is with big political aspects as well. Banks and other dominant Bodies are scared of Bitcoins. They are scared that they might not be able to regulate them. In a corrupt country like India I do think we need bitcoins and Blockchain.

Hopefully these FUD's calm down a bit and people support bitcoins more.

India houses a bunch of jobless journalists who are good in creating fake news. This is what is happening in India now. No need to take such new seriously. Because everyone is speculating and no one really knows what's in the bill.

The matter of fact is that India has actually prepared a draft bill on cryptocurrency and that will be presented to the parliament in December. It has already been added in their agenda. But no one knows what's gonna happen!

There are several countries where Bitcoin is actually banned. I think Egypt is one such country. I don't follow the news about these kind of things carefully, but isn't it banned in Nigeria since the beginning of 2021 as well? I think that Nigerian banks don't allow their clients to deal with crypto. China has banned bitcoin mining, and ICOs are already banned since several years. I am sure there are other examples in the Islamic nations, but I couldn't tell you for sure without looking it up.

We all know that sometimes such documents find a way to fall off a truck and mysteriously land in the hands of some journalist. It cannot be ruled out that something like that hasn't or won't happen in India in regards to this crypto bill.

Bitcoin and cryptocurrency in India have been regulated. Indian Government already they accepted bitcoin and others cryptocurrency. They interested in cryptocurrency. I think, it will  be very good news for us.Cryptocurrency development increasingly day by day and cryptocurrency price more  increase this year.

@tbct_mt2 already said it clearly...


what is the benefit of India if they banned bitcoin? India is not planning to issue a CBDC so there is no reason like China. if india banned bitcoin then how many billion dollars they will miss from taxes etc. bitcoin transactions and crypto development is increasing every year, there is no reason to ban bitcoin anymore.

Since 2020, I meant but you are right if look at the 2021 year only. The chart is almost flat in 2021. In 2020, trading volume increased too much and the flat trading volume in 2021 can be contributed by the growth of decentralized exchanges which give Indians more options to trade their crypto. They are no longer have to go to P2P marketplaces to trade. Moreover, the launch of Binance P2P can be another reason and trading volume from Binance P2P is not combined into the chart.

Looks like India ban news is becoming more like China mining ban/crypto ban. They have their own cycles and it seems retail  investors still fall for it every now and then.

They don't really need any reason to ban crypto to be honest, just like how government can issue many problematic laws just for the sake of it.

That is a problem. And like I mentioned in a different related topic here earlier, I saw that NEWS flash on a Business news channel in one of the local news channels in my country but they too never give detailed information about what it is but that, "The Indian Government moves to Ban Crypto" and this is one of the major problems we have because most often, people will just react to the Headline rather than knowing the details of it. So sometimes, the media too are part of the problems.

Regulating cryptos are much better than a total ban just like what China and other anti-crypto countries did. Yes there are very big risks when accepting BTC as mode of payment no matter if it’s traditional or digital business due to the market volatility.

Whales are taking advantage of this FUD by playing mind games in selling a lot and then buy at lower prices. Just saying.

No country will be able to completely ban crypto. They have become too giants. Now, you have to understand that there are differences between Bitcoin, ETH and many other styles of investing. Each with a purpose. Eventually society will understand the revolution that is taking place and everything will be adapted and much will be regularized. But banning is simply impossible and impractical. Crypto is stronger and more resilient than the drug trade. There's no way to fight, just understand and get the best out of them.

It clears now those FUDs and news about the nonstop banning of bitcoin by RBI which has been in the discussions since a year ago.

This is for sure for those countries that are neutral to bitcoin. They'll regulate it and take the advantage that it's going to be another source for the blood of their economy. But there are still those countries that really don't want to intervene and not welcoming with bitcoin.

At present, there is no legislature that covers cryptocurrecies in India. However, that does not make cryptocurrency illegal in the country. It simply indicates that there is no regulatory framework to safeguard cryptocurrency owners in the country.It also “seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses”. Currently, there is no regulation or any ban on the use of cryptocurrencies in the country

Well, that's good news! because I believe India is one of the biggest crypto players globally correct me if I'm wrong, so it is not good for the crypto industry to lose another big crypto player if India will totally ban cryptocurrency trading, so I think this is a piece of positive information, and thanks for sharing it. Anyway, I'm hoping that many countries will follow that positive moves instead of banning cryptocurrency totally.

Its good news indeed knowing how big the participation of India in this industry and for sure they will not do it since for sure they are the one who will lose a opportunity to adopt the economical changes. Also its really good to see how this end up with them and for sure those regulation they plan to do would really help their citizen to have protection from frauds or it could help them strengthen the usage of cryptocurrency on their country.

You are wrong. India has never issued any kind of policy or ban of any cryptocurrencies. You and many others are probably being carried away in the FUD.
India has never issued any official statement regarding cryptocurrencies and it was the media and news articles online every single time who were creating a FUD.
I being an Indian citizen can say that India is not planning to ban any cryptocurrencies as of yet and even if they do then I will strongly recommend not to believe it until they have made an official statement.
Economic times, NDTV etc... and all other popular news channels are only telling what's rumored in the market.
I wonder why people believe whatever they read on the internet. People should only believe if the news is from official sources. So only believe when they have actually banned the coins.

Actually media and news channel reach their own conclusions before making depth analysis about what exactly the news is and what will be bill but they only pick up few keywords and made entire fake news out of it and people become victim of FUD which caused panic selling and price crash over a exchanges.This types of fake news and FUD is not going yo to stop but people need to be aware themselves and make their research if they want to avoid loss.

The media love to spread lies and fake news to increase their rating among the other media and we know that they always do that, especially if they see that they can modify the news as they want.
The media now is different than the old time where.
In the past, the media helps the public by serving the real data but the situation now is different.
Money or rating or other things will be their reason to spreads the lies and fake news to the public so it will no wonder if they will still do that because of their goals.
People need to be wise to filter the news and not just think that the news is real but we need to find out more and check the truth.

Then this is better enough than those continues FUD about India Banning Bitcoin.

Regulation is much better to implement but i doubt how can the government make this possible .

Hope that this will take place so the community won't feel the effect in the market again as Fake News keeps on bumping about India's stand over crypto .

I don't think it'll affect the market entirely because of a fake news, though it's hilarious how people easily fall off for fake articles like this.

I honestly don't like regulation but I do understand that this is a must for crypto and Bitcoin to operate without any danger, I just hate how some governments are tax-hungry when it comes to crypto, I just find it annoying but I guess regulation is better than having it banned.

This issue is as old as hills. We keep on discussing this issue in one thread or another. The real point is how can government restrict the original BTC rolled out by satoshi aka decentralized Bitcoin. The only way government can get there share from crypto is to regulate it and get tax from it. So I agree that govt wont ban it but will regulate it for its own benefit.

We have heard and witnessed a lot of them already.

As for the news, I would take is as a grain of salt, a lot of news related to this from this country yet it was still considered as good as banned there. There's even a news (https://www.france24.com/en/live-news/20211123-india-announces-bill-to-ban-cryptocurrencies) of bill going to announce of banning crypto there, seriously though I don't know what to believe either.

Same with my country and I think everyother country that has placed ban in Crypto-currency, because in actual reality they really can enforce the ban and completely prevent crypto-currency enthusiast from doing what they love to do. The peer to peer exchange is what the government can't stop and I know how this makes them feel over crypto-currency, like my government some others are creating fake account on exchanges -top exchanges- no monitor activities or stage a fake transaction just to implicate some of the exchange users.

I believe that the crypto market has already passed the stage of formation and now countries that previously imposed bans on cryptocurrencies are now ready to regulate the crypto market. In this case, we see that India is also ready to regulate the crypto market because it can bring profit. Of course, this does not mean that cryptocurrencies will be given the green light, but in any case it is better than a total ban. At the same time, this will make it possible to withdraw paper money from the population and speed up the process of transition to a new regional financial system.

See, this world is a free world everyone have authority to upload anything in social media, some informations about cryptocurrency and more of bitcoin ban and regulations are not authentic provided that social media is still in existence, actually we really know that both state government and federal government is against bitcoin worldwide, but i have not gotten a reliable information that india have joined the queue of restrictions of bitcoin or regulations of cryptocurrencies over there. People who are from there can expatiate or elaborate more better concerning what their are passing true over the country via cryptocurrencies generally.

We have been waiting with great suspense on what can happen with cryptocurrency in India. On my own view, I think eventually this big country will be regulating cryptocurrency so they can be able to somehow have some degree of control on the market especially in prosecuting scams and frauds but at the same time allowing the business to flourish. I am hoping that leaders of the crypto industry would have a high level of communication and dialogue with those in the government so they can come up with a win-win environment. India is almost as big as China and this country has the big chance to be leading the cryptocurrency adoption if given the chance.

Not probably. Cryptocurrency will be regulated in India. This is not whether the government regulations on cryptocurrency will come or not. The regulations will arrive whether we like it or not. Regulations will be implemented one of these days.

Cryptocurrency has already gone into a stage where the government will have to do something. The creation of policies on cryptocurrency is long overdue. But it would be very unfair if the regulators will implement policies on something they have not yet thoroughly understood. Rather than make things right, it could create problems. Authorities in India should carefully study cryptocurrency first and its implications before crafting and implementing crypto laws.

I read some news about this years ago about India banning crypto yet still they haven't done that in the first place. It seems this news keeps making fud all year and for me this is not the first time to do so. Banning crypto in such countries will not stop mass adoption and it will continue to move forward though.