Bitcoin Forum

Few days back the RBI governor clearly stated that an outright ban on cryptocurrency is needed. Now the IT minister contradicts the RBI governor statement by saying No issue with cryptocurrencies in India if laws are followed. Such statements are creating more confusion among the Indian cryptocurrency community rather than giving assurance. This will only lead to trust defecit among the community against this government. Everyone knows that the government would eventually bow down to RBI decision.  The only way to challenge any negative decision on crypto is to take such matter to the courts which has been done in the past. What do you guys think? Does such statements help the community or create more confusion & panic?

Source (https://www.google.com/amp/s/www.livemint.com/news/india/no-issue-with-cryptocurrencies-in-india-if-laws-are-followed-it-minister/amp-11674138857861.html)

It is good though, especially we heard about banning few days back now the minister is talking against it and the government doesn't have to bow down to the rules of RBI and even before the ban of RBI revoked by court previously so hopefully if governments understand the benefits of making it legal will increase the tax revenue means they will not go against it.

They will never ban, but their are some cowards who want crypto money for their politics. I am hoping they will lower the tax fee in the future.

The statement provided highlights with the confusion and lack of consistency in the government's position on cryptocurrency in India. It also expresses frustration with the apparent contradiction between the statement of the RBI governor and the IT minister.

Yes, these contradictory statements are creating confusion among the Indian cryptocurrency community, and it will lead to a lack of trust in the government's ability to make clear and consistent decisions on the matter. Furthermore, it is stated that the government will likely follow the RBI's decision, which further diminishes any hope for clear and consistent regulations in the near future.

Confusion! Uncertainty! Negativity! Skepticism are the new normal for anyone who deals in the crypto sphere. This is a new normal for us but it clearly means the future is not that rosy for the cryptocurrency community. I am not that confident about the government understanding or the RBI. What I have understood is that they don't have any clue and that they only think crypto as a tool to exploit as well as use it to destabilize the country.

I think government is quite clear as to the fact that ban on Cryptos is not a solution moreover even if you put ban on Cryptos enforcement of the ban. Government will end up making things more complicated  if they decide to ban Cryptos. RBI on the other hand has always been in favour of banning Cryptos because their intent is to remove it from banking system enforcing which is pretty easy, so technically there is a issue between RBI and govt, as a retail investor you really shouldn't be worried about anything until any concrete announcement comes from any of them.

I do not think the government has any idea what they have done in the past and what they plan to do in the future. I think the government is only stalling the ban as the central election is scheduled in 2024. I am sure after that the government either will apply more harsh rules to completely eliminate cryptocurrency in India. They cannot go out and ban it as it opens the possibility for the community to challenge it in court. They have already reduced the volumes on Indian exchanges by those harsh tax laws and they will do something similar after the 2024 election.

The only reason why there is so much uncertainty currently is because crypto is becoming famous among the youth.
Now that the elections are near, government won't do anything that breaks the youth's trust on government.
I guess this is why they are planning to give some relief on taxation to the salaried class in the upcoming union budget.
RBI has so much hatred against crypto because they simply don't have any control over it.
Anything which they can't control is their enemy. So the chances are there that there will be harsh rules against crypto in India.

What law is he talking about?? There is no law at all in India on cryptos. Nothing has been classified yet. It was only a point mentioned by our FM during last budget session.

I am eagerly waiting for 1st Feb budget session to actually know what the government is thinking about cryptocurrency. Also cryptos really doesn't come under the purview of IT minister. It is really a finance matter so IT minister doesn't hold any say there.