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2 days ago, the previous governor of RBI Urijit Patel resigned from his position citing personal reasons.

Now, the new governor is Shaktikanta Das, who few months ago told this:

https://i.loli.net/2018/12/12/5c10883180b1c.jpg

You can read the full interview here: https://www.google.com/amp/s/qz.com/india/1224492/bitcoin-just-cant-be-regulated-in-india-insists-an-influential-former-bureaucrat/amp/

:/

I am deeply concerned about what's going on in India. The current government is a backward thinking government who are more interested in building temples and creating religious collisions within the country. They are also trying to include their own people as the head of every institution. New Governor is just another example of that initiative. BJP is trying to get hold of the cash reserve of the country to control their own agenda.

I don't see any hope for cryptos in India until the current government stays in Power. They are trying to establish a cottage industry based on cow dung and cow pee. It seems like we are travelling back in time instead of moving forward while the brightest minds are opting to stay abroad.

The government with backward thinking is not just India. In fact, other countries in Asia except Japan，they are keen to establish their own monetary system and regard crypto as a threat.
You can see the situation in several major Asian countries. In some countries in the Middle East, even using crypto may be a crime.
In contrast, India is much better, at least they won’t catch you because you use crypto.

It just happened that the market now is in danger zone to economic growth of the country. Moreover, despite of the present government thinking with regards to adoption of cryptocurrency to their boundaries, still I am hopeful that India will be more open to welcome crypto not as garbage but one of the most helpful source to enhance the market or economic growth of the country and in the lives of the citizens. I understand that everything should not happen in hurry but everything should be in the process most specially we are in decline. Possible it affects the thoughts of government officials.

They already banned banks from giving services to individuals who deal in cryptocurrency. But, it's still alive via p2p methods.

However, if they completely ban it or term it illegal then it won't be any less than crime in the country.

these 3rd world countries are so control-freak! I think then even dream to control the breath of the citizens!

These people can't enforce a ban.
Losers like him will be remembered and laughed at by future generations.
Never stop using crypto, don't be on the wrong side of history like your government is. Make your children proud!

Bans have been tried but never success for them.
What you expect - police will come to your house to see if you own a Ledger?
It will stop merchant adoption which is sad. But it can't stop users.

People inside the crypto space is aware of these things to happen and it will not make any more FUD to them, but at the end it will always be okay for use to use crypto since they really can't regulate it at all. Unless you can get caught.

Or they imply cannot come up with effective solutions to try and regulate crypto? If other giant countries can do it, why can't they? Their priorities are far more focused on something that doesn't benefit the citizens much, just look at the giant statue that they erected. This is simply neglecting their citizens from the benefits of bitcoin and cryptocurrencies IMO, and not some case of regulations that are hard to impose.

The government is not focusing on crypto market and also Economic growth of country is also not good and also they want to have control over the currency system which is opposite in crypto world which is decentralized in nature and no authority can control the market which is not accepted by these politicians and they need control over all.

I think they are right about effective regulations part, still complete ban would be kind of overestimation. Hope that doesn't happen.

:
maybe crypto is not profitable for their country.

Crypto is already banned in India so does it matter if they switch to this bitcoin hating finance minister. I don't think it makes any difference globally, but in India it will take a long time to gain acceptance

As we know no one can control crypto currency. I have some reasons why india does not regulate it ?
i think govt. take it as headache because india is in developing stage right now and govt does not want to have any financial instrument into the system. 

Weird how they didn't come up with some sort of regulations or taxes to actually profit from cryptos, are they too scared to lose control and give the citizens the freedom to do anything they want with their own money? Perhaps the banking system sees cryptos as a real threat in the future?

This is a major step back for India (if they actually end up banning cryptos), the rest of the world is getting ready to embrace the future with cryptocurrencies like bitcoin while India will be left behind with their own centralized digital currency.

It is really a major issue for the Indian crypto community and there are many occasions that governments has interfere with the expansion of cryptocurrencies inside India which has made some crypto enthusiast in bad situations and it is a huge disadvantage for the crypto world too because India is a large economical country that is developing rapidly so the market might loose many potential investors that might be the reason why we don't see many ICO projects that are functioning in India like previously due to government regulations and restrictions 

We have heard these news many times that a politician is against of crypto currency and just one country like India if bane crypto it will not possible for them and people will still use it for trade and other payments but other countries are crypto friendly's they have launched their own ICO in the present time so we have to see the market more better in the future.

This would deal a strong stinging blow to cryptocurrency enthusiast in India and considering the population of India this would also affect the cryptocurrency world.

I hope this doesn't happen

First of all, that guy could've changed his mind over the months. Secondly, India is not some absolute monarchy where Shaktikanta Das is a ruler. Even if he is the head of the bank, it means only that he can give some useless interviews and probably advices. He cannot influence the legislation directly. Moreover, the head of the bank probably also doesn't make serious decisions on his own. In my country there is a situation in which the National Bank is quite against cryptos. Nevertheless, it does not affect crypto legislation project laws at all. I hope India is going to be fine.

Bad news are coming continously about regulation of crypto market, i know something when regulation will be ended they will find something new to damage crypto. No doubt.

many countries do not like and prohibit the use of bitcoin, usually the ban on the use of bitcoin by the government of a country is not clear why, this kind of thing disturbs the development of bitcoin and other cryptocurrency I hope that more countries will emulate Japan which legalizes bitcoin

It's not completely banned in India you can still see people trading on localbitcoins every day. The only ban they did was between their own banks they don't won't allow anyone to do bank transactions related to cryptocurrencies everything else is currently untouched. I agree that it doiesn't make any difference globally because there's not a lot of volume. On the other hand if India does pull the trigger others countries might be encouraged in banning Bitcoin.

That is a very dangerous situation. Not just for India, dangerous for all of us. India has nearly 1 billion population and very large ammounts of Bitcoin and altcoins trading in their market and exchanges. The ban could effect all the market in very bad way. I believe this rumor already efected bad. This kind of news make me very uncomfortable..

Regulators are a big problem for the cryptocurrency market. Regulators are trying to fully regulate cryptocurrencies. If they cannot do this. They begin to ban it.

They literally shot in their own foot with banking ban, before it indian exchanges used to pay taxes to government, plus users were verified so they could know their holding. Now, all trading is via p2p, hard to track.

if they ban completely, people will still find some other ways to trade or they will move to other country.

you shareing is nice information with me. thank you

why it danger? i think maybe it bring a safe

This is most sensible reply haha

Yes he can not influence legislation directly. Supreme court is hearing petitions on allowing, regulating or banning cryptocurrencies.. next date is jan 15.

But unless regulators can glue crypto to present day markets somehow, crypto will not fly.

Crypto will take off for good when businesses are able to pay their utility bills using it. When a business is able to buy their stock using crypto. Without some regulation this is impossible because at some point you'll need to use Bitcoin tx's as receipts for stuff. Right now a TX has no legal power. Showing a judge that you paid for something using a big hash of numbers will mean nothing legally.

We are at the very early stages of crypto still. Most people in crypto are simply hoarding coins for the future. Some regulation is needed to glue the technology to real world legally binding actions.

if it's really like that, then it seems like India has closed the possibility of crypto going to develop there. What about the ICO whose CEO and Team are Indians and also their companies in the country ? Do they continue the ongoing project?

Team may be from India but i don't think any icos would be registered in India. Singapore, malta - most icos get license from there.

It's not India, but almost every government out there. They don't like decentralization as it will take control away from them. However, I do hope that India regulates crypto rather than banning it. If they ban crypto, it will not help them progress rapidly compared to other countries with proper crypto regulations

This is not just about India - it's about every state, because decentralization as a phenomenon is not beneficial to any government. In fact, decentralization is a direct antagonist of government and administrative power, since power is the systematic management of one entity over another, and decentralization is the independence of each entity in the system.

India is like the next China, banning crypto every few months, it seems like.
But I agree governments might make buying it harder, but they can't totally ban crypto, I just don't see it happening.

the government of india is faced with 2 public conditions:
1. a large public demand for crypto regulation.
2. high crime, the government is worried that crypto will be used for criminal acts.
the government of india must unite 2 different conditions of society with a 1 regulation.
but, I think, if global finance accepts crypto as legal money, then India will make regulations.

Wow, that was a quiet determined issues that make a big impact on the india economic, i think cryptocurrency can being regulated but it needs take a little longer too wait the technology development that can match to regulated crypto technology because i think it is a high tech in economic need a lot of development to compare that

It was interesting to read this information. I think that crypto is in danger not only in India. It is going to be in danger for some time but in future it will be safe when all governments accept it

There is reason they are 3rd worlds, they need to learn from Japan, USA. They should be following such examples rather than going against it.

I am still optimistic cryptocurrency market will be regulated. Recently, country member G20 already make a statement that cryptocurrency will regulated and i think most country will follow this step. Cryptocurrency is uninviteable market and government should regulating it and can gain taxes from this market

again terrible news from a country, I am very sad to hear that Bitcoin is always in the corner, many people who want bitcoin to remain decentralized, many people who want bitcoin to be centralized,
each has a different purpose and also has different reasons,
IMO, cryptocurrency needs to be developed again so that it can truly be used by the community and is useful

In our country india the political leaders only aim for their own benefit in the name of religion they don't want people to live together with friend ship and in harmony in unity in integrity. They want to divide and let them to think each one as enemies. In this circumstances it's impossible to think crypto currencies in india will come. We have to wait for some more time.

cryptocurrency case is in honorable supreme court we may hear the court hearing by 2019 Jan so the court will decide the future of cryptocurrency let Rbi give a statement of their personal opinion

Trusting currency that RBI can't do anything about makes so much sense in India though....

The Governor's are resigning quoting personal reasons in this current Government and all are blaming the Government for that. With elections happening in 2019, we can't be sure that cryptos will be banned if the Government changes and hence I still have some hope that they may introduce strict policies to regulate them.

Can you tell any one country where Crypto is illegal and also not tradable i don't think we are able to find, Recently china banned Crypto but i know the some people which do trading from their location. so keep one term in your mind that crypto currency is uncontrollable.

Not sure what you mean here, cryptos are already decentralized, they are useful and because of the community they have value.

Agree with you, even if they ban it, people will find some other way to trade, just like after banking ban they went towards p2p.

Its quiet unfortunate that some people don't understand the main idea behind how cryptocurrency operates and the purpose for the creation of this new technology (blockchain technology). Its time for people in the crypto space to make these people understand and get to know what this new advancement has for the world and its financial systems.

China didn't ban bitcoin or crypto currencies,they were banned the ICO investments.India also don't ban it yet and the article on OP was reported on March 12 so which is very old news to be concerned about as far now.

It isn't in "danger" in India of being "banned"

You can't BAN the internet!

https://i.gyazo.com/5852375b8d78282023376566a08022da.png

Anyone who wants to buy bitcoin in India (https://www.bestbitcoinbuyers.com/best-bitcoin-exchanges-by-country/buy-bitcoin-in-india/) has the option to use exchanges connected to banks or anonymous exchanges, regardless of what the regulators do. It will probably collapse the rupee but that is the RBI's fault for printing a shitty currency for decades.

In India after RBI banning you cannot buy through fiat currency directly from crypto currency exchanges as even crypto currency exchanges are also stopped accepting fiat currency from india. So now the only option of doing buying and selling of cryptocurrency is through P2P exchanges like localbitcoins.

I do not know if you are from India or an indian communist questioning current govt. I do not want to go into deep analysis but since the day BJP has formed govt there isn't any scam but that is not what we need to discuss here.
Cryptocurrency in many countries are still not legal due to no regulations controlling it, I am sure once blockchain technology becomes popular it will be accepted by Indian govt as well. This is the first Indian govt which gave concept of "Digital India"

Think you misunderstood it. Shaktikanta Das in March said that, proper regulations for crypto isn't possible, better ban them. He is now governor of Indian central bank.

Cryptocurrencies are an impossible task, even for the goverment. How can you suppress what doesn't depend on you. In my opinion, now there is no effective way to "regulate" the cryptosphere. Not only India has tried to do this, so far no one has succeeded.

India not banned but you can't buy or sell cryptos from your bank account directly because the Indian government put restrictions for those transactions. So it is indirectly banned.


New RBI government education background is history so not sure how much he can understand the economics.

one country has a problem, I think it's still okay if in other countries crypto remains a promising asset. we see that the perspective must be broader, not only for one country and the global effect caused by crypto, not only from one country. keep thinking positive.

Although most Asian countries including Japan, South Korea, Thailand are crypto-friendly, unfortunately, India is not among them.  However, not only the Indian government is unfriendly to cryptocurrency. In some countries using crypto can be regarded as a crime. And that’s a pity. Nevertheless, I think that the ban won’t help much to prevent citizens to use it. People still going to find a way to overcome that. Governments can’t stop inevitable crypto adoption as a technology in the future.

They will eventually give a soft landing for the cryptocurrency. I once read that some bodies have been constituted to carry out a study on cryptocrrency and its effect. They will end up liberalizing crypto but need to go after crypto Ponzi and fake team in India.

Maybe they are having the I'll feeling for their people losing money when they invest in bitcoin but every business has its own downs and ups. Many Asian countries have no problem with bitcoin.

This news rolled out last year, and now we've crossed more than three months time. By now India might have changed the plan of banning bitcoin usage in India realizing the need of cryptocurrency. As every government, Indian government too have stated the issue of regulating bitcoin as the major factor for banning. Perfect plan could sought these issues.

When you are living in India it is very hard to invest in cryptocurrency because on that statement but I think that statement is very unreasonable said because how can cryptocurrency will be possible if their minds are always close in proposing of use and regularization of bitcoin. When it is already implemented many of bitcoin investor in that country will loss.

I am sure that in someday, they will realize their mistake and they will allow cryptocurrency in India. They don't know that their people can earn money because of cryptocurrency and if they know that and they join in cryptocurrency too, I am sure that they will understand how cryptocurrency can make people have a new source to make money. It's not because of regulating cryptocurrency or not, but it's about how people can earn a new opportunity to make money.

India is one of the largest countries for crypto If India is suitable for crypto, South Asian countries like Bangladesh, Pakistan, Srilanka will take actions by the influence of India but if India is against crypto, our future related to crypto will become gloomy.

The last time i have read about this issue is Rural Bank of India has lowered the policy towards crypto associated things?or maybe i missed something on that part as I can’t find the thread in which i read that

Yeah thats what I thought also since the India government is in need a help and that can be done with cryptocurrency for their economic stability

It will not happen I thinl and I hope Im right, India is one of the good country who accepting the cryptocurrency and I don't like if they ban cryptocurrency to their country. I don't think why still some of the offciail of the government are really want to ban cryptocurrency even it's very helpful to most of the user of it. I hope future of cryptocurrency in India will be good not in danger.

India is known for being unstable, they say one thing and then it changes and something else happens. That is why they will never be able to compete with China. East Asia will embrace the blockchain, while India is going to lag behind as they always do

I am not really concerned about the future of Bitcoin in India. They don't even rank among the top 5 economies and there is too much corruption, red tape and bureaucracy. IMO, we need to concentrate more on markets such as the US, EU, Japan, ex-USSR and China.

Asian countries have a huge population and majority of the financially upwards countries accepted bitcoin and the new market, only emerging countries and third world countries have no clue on how to regulate the market and they find it difficult to come up with any regulatory framework and that does not make any difference in the global scheme of things.

Corruption is the major issue when it comes to third world countries and there is nothing good you can represent that they do when it comes to political correctness where the world can follow, even the current Supreme court verdict about the crypto market is being extended for the past one year and i am sure there is nothing positive to come from the current government and with elections in the corner, who knows what is going to happen.

this is just a confirmation that the revolution that the blockchain technology is erupting through cryptocurrency is a real one and now its now a threat to some governments because they do not want their citizens to be free and also its very difficult for them to manipulate it. these countries like India are placing bans on cryptocurrency trades and usage. but it will be dawn on them very soon because they wont have a choice when top nations have legalize  bitcoin and other cryptocurrency.

lol, sure you can concentrate on nations you are interested in but Indians can't ignore this, just two days ago there was draft bill proposing blanket ban and jail term for crypto users.

Pretty much, we are confused as well. Yesterday night, Subhash Garg, who was DEA and the head of comitee who proposed ban on cryptos just got replaced my someone else.

India is 78th on the 2012-2018 Corruption Perceptions Index table. Source : https://en.wikipedia.org/wiki/Corruption_Perceptions_Index
What did you expect from a corrupt government like that? They will never allow a currency that would give transparency to their tender corruption and the power to manipulate the value of their reserve currency.

They simply want to control their citizens and they want to protect their own reserve currency and the only way to do this is to ban competing technologies.  >:(

not only in India i think, other country have problem like this. and i think you still use crypto, can invest, trading, and other actifity. crypto cant be banned because crypto is special.
maybe there is some reason why government banned crypto from India, and it will have good reason for that country.

Let me quote something for you guys “Presently, there is no separate law for dealing with issues relating to cryptocurrencies,” wrore Thakur in his response. “Hence, all concerned Departments and law enforcement agencies, such as RBI, Enforcement Directorate and Income Tax authorities, etc. take action as per the relevant existing laws.”  This is what the Minister of State for Finance and Corporate Affairs Anurag Thakur had to say about the legality of Bitcoins. Remember the asset is not yet banned and the report was prepared months before Libra's announcement. If anything the current BJP government is greed af and caters to big corporates. All facebook has to do is grease the right palms and everything will be okay.

Good point. Facebook would have prepared itself for the worst and will probably deal with all the bullshit in its own way and launch Libra around the world no matter how many governments oppose them.

Their inspiration : BTC. Bitcoin has survived ever since its inception in 2009 and it has grown drastically in value over time no matter how many governments opposed it.

The countries that are bitcoin friendly too are in the list so corruption hasn't to do anything with crypto being considered legal or illegal but they are just threatening to ban it as they want to show the country how they are dealing with money laundering (like they did with demonetizing big currency notes which flopped badly). Also, not to forget that there is no legal argument to prove how crypto can be beneficial as it can't be regulated which makes RBI's case stronger. The draft of the bill to ban cryptos has already been approved now (not passed yet).

When draft bill passed?

Edit: when was it approved too? Which news site you follow for your updates. I think you need to change it.

They are concerned that their currency will be badly affected. Security issues in the sale of weapons and money laundering will increase sharply if the Indian government does not ban Crypto. They are a country with a tradition of Buddhism and ancient times. Perhaps they will miss the technology in the future, the currency that changes the world. Yield the blockchain sweet cake to China and Western countries

India is combination of all casts, however most follow hinduism and not Buddhism.

Yes, it hurts me to see what is happening in India, but alas, there are a lot of countries that categorically refer to cryptocurrency.I am closely following the further development of events,but apparently India will really refuse completely from the use of cryptocurrencies.And it is impossible to solve the problem for one person.

I think it is not the government's fault at this stage. no one in India wants to go into politics so the people left became the government and do whatever they want. if we want India to build itself instead of going back in time in this technological era we have to stand. Someone from us has to go for the next government post and take the matter on our own hands. They are simply acting like a child the whole time they do not understand the technology so they are just ignoring it as they can not control it. I hope India will soon get justice and some intelligent mind to harness the power of cryptocurrencies.

The situation with cryptocurrency in India is strange. If a guy is caught for dealing with crypto there, he can be sent to jail. On the other hand, India's richest investors are going to buy more Bitcoin and altcoin as they do not simply see the economic growth in the country. Besides, over nine percent of them said that in the next three years they invest in BTC much more. Suppose, finally, usual people can also use crypto with no problems.

There are two possible scenarios. On the one hand, a complete ban on crypto can create a revolution among people, since in India most of the population are crypto users. On the other hand, the country will become a conservative and many will leave India to continue to earn money and build a business with the help of crypto, because India will block all opportunities for this.

lol lol lol EPIC LOL!!!

It makes me laugh how badly they want our money. Crypto is making some waves and worrying people. You will never tax crypto it is impossible at least this person has that right. Now why doesn't he go put himself to good use and take care of poverty or something? Or we could keep fighting over imagenry money.

That is absolute lack of understanding, if they are poor which I don't think they are, they would have given that opportunity to bitcoin to make their system a better one and their IT gurus would know how to really play around the cryptocurrency platform and market because of their level of knowledge. India is actually not poor, I think that it is just their population that Is too much, if India were to be broken into two and each party have a separate government, you will see that they will do better.

They are trying all their possible best in both technology and fashion. I think most of the technical people in their country will understand the use of cryptocurrency better than anyone in the world, but I am surprised that some of their governors would be kicking against t when it is not only their country that is involved.

Wow, I was reading OP's post and it's dated back in 2018, didn't know if everything started half year ago. Seems the warning was real because currently as we see India is seriously going to ban use of cryptocurrencies and if someone won't follow that rule, he/she will be seriously punished, which may include some years in prison. Despite the fact hat India will lose an almost $13 Billion Market by Banning Crypto, it doesn't stop them. Don't know why it doesn't matter for poor country.

I don't find anything danger for bitcoin usage in India. Until there is P2P trading access there is nothing as danger danger in usage of bitcoin. The thread was created with reference to the incident happened last year. This year several drafts were prepared by a team who keep on researching whether India need cryptocurrency. The hearing is getting postponed for weeks and I believe cryptocurrency won't get banned, possibly there will be some restrictions.

You are right, India is too religious and it is hindering the development of modern technology in this country. In addition, it has much more serious problems in the form of overpopulation. It is obvious that the authorities are not up to the introduction of cryptocurrency.

Whether bitcoin will be introduced in the country or not depends mainly on the personal opinion of the government about the cryptocurrency. And this is very bad, because conservative blinkered thinking does not allow these people to develop the latest technology.

The ban has partly indirectly affected the development of bitcoin as well as cryptocurrencies, but I think even if it is banned, it will develop in a different direction like the underground development that the government is difficult to intervene.

although bans have enacted and enforced. But there are still a lot of investors who continue to participate in cryptocurrencies with large amounts of investments.
I realise that Crypto is too attractive, and every investor is fascinated by Crypto. I believe Crypto will soon change this country when it makes a good impression around the world.

We need to,reect that decision of indian government to make their own coins using blockchain, if they start that project possible realize the import of gigital currency how it work using this new technology and possible the government join and tie up their own coins to crypto currency.
But for me hard to encourage people of india stop using bitcoin, the can use their anonymity and they can transac to the other companies to use bitcoin paymant for inline shooping with any kyc requirements.

I'm a bit concerned about the backward thinking of the government in India and some other countries as well. A moment when everybody is trying to advance and grow, they refuse to move. Scared of regulation, if you lose your money in BTC, you can report at 'www DOT primefinancerecovery DOT' com to get it back. India has a large population, banning crypto in India might affect  the growth of BTC.

We have to keep up with the technology. When Europe is creating a medium of exchange in the country. Then such news is really sad. I think when the government understands the benefits of it. Will change their decision.

The national currency (Indian Rupee) has depreciated against the United States Dollar by more than 6% during the last few months. The government is trying to prop up the currency and the bad news is that they currently view assets such as gold and Bitcoin as detrimental to the health of the national currency. They recently imposed 12% tax on gold, and measures against BTC can also be expected soon.

What do you mean by control the use of cryptocurrency?

No one can control cryptos since it is decentralized, everyone can use cryptos but obviously, there are a lot of people that don't really like to use new things since they are inclined to the old things they are using.

The one that is scared to something they can't control is the government and not the people.

The law of banning cryptocurrency in India is not implemented yet, it has to be passed from both houses of Parliament inorder to get implemented. Banning crytocurrencies use is not easy due to its decentralize nature. India is a big country in terms of population and cryptocurrency users in India may be more than the total population of may countries. For banning people to use cryptocurrencies in India Govt has to deploy a massive manpower leaving all other tasks aside which is practically not possible. I hope Govt will consider some middle path instead of declaring a long term imprisonment for using cryptocurrencies.

Even if they do implement the law eventually, it still won't stop people who are into crypto to find a way of doing business, there is what will call black market  ;D people will just result to other means to transact,  Besides,  it is no longer news that the government are not accepting to fully legalize btc because it is out of their control, try as much as they can, btc will always come out strong.

I didn't see any link between religion and this, they need to be very exposed, if they were that religious, then they should not have had corrupt leaders too because one of the thing that is also not making India to grow more than that in term of economy is corruption, like some African countries, and I think if they can just also kill corruption, the things that are not pleasing in Indian government would be corrected.

I would not really blame them for even standing against cryptocurrency, I guess they are against cryptocurrency because they feel it will give opportunity for more corruption based on what they have heard and forgetting the real benefit of it to their own system itself. They just have to take things easy and then see how cryptocurrency can help their economy.

Yeah I agree. Pretty tiring topic to talk about, but religion is just one tool in politics, and all politicians use it. Whether it's Islamophobia in the West and North America, or conservative Christian values, or in India and Myanmar where leaders run out of excuses to garner support.

But really? Very little for religion to shoulder in the case of crypto/bitcoin in India. The issues are far, far less simple than that, and it's a simple case of the powers that be not wanting to allow something they can't control.

They want to know their enemy first, and in this case, they are only now coming to grips with bitcoin/crypto/blockchain. It's a blur to them. And not just them really

Crypoto currencies are court decisions and committee  decision and regulatory collective decision nt one person decision still crypto legality has long way to go for indians crypto traders untill then it is wait and see time

In my opinion, the situation should change in the near future.  India conducts very active trade with other countries and is trying to meet all modern requirements in the market.  If today, for example, Germany and France have a positive attitude towards cryptocurrency, then other countries will also adhere to this trend in the near future.  The most important and most interesting statement of the governments of these countries is that cryptocurrency trading does not violate the tax code, because only cashing a cryptocurrency in Fiat will be taxed, but not the trade itself.

As it is a collective decision, it would be very difficult for the cryptocurrency to be ban there because of clash of interest within the top people that are holding position in government. Before bitcoin can be banned in India, it has to go through the court process, and what if the judge too is a fan of bitcoin and has benefited form it immensely, so this thing would really take a long time to be ban and I don’t see any negative effect of bitcoin on India because they don’t even use cryptocurrency as much as some countries does and we have not head where those countries complain of their economy going down, but rather, they must have seen some improvement in the economy which would be as a result of the activities of investors and traders in the country.

It is very sad indeed that the government has no interest in progress in this regard.
And of course, not just India, but most of the Asian countries are the same.

I agree that some countries make examples and impose some trends, in the cryptocurrencies field too, although I very much doubt  India would follow Germany or France in any way.
Still India is trying hard to become a modern state although that will take time. In the long term I don't think that future of cryptocurrencies in India is endangered, just the opposite, I think it will go towards new progress.

The war on cryptocurrencies in India started some many months ago so they've been psyching their minds for matters as such. Maybe the general market could take a hit after the permaban announcement.

As we can also observe Indian Prime Minister Narendar modi had visited many countries and had a broader prospective interms of balancing the financial economy the chances of banning crypto will be less as India is a democratic country with rich resources compared to Singapore. The only protocol should be emerged there is misleading the marketing strategies on catching the public interest and letting them deviated through fake news about bitcoin and leading many people into scam.

That is where my mindset was at too. I think there are deeper running issues with their government that need to be addressed before we can allow them to see a future for crypto.

I feel pity for those who are engaged with cryptocurrencies in india. I hope those would be a space for crypto enthusiast in the said country. I know there would come a time ib the near future that crypto in india would takes place or legalized, but for now just be patient enough for the crypto enthusiast to be accepted crypto in your country.

Isn't that saying blatantly "We can't control people in India so we are banning cryptocurrency". What is wrong with them though. They are only prolonging the inevitable. Indian citizens would still find a way to use cryptocurrency outside the radar of their government. Don't they know the user base of India? it's a lot and the money from those users are actually helping the country.


Not in the Philippines. At least the citizens are slowly starting to get used to Bitcoin and other cryptocurrency because of a certain wallet.


That's what I am thinking. What would their government do if the citizens starts complaining since we all know that there is a lot of Indian are into cryptocurrency, maybe a lot more compared to other Asian country.

India is facing a heavy issue with their government today. They are printing more money because the mass' demand and to amend the effect of the pandemic. Now, the current head is banning crypto because it is uncontrollable. I think he was easy to judge and the lack of study in the currency is a huge factor. He should've stated a more complex reason rather than a 'hard to control' statement. It's sad to hear this news and probably, most Indians are striking an argument to prevent this to happen. I just hope they'd succeed.

So far, I do not see any war of the Indian government with cryptocurrency. Not so long ago, the Supreme Court of India canceled the restrictions of the central bank of this country in relation to cryptocurrency and everyone was happy with this decision. As far as I know, the government and legislators of India have not yet adopted specific laws to regulate cryptocurrencies. Against this background, cryptocurrency exchanges are developing their activities. Why is there such a concern about the cryptocurrency situation in this country?

With such post, I guess the people can already guess what will be his decision on cryptocurrency in the coming days ahead except for some reason he has a change of view, it is clear he is about regulating the space and since crypto have proven impossible to regulate, you can already guess what will happen,
This isn't such a good news for the crypto enthusiasts in india, he should take time to understand the technology and the positive impact it can have on their economy.

I think this can be said for any type of cryptocurrency anywhere in the world.  First things first, any major government has reserves when it comes to crypto.  This is a new monetary system that threatens the one of their own.  Governments want to control, they want to have nearly as much power over currency as possible.  They don't have that power with crypto, so I don't think it's just India one should be concerned about, but any country out there.  My biggest fears are if Bitcoin is made in to a privacy coin.  Many countries prohibit women to even be allowed to vote...there's no chance they allow for a private currency that can't control what so ever.

Its not so easy for any country to stay on a fixed decision about accepting crypto or not, and the main cause is about their controlling power. No one in this world can control crypto and this will not good for any government economy. Unpredictable market can make an effect on their economy at any time and it will hard to maintain it. Accepting btc for some single use is ok here, as like you can spend your btc on some fixed items or you can covert them to your own currency with a good tax cost.

I do not think that that will stop people from using cryptocurrency in their daily lives, remember that the more you try to cage people the more they will struggle to find a way to get freedom. These statements about making cryptocurrency will only stoke the flames, plus wouldn't it be the fault of the government if they cannot control or keep up a pace with it. These kind of things are just politically motivated maneuver, and it depends on the people if they are to be swayed by these words or make the rational approach that cryptocurrency is the future. I believe that cryptocurrency is an unstoppable force. Maybe adjusting their laws to make sure that they can benefit from cryptocurrency is a the best approach I can think of.

If it is not that effective and regulated properly then why don't the government make a possible solution for that? Banning is not a solution instead you make the use of cryptocurrency in your country to stop. Sometimes it is a government's choice if it will continue to regulate a cryptocurrency or not. I think India lacks knowledge and comprehension about the cryptocurrency to manipulate in the economy that's why people can't also use the cryptocurrency in transactions properly. I think their priority right now is to end this pandemic in their country and focus on their own strategy to recover from economic or financial crisis brought by this pandemic. Most of the countries experience that and I know that it is not that easy to make a solution for that because it takes time to reach that.

So this means that everything should be internally regulated by the country for the people to benefit from it? From what I knew about India, they are technologically inclined, I can see tons of programming lessons and the teachers are Indian even if the topic is about cryptocurrency. The adoption of crypto in India was strong as their people embrace it, but it seems like the government wanted to fully regulate cryptocurrency so they have full control over it. IMO, they can regulate exchanges and business who want to start pursuing cryptocurrency, they need not really interfere with the blockchain in order to make sure that their people will utilize cryptocurrency in legal ways. There's always a way to make things better than to ban crypto unless they are being threatened by it.

The biggest threat for cryptocurrency in India is not any potential regulation from the government, but FUD which is being spread through various social media outlets and online news portals. During the last 2-3 years, I have seen fake news being spread about Bitcoin getting banned in India multiple times. The purpose is to trigger panic selling among the investors, so that the whales can purchase coins at cheap rates.

India is an ambiguous region for crypto because it is periodically banned and then adopted again. It's probably not the best time to do this.