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There's a possibility of India to ban crypto again. According to an article by decrypt, "A new bill in India may be proposing up to ten years of prison or fines up to $3.3 million for using cryptocurrency."
If the bill passed, the chance of having Indian into the crypto space will be very low as the punishment is too high.
Source- https://decrypt.co/32160/india-considers-another-widespread-ban-on-bitcoin

I noticed South Asian country authorities are more into banning crypto. Possibly they think it's hard for them to regulate crypto but the reality is - true crypto enthusiast will find their own way and it can't be stopped for real. The wise move will be to study and adopted with crypto culture.

It is their loss not the crypto community. Other advanced countries are legally accepting crypto but what's happening to them is opposite. This is unfortunate for Indian crypto users and there are a lot of them that are relying on crypto for their income this pandemic. I don't think the move of their government is good for its constituents.

Most of the government sees open crypto market as challenge to their monopoly in economy of the country. Which to some sense is correct. But it's a counter measure to stop the progress to save the conservative financial practice of the government.
The more oppressive the government, the stricter are the bans for open currencies like bitcoin.

What are they trying to assert with it ?
• Dominance?
  Dominance over people who actually are already crushed by the corruption policies of the government?
• I did notice that they used the statement *Private Owned cryptocurrencies* in one place
  Does that mean they are trying to create a digital rupee as well ?
• Are they scared that this Crypto is something that was from China and therefore can actually be problematic to time in the future?

I don't know what's wrong but what I know is :
They are for sure not scared about cryptocurrencies being used for bad things , because the percentage is quite low. People have started building their ICO's , giving business ideas and such . The market is flourishing.

Let us talk about this :

*Chapter III: Offences and penalties
Taking gratification in order to influence public servant, by corrupt or illegal means, shall be punishable with imprisonment for a term which shall be not less than three year but which may extend to seven years and shall also be liable to fine.*
3 years+ for corruption
*Except in certain aggravated situation the punishment will be imprisonment not less than seven years but which may extend to imprisonment for life, and shall also be liable to fine.*
7 years +  for Rape

10 years of prison for Crypto users ? This is both hilarious and offensive.

https://yourstory.com/2020/06/bootstrapped-startup-paxful-ebay-bitcoin-india-crypto-market (https://yourstory.com/2020/06/bootstrapped-startup-paxful-ebay-bitcoin-india-crypto-market)

Example of what I said above '
* The market is flourishing . *

this is a question regarding me or you,

capitalism requires unequality not everyone can be allowed to print money or there wont't be a money market system, arguments are pointless in powerstruggles. violence is the prevered form

RBI is trying their best level to ban crypto in India. They had once banned crypto in India while Supreme Court has reversed the ban since RBI doesn't have the right to do so. Nevertheless, I guess there will be no ban at all, nor crypto tx will traced although the punishment is tlo high.

If that bill will be passed and approved, Indian crypto community has all the right to challenge it again in court.
I can't say for sure but the highest court usually don't change their stance.

This is not seems to be true. But if the bill passed, it may be true. But the vast population country like India should regulate the bitcoin and cryptocurrency inatead of ban. Because if the coin is legal, the flow will be monitor by the government and they get some tax for them. If they ban the coin, they maybe hidden flow and government can't get anything from it as Tax.

I think it just reflects the power struggles on India itself. IDC, the highest court in India has reversed the ban already, so with this bill, then are challenging it again. So it will be Judiciary vs Legislative, so this can cause another political strive in the country itself.

And I think it will not be very easy moving forward for Indian crypto enthusiast again, ten years in prison is harsh and the fine itself, it's like you have committed a severe crime.

Don't be deceived about them banning cryptocurrency and Indians wont find alternative to use the said cryptocurrency. The government should at this time ban again and see Indians making the unpredictable move in finding ways to use cryptocurrency, also, this is not the very first time they have come up with ban of cryptocurrency. What could possibly make the government take such step is, their inability to stand up to the task of regulating cryptocurrency like other countries.

the article is very speculative. assumptions about the draconian nature of the bill are apparently based on the failed/withdrawn bill from 2019, but until the bill leaves panel or is otherwise leaked to the public, i don't think anybody knows what it says exactly:


is there even any indication that a similar bill could pass in the parliament? any indians around here with some insight into the legislative atmosphere?

These are all FUD and the spread of this news should be contain, it almost cause panic sell on some new projects listed on India exchanges like wazirX. Every interested trader should verify news this both from online channel and on-ground personnel to avoid panic responses.

It has been a while since the last time I read a news about a country willing to ban cryptocurrencies.
Such news usually surface before a big bull run. Hope it will be true this time too  :)
it seems that banning the use of cryptocurrencies is the only recourse for underdeveloped and developing countries since they don't have the necessary means to regulate it. A 10 years sentence and 3.3M$ is over-exaggerated though.

Another ban for cryptocurrency again? Well, as stated in the news, the cause is because of fears of the decline of the Reserve Bank of India (RBI) after previously could not prohibit the existence of cryptocurrency in the country. But does it have to be crypto banning? then what about the people or industries related to crypto in the country? Isn't there a better step than banning? Like a win-win solution for the country and its people related to cryptocurrency?

Wow, I thought they are in the settled already as they are accepting crypto a while ago but this news will likely kill their people instead. It was to think that cryptocurrency doesn't give any hope for this country if this bill we fully implemented ( yet it was implemented already).
But anyway, though it sounds like we are in discrimination and to say that India doesn't have that capability to run crypto and use it because of the limited resources they have. Not this time but of course, it can be sooner if their economic status will be good.

Passing a bill in India takes times. It is just not right to assume that it will be passed. India is a democracy and in democracy you still have the right to question a bill in their highest court which is known as Supreme court.

I still believe it is a FUD created by banks to stop the Indian crypto community from investing in cryptocurrency. There has been an increase in volume in all local exchanges after the RBI ban was removed.

After so many times as saw news that China bans crypto, Bitcoin, recently we saw a Xi pump. The same will go with India. Haha, ban and ban, but which one will be the last ban of India on crypto? Maybe this time, why not?

From the lesson in China, they did not ban anything, it is just a way news are seeded around us.

I think giving the Indian government an idea about the good aspects of Bitcoin, they have only a negative idea about Bitcoin.They think that Bitcoin is just illegal. I don't understand why they are pretending not to understand the positive aspects of Bitcoin. RBI is trying to ban Bitcoin in India but it will not be possible to stop Bitcoin transactions.

This is most probably the Indian government's last hurrah against cryptocurrency. And they seem to appear hell bent on branding cryptocurrency as a capital sin with the degree of penalty they attached to the violations of the proposed law.

This is a drama of the legislative branch of India's government challenging the decision of the judicial branch. We will see, if this bill will pass, whether the executive will sign it into law.

However, this bill finally transforming into a law is the not the end of everything. It could probably still be challenged on its legality considering that the Supreme Court has already ruled with finality on the illegal act of banning cryptocurrency.

Not all of them, I think.

Our country is not that disapproving when it comes to cryptocurrencies, some local exchanges are still in there and it can be used by a lot of people. India might have a thing about cryptocurrencies but my countries needed to talk about more pressing issues that this one.

Why they have decided to ban the cryptocurrency in their country? Using cryptocurrency is really good that is why there any countries which are accepting it in their land because it can have great and faster transactions compared to the fiat currency.

I have seen some reasons why they want to ban the cryptocrrency in the country.
1. They want only the government that will handle or operate the use of money, maybe they only want a centralized system.
2. They are not so developed when we talk about technology, as we all know cryptocurrency needs fast internet connection and good technology and India is one of the modest country so it would be hard for them to adopt it.

Absolutely correct. Why would there be a possibility of a cryptocurrency ban in India if the Supreme Court overruled it already? It should a victory for the cryptocurrency community in India.

I suggest the Indian government they should opt for regulating it instead of banning Bitcoin and other cryptocurrencies in their country. Russia is also planning to ban it in their country as well, as they only want them to use Russia's own called crypto rubles.

Here in the Philippines, we are a crypto-friendly country despite that it's categorized as securities instead of legal tender. More VCEs are licensed and approved, few banks are planning to transition into blockchain, etc.

It seems that the Indian government hasn't fully understand Bitcoin and cryptocurrency yet, like the other countries who choose to ban their citizens from using cryptos. Just my opinion.

I think the most concern of government or the politicians rather is that they cannot control cryptocurrency and with this,they will have no chance of corrupting the funds so they will do anything to hinder the usage and adoption of crypto.

And if will noticed that most countries who's wanted to banned crypto are thoe countries that has history of corruption .

OHnooo what will happen to wazirx exchange then if the bill will be approved, this must be a fud  ;D


Not all of them because not all countries have two systems like China. You hear one thing and you hear another thing on the other side when a country has one country with two systems.  You hear them baning BTC but then there is a law allowing kids to inherit BTC from their parents.

This is not the entire truth. This so called bill has not been declared public yet and it's been in the news since a year.
I remember people talking about this bill in 2019 and that crypto might be banned in India but later the Supreme court announced the judgement in favour of the crypto community. So I don't think this bill will be passed since the supreme court is already in the favour of the crypto community.

The bill is too harsh, that kind of penalty is equivalent to attempted murder or large scale swindling here in our country, I did not read in the article the reasons or the articles why they are meting this kind of punishment, are they not enlightened on the benefits of Cryptocurrency and blockchain.

While other countries are adopting and supporting Cryptocurrency, China is even planning to launch their own Cryptocurrency and Facebook is battling to have one of their own, we have so many Indian friends who are into Cryptocurrency some of them are Crypto developers and this is their means of income, the supporters of cryptocurrency should move to make their voice heard.

It was a usual thing to happen, India decided it to ban crypto before just like China did but they open up back again. Maybe they are unfortunate enough to think that crypto don't have a future to their country and let people remain ignorant of this technology. May the decision isn't unclear to this time but we don't know how it comes into banning plan?

I should have to look and wait for the outcome of this proposed bill and to see how the community will respond to this especially seeing the punishment is so harsh.

  So many on here are saying RBI banned cryptos in India . They did not . They banned tx between Indian banks and crypto exchanges , it was not possible to send INR from bank to exchange , or vice versa . This is not banning crypto.

  During approx 18 months of tx ban , Indian citizens could legally own crypto , Indian crypto exchanges could legally operate , only there was no connection to Indian banking system , transaction was P2P , or exchange outside India

 A few weeks ago Supreme Court ruled tx ban was unconstituitional , ordered RBI to lift ban , which they did , but still some banks will not
tx..

 Now anti-crypto lobby has come again with this draconian draft bill for total ban , it is in early stage , it is not passed into law . Lucky for us , all India legal matters are conducted in English language , so all world can watch proceedings here .

 Good luck and all the best to India crypto community , if you have same defence lawyer as in RBI case , you are in good hands .

If a person has a bitcoin or even less then a bitcoin, how can he pay the fine upto $3.3 million ?
Using bitcoins does not mean that a person is a millionaire. I don't understand what government thinks of those who posses bitcoins  :o

It would be their loss, rejecting bitcoin or other cryptocurrency on your own land would be a huge mistake, bitcoin is now very successful and it would be more prominent and well used in the next future, you should acquire and use it now so you will be able to be good at this in the future. The government should think wisely with this decision, they will throw the wealth and hope of their country by doing it.

South Asian countries are really having a trust issues about using a cryptocurrency. I think it is because they don't see any progress about in their economy as they try it, but nothing is instant at first. If they understand and continue the manipulation of cryptocurrency in their country, then there's the time that they will benefit this asset. In India, they are really having a hard time manipulating bitcoin especially that they can't manage it properly because of this pandemic. They can't prioritize this crypto because there are a lot of expenses that their government should focus on. They have the 2nd largest population and yet they can't afford to use bitcoin properly. If there's a will, there's a way!

In the first place the RBI wouldn't have thought about people going to Supreme court for the flipping of decision, but the companies and people working in Cryptocurrency sector went to the supreme court and after a very thorough hearing the Court overruled the decision of RBI and made crypto trading legal again in India. So now they are doing the same thing the Legislature way, lets see what will be the fate of cryptocurrencies in India after this new rule comes. Indian government has always been against cryptocurrencies in the first place and the way they are hell bound to ban crypto, i guess they will achieve it in the near future.

This is just a proposal people. For the love of God, stop spreading baseless stuff like this. Many proposals get rejected on a regular basis and this one will probably get rejected too in my opinion.

I read about another proposal recently where Trump would completely ban H1B visas which sound nonsensical. These proposals never get approved, but some people make it seem like they have been approved and have become laws.

The Supreme Court of India stepped in and resolved the crypto matter in India and I don't think we will see any crypto bans ever again in India unless the government deploys their full strength to try and make it happen which is doubtful considering current conditions.

Right, It would be their loss and for the people who are using cryptocurrency their. As far as I know, India is one of the most technologically advanced countries in the world and without having crypto would probably a disadvantage to them. It would possibly affect the whole bitcoin community since India has a big population and I'm sure there are many India based citizens that are using cryptocurrency.

If this ban happens I'm sure their citizen would find ways to use cryptocurrency again, It would be possible but I'm sure that it is hard because of the limited moves they can do.

Not again. Why would they want to go down that road again? I think it's quite obvious that bitcoin and other cryptocurrencies are here to stay and can't be rid of by unnecessary bans.  Since this is just a proposal I think there's a high possibility that it won't get passed given the recent win of BTC in India. To everyone in India, don't worry, things will normalize in due time. Government bodies can't cope with things they have no control over. Without control, they feel threatened.



Demanding over $3M as a fine for trading cryptocurrencies is outright outrageous. Nobody would pay such amount if even found guilty. In my opinion, the bill won't get passed. If at all it does, the details would be changed.

After having a positive news about crypto on their country now they are going to pass on a new bill that would get all the crypto user in their country?
I don't see the reason why they need this one when they was supporting crypto back then why would they need such law now?
This is pretty lame for my opinion letting people know about crypto and making some noise about it and accepting it and now they would make a new law that would imprison the crypto user.

Definitely one of the dumberst reactions to Bitcoin ever. I can understand if a country doesn't want to recognize it legally or sees it as a threat for their own monetary system and doesn't allow banks to work with Bitcoin companies, but 10 years in prison? It really looks like a bill straight from North Korea, like one of those "get incarcerated for not crying" or "get shot for trying to leave the country". They're going to be laughed at by the rest of the world if they pass it.

And not only Asian countries are doing that. Russia is going to ban cryptocurrency too. I can't understand this logic. Of cause, regulation is a sophisticated process, but banning isn't the answer.

Russia does not bun cryptocurrencies. It is simply do not regulate cryptocurrences. I do not think that it is possible to bun cryptocurrencies.

Banning cryptocurrency is not possible at all. Highly surveillance countries like China could make it much more hard to get and trade crypto. US would not be able to go on full ban as they can't just punish people for trading tokens. Europe's case is also similar. And for most of the world, they still have no idea about how crypto works.

So this things were back on the table again, India is trying to reconsider banning cryptocurrency after letting it flow in their country seems to be a sort of decrease on their financial structure. When they did make it legal to their country, about month ago? and jail sentences up to 10 years with a fine of $3.3 million? for me this is some kind of over ruling against cryptocurrency, they taking it like it is an illegal drugs lol.

But how are they going to do it? they can only shut down 3rd party services yet people can still buy any where. Nevertheless, we know IT guys in India they won't be stopped by this haha  :D

You're right mate, the cost of selling one bitcoin is smaller compared to the file the government will give if find any India citizens holding the said bitcoin. They should understand that, the value place on those who will eventually violate the laws will be higher than what they will possess in terms of holding Bitcoin. This doesn't add up, they should try and improve on their technology and be able to come up with cryptocurrency regulations that will suit their country.

If India really banned cryptocurrencies again, this would also have a strong impact on the cryptocurrency market in India in particular and the world in general. Firstly, Indians will not participate in the cryptocurrency market because the fine is too high. The prices of cryptocurrencies will also plummet. Other countries will also be affected. We are waiting for the better!

I don't think an old bill has enough traction to get enough votes and supporters it needs to get it passed, whether it is a bill about cryptocurrency or not. People lose faith in unpassed bills after several debates and those bills are usually abandoned and forgotten about.

If bitcoin and cryptocurrency are banned in a country with a large population like India, I think it will be a great loss not only to the people of India, but to the entire crypto community. But this is just an offer. I hope the Indian Parliament will not pass this resolution on banning crypto. Earlier, the Indian government had taken steps to ban crypto. Then the Supreme Court of India took action and resolved the crypto issue in India.

Some time ago India was taking good steps for promoting CryptoCurrency as they was feeling this can change fortune of country like software but suddenly this step can give them big set back and they can lost big revenue and thousands of new jobs as few big exchanges was thinking to invest big in India which was really great for this country so hopefully they will regulate this and do some positive for thousands of developers and investors.

the law wasn't yet approved but its already in the news, lets sell!
the country prefer to deal cryptocurrency issues like banning BTC and didn't care preventing virus from spreading?  ya sure! after all they are billions of them.

indians might not get another chance of buying BTC at this current price if they sell today all because of this kind of news.

I see a lot of misinformation here. This is about the same draft bill that became public last year. It is still a draft and the person, primarily backing it, is already out of ministry. There is no real development in favor or against so far.

This article may provide you with information about the real situation - https://medium.com/wazirx/about-todays-draft-cabinet-note-on-crypto-ban-in-india-4a7fb483a107.

For reference, you may like to check this thread regarding Response from the Ministry of Finance regarding Crypto Currency related enquiry (https://bitcointalk.org/index.php?topic=5096389.0)

This isn't the type of news the crypto community would be glad to hear (at a time such as we are in). I wouldn't promote or profile such news myself. For all I care, India can go ahead and do her worse. After all, China banned cryptocurrency in 2017 just to safeguard her Yuan but the Bitcoin community crossed that setback and Bitcoin is waxing stronger by the day. China is the most populated country in the world, yet Bitcoin survived her onslaught. So, India won't prove a big hurdle. No one should panic on this.

Thanks for clarifying mate,many has being lure to misinformation while there are some good explanation and nothing to be worry about.

Anyway Indian Government is actually not into against or favor so far?is that what the articles says?
So according to you Crypto is already banned in India?or being pushed by the government to be banned?i don't think thats the situation here mate.

If this is legit and true then Indian cryptonians are in Bad shape again because it was just months after their rejoicing about legalization ob crypto and now here we are again having big problem abiut banning?
i Hope that this will not going possible at least not in this year because it will effect the expected growth for the Halving of bitcoin this 2020 and maybe early next year.

It is both party's loss not only India or the cryptocurrency industry.  Once India government ban cryptocurrency, adoption in that country automatically become sluggish if not stopped.  So the cryptocurrency Industry will be missing people from India who support the industry thus removing the majority if not 100% of trades coming from that country.  On the other hand, India will then be missing a revolutionary trend that might help their economy to flourish.

I just hope that the lawmaker of India will see the benefits of cryptocurrency and not the negative one.

Bud, nobody here said that India is banning crypto. OP is just saying that there is a possibility of such a thing happening.
But I don't see it happening because it's the people who are against crypto who have drafted this so called bill.
These are the people who had raised a case against crypto which was being proceeding in the court since 3 years.
But eventually Supreme court had announce the case in crypto's favour and now since they could not themselves losing the case, they came up with this bill.
Even though they have drafted it, this does not mean that the bill has been passed.
I am quite sure that the Supreme court will not consider this bill and reject it since it has announced the case in crypto's favour earlier.

If this is true then Indian crypto holder will be in bad mood again because they have just got their freedom months ago and here we are again,a banning issue for their crypto activities.

I thought that Indian Government already favored them?why this still in the scene now?

Yeah this kind of news is really devastating and must not be in public unless there is a clear view of this happening soon.

This will be big mistake for India and not so good news for crypto industry

There is a high tendency for this bill to pass because there are lots of officials oppose the idea of cryptocurrency in India. It's not been long since they lift the ban and now they're making something to ban it forever unless a strong opposition to the said bill will take this opportunity to educate the people of India on how will cryptocurrency helps them in some of their financial needs. We cannot blame them though because maybe the higher authorities see it as a threat to their economic environment. they look at the other side of the story where the victims will be the most ignorant Indian who might fall for the scammer's frauds.

It will be stupid for the government to ban cryptocurrency, they don't have any idea how it would help their economy grow.

What they are doing is they are blocking the revolutionary technology that would change how people treat money and this will eliminate boundaries because bitcoin and its blockchain knows no boundaries. I hope they will re-evaluate this before making a decision because if other countries allows crypto then why can't they? what would be their reason?

I believe banning is bad and the fines is too harsh, government suppose to serve the people so they should listen to people before making a decision.

The thing is governments don't really agrees on bitcoin and cryptocurrencies because of its decentralization that they no one control it. They also think that bitcoin is only being used for illegal activities like scams and fraud, that is why it is hard for them to accept it as a legal currency. They don't look on the good side of bitcoin that it could really help their economy by giving unemployed people a source of income.

The way the government approaches cryptocurrency in India is part of a greater issue. Modi wants greater control and would do anything to get it. He sides with the religious majority and lets legislators to take extreme decisions against the minority populations. And India has a huge Muslim population, but they're still a minority so the government often oppresses them.

Cryptocurrency doesn't sit well with a government that has authoritarian tendencies. Of course they would want to ban it. They have no moral values after all. They'd rather infiltrate courts and ignore the constitution other than let power slip away from them.

Yes, and since it is decentralized, there is no way for them to have any control over it. They are doing this step to avoid anything like this to get out of their control, this might be a stupidity but this is how their government think and they will do anything to have a control over everything.

I disagree. Do you think that this is the first bill against crypto in India? There have been proposals in the past and all were rejected. This one will most likely be rejected too based on my research.

What the government wants doesn't matter much in this context anyway since the Supreme Court ruled in favor of cryptocurrencies. Basically, the people won against the government here which is epic in my opinion.

this isnt fully decentralized but i think its only semi because the exchange and the wallet that we use were mainly centralize  . govt still can control these or can make money out of them   , they didnt think of that   ?   .

now we know the reason why india isnt still succesful as others its because their govt's were selfish enough and will not allow many opputunities for thier economy to improve  . yes cryptos are helpful and can provide the many needs of the people    .

Paper money or fiat can also be use in illegal activities, bitcoin is decentralized but that is only on the blockchain, but the moment it's exchange in fiat, the anonymity of the holder will be lost. What they need to do is to further study crypto and exert other measures to minimize the risk.

Banning is not the solution, that might look them incapable of regulation are revolutionary technology, as they are the government which has the power to regulate, why not just regulate exchanges and businesses that accept crypto as a payment.


That's why they need to re-evaluate and by considering all the positive and the negative and then make a final decision.

What do you mean by again? Bitcoin was never banned in India before. The earlier ban was more a sort of restriction on businesses involved in cryptocurrencies like Exchanges, wallets, etc. But this time, government is thinking to completely ban cryptocurrencies for citizens. However, it may not be as easy as it seems. It will take lot of time and most probably would be called off because there are many other important issues to look after amidst corona pandemic.

Here is the thread from Indian Section which contains better quality discussion than this thread on this topic: https://bitcointalk.org/index.php?topic=5255041.0

At first, this totally depends on the Indian government. It is difficult to accept new technology and the same has happened in this case. Adopting such technology actually requires some technical knowledge and time to become aware of its positive uses. I think the decision taken earlier will be firm in this case and they will be interested in using it. Cryptocurrency is modern technology and over time it will become a part of every country's transactions. If they accept it, its use in India will be greatly appreciated.

It is very important to accept new technology to develop and be the first. If you will not accept the technology, if you will ban this technology, you will not develop and will not be the first, because another countries will accept the techonoly and they will develop. So I do not think that ban cryptocurrency is a good idea. The good idea is regulate and develop cryptocurrencies.

Deal with it and come to think that not all government would really have the same insight towards cryptocurrencies and thats why we do see these bans or whatsoever.
This do usually happens when a certain country do see it as a threat and just focusing only into its bad or negative sides rather than giving out reconsiderations if they do
try to look or check into its positive.If india may ban crypto currency then its their choice and also come to think that this isnt really that that big that would affect
the whole market.

I was shocked when i saw the news on icodrop's telegram news channel because the whole crypto space celebrated the victory of cryptocurrency being legalize by the Supreme Court early this year in indian so since then, I've been wondering what could be wrong that warranted the proposal of such action to ban cryptocurrency activities all over again

Lol $3.3 million? That’s ridiculous, why would anyone have to be paying such a huge amount just because they made use of Bitcoin?
It is really bad how the government in some places are just out to end Bitcoin. But, earlier this year there was news that India has been declared Bitcoin legal asset, so how come I am seeing this now?

Did they later declare it an illegal asset again, if that’s the case then they must be a joke, or is this an old news that you’re reposting? Other countries are out there looking for ways to utilize this new technology, and they are trying to go backwards?

I guess this bill will not be approved anyway. They just recently unban crypto and then proposed a new bill. What are they trying to achieve anyway, In fact, crypto helps most of their citizens. Worst scenario if that bill is implemented it is very unfortunate for their citizen. I have seen several Indian projects most of them are listed on top exchanges if that bill is implemented what will happen to those projects, for sure some of their offices are located in India.

It would just make their officials stupid because even if they ban cryptocurrency, it can't stop Indians from buying and using cryptocurrency. They'd be policing the whole internet for Indians they can't track. Chinese did ban but its just on the news, Chinese using coins are still using and trading coins because literally just about anyone with the knowledge of how to use the internet can find ways.

Indians are techie on the internet, I doubt their government will be able to restrict anyone from buying coins.

Actually, Indian government doesn't have the ability to stop everyone from buying bitcoin. I think the people who invest money in Bitcoin everyone has a good idea about the internet world. so, if the government ban Bitcoin, the Bitcoin holder will find another way to exchange Bitcoin. As we have seen before, countries that have stopped Bitcoin, have not been able to completely eliminate the use of BTC.  so, I think banning bitcoin will not be profitable for the Indian government.

Why all this news about ban crypto,  i don't know what crime crypto have committed that most government always want to ban, if they feel there are some things they don't like about it, they should think of ways to make it better and can be accepted instead of ban it, many people are gaining livelihood through crypto, it won't be fair to just ban it. I read news about Russia government want to ban crypto now I read about Indian government, not cool.

India with their population advantage ought to be a very great and prosperous nation like China and South Korea, but a very brilliant people have been misruled by some stupid unpatriotic politicians. They still want to hold on tight to their financial freedom by not developing a good framework around the new age financial economy called Cryptocurrency. They won't ban Cryptocurrency again in India.

Hopefully the news is fake news, because if this is done it will make investors and traders from India panic. Maybe the government
is planning a ban on cryptocurrency, because it is difficult to conduct regulations on cryptocurrency. Hopefully the Indian government
cancels its plans to ban crypto again, in my opinion it is not wise to banned cryptocurrency in India. At least cryptocurrency has proven
to provide benefits in a pandemic situation like now. Like providing solutions for make money and also financial transactions with
cryptocurrency prevent the spread of the corona virus.

First I was also feeling this is real but now chekcing many sites and resources look like its old news and few peoples pushing this for own sack as now India is doing good for bright future in crypto this is not going to happen Binance is joining Internet service provide for better service https://cointelegraph.com/news/binance-joins-indian-internet-association-amid-regulatory-uncertainty

Don't worry because India is still able to use crypto currency in their country right now since the won against the RBI or Reserved bank of India. I hope that crypto currency in India won't get banned because Indians are one of the best traders because even if they don't have crypto currency they can get rich with just trading other materials and now they are going to get richer because they have crypto currency. I also hope that other country can legalized crypto currency on their country so that peoples there can use crypto currency legally.
Source: https://news.bitcoin.com/bitcoin-legal-india-supreme-court-verdict-cryptocurrency/

This topic will be controversial until lawmakers in India or the government of this country decide to legalize cryptocurrency or ban its circulation. In the meantime, India still does not have a single normative act regarding the regulation of cryptocurrency. We do not yet know what decision will be made and therefore we just need to wait. Residents of India need to convince their government and put pressure on it to make a positive decision on cryptocurrency.
The situation with cryptocurrency in Russia is similar, but at the same time and more complicated. It has already adopted in the first reading a bill on the actual prohibition of cryptocurrency.
Even if the decision now turns out to be negative, over time the government and leaders of the country will change, the situation will change again.

Is South Korea not considered South Asian?

They're the worlds biggest crypto backing country.

Maybe this news is true, but there is more and more people getting into cryptocurrency usage. Another thing more and more cryptocurrency and blockchain related development is happening within India. In recent days TCS, one of the leading IT service provider have entered the cryptomarket. If the government isn't supportive TCS could've never taken the steps forward. Upon this there is very less chance of cryptocurrencies getting banned in India.

You are absolutely right now India is doing very good in cryptocurrency and just few negative mind peoples creating rumours about this few days back we have announcements from few big exchanges as they are going to invest and opening representative offices in India for better way so I am feeling India could be next big in this technology.

South Korea is not included in the South or South East Asia country, they're in the East Asia part.
As long as there is no word regarding banning of cryptocurrency from the government, then we shouldn't believe and statements spreading around the internet. Some countries are still looking forward to the use of cryptocurrency because they see a huge potential in this.

The problem is, there will be a sudden changes on the economy and I think there are not enough studies about cryptocurrency because it's still on the development.

Always remember that, the cryptocurrency market is full of rumors, this rumors help thousands to make their gains on daily basis. India as a country had been doing well with cryptocurrency and they want to ban it again. They have ban cryptocurrency several times and reverse their action, even though they succeeded with this, they will still unban again. Although, this seem to be aa rumor from cryptocurrency haters.

India have allot of issues to tackle at the moment, such as the Trade Conflict between China and the Covid19 pandemic, among others. This both have caused a great lost in the economy of India. And a Ban on Cryptocurrency would bring about an addition to these problems, as it would drag many people again back to poverty. This is likely to happen because of the increasing cryptocurrency demand and the switch into the mkt which is as a result  of the great job lost. In conclusion, taking such decision to ban crypto would only have an impact in the country economy and not the crypto market as many other developed countries have gone far deep in the mkt and are making it.

i dont think this move will do good in terms of helping their citizens during these hard times. they should look into more pressing matters but this one, they should let it go as there are many small crypto users from their country that are relying their daily needs from crypto
 they are moving back instead of moving forward..i hope the govt will see the impact of this decision to their constituents.

So,if there is a cryptocurrency and blockchain technology development on their country then there is only a little possibilities that India will ban cryptocurrency. They have a large number of population and it will be affecting the crypto market if ever.

If ever that these people use bitcoin. According to some articles, there are a huge number of individuals investing in crypto currencies in India because of the lockdowns or quarantines during the pandemic. The market shows no sign of being affected during the pandemic as it even reached $10K last last month. What are there problems with bitcoin?

India is having the biggest potential to grow along with the help of blockchain technology as there is a lot of corruption and also India is a developing country so if India starts building their economy along with blockchain then they can do wonders in the future and can become a country that is having blockchain tech in every aspect of its Economy.
Moreover after the recent news of bitcoin related with that twitter account scam/fraud, the mind of the officials will again go negative towards bitcoin who were already opposing the Supreme Court for lifting the ban on cryptocurrencies. The officials should listen to the needs of people and what do they want which they never do and always do what they think is right in their mind.

I don't think so that is banning with the use of the cryptocurrency may help your country because today right now it is a good thing to make easier to do also right now we have this pandemic outbreak and one of the easiest things we should do is avoid having the use of the physical money instead use the online method which can possibly use the bitcoin also with other coins to make transactions.

I think there are a lot of other issues India banned the use of the cryptocurrency still it think there are some petitions right away by that still hoping they are accepting this to make more income and improvement of technology to them.

I think india had a wide greed of users. They had the culture of being competetive. This is why I think government will probably changed the decision towards cryptocurrency. They are very conscious of ranking and also their ways of living. Life for them is to have a good car, big house and beautiful wife. They had show it to their own make movies. I do not hate indian movies and.actually they had good storyline but it sucks to me seeing always an impossible scene like beating guys just using a banana. It is a comedy but I do not like the idea. It is almost like stupidity. I just turn the other slides if ever I am seeing like that.

The news was pubilised only on a single news paper The Economic Times based on a old gov draft on 2019. The news reported that was with out any proper source of reference. All other news or media which covered the stort based on only that news by Economic Times.   So we need not worry about that.


SO you are deciding their lifestyle based on the movies, good luck then. Remember they have more than 10 completely different movie industries with more than 10 different languages.

Their purpose of banning crypto in the first place was because they see crypto as a threat to their national currency and power. However, I'm surprised that the Indian government decided to raise this issue again after they have supported bitcoin because India is also kind of centralized country but crypto related company CEO are already fighting against the new bill.

No idea what you are talking about, culture of competitiveness ::) India never conquered any country in history but had a rich culture and so was the reason it attracted invaders.

There is a court of law if the government bans anything inappropriately and i am not a big fan of the present government because of their identity politics which is a cancer.

Everyone is living to have the luxury of life and which culture is opposite to those way of life ::).

Surely in next few days some new good news is coming because if authorities going to ban this then its going to hurt in many ways few days back two biggest crypto related exchanges announces they are going to invest millions of USD in India for better security and better environment of crypto trading so government will do some middle way as they don't want to lost this all.

I think they aren't going to ban anything too. Even for government there is much more to lose than to win with a bitcoin ban. But I see there is a lot of politics going on the background of this discussion in India. Some sectors want its ban, while the supreme court doesn't agree on this.
What I see is that even big fishes connected to government may have be into crypto universe, so it creates a division of opinions on this matter, where each one defends their interests, and consequently creating an indecision on what to do towards bitcoin.

In my opinion it is not a wise decision if until the Indian government banning cryptocurrency, seeing crypto users in India is very much
and also cryptocurrency has not been proven to threaten the national currency, which is in a pandemic situation COVID-19 can help
increase income Indian citizens through trading. The Indian government should think again about the cryptocurrency ban, after all
I'm sure Indian citizens can keep investing in cryptocurrency even though the Indian government bans cryptocurrency. Because many
ways to be able to investment in cryptocurrency.

There are many reasons behind the ban on cryptocurrency in India. The Indian government believes that cryptocurrency is used as a payment system for most crimes in India.
However, if it is passed, it will also put pressure on the Indian government because the unemployment problem will be huge. Now we just have to wait for what the Indian government decides.

If the Indian government does this, it will not be a big loss to the cryptocurrency but the main loss will be to those who are involved in the cryptocurrency in India. A large population of India is involved in cryptocurrency. Those who are eliminating their unemployment through cryptocurrency. If approved, these people will be in the biggest danger.

The reason for banning cryptocurrency in India is that there is no third-party control over cryptocurrency. Again, it can be traded without anonymity. However, its encrypted ledger controls all transactions from being risky. No country's government has the power to interfere in the value of cryptocurrency. India initially allowed it but later sought to re-impose the ban. This will not have any effect on crypto as decentralization will increase the demand depending on the market.

For having recent attacks and other things involvement with bitcoins it will be a basis for the government to ban it again, but if the citizens will step up and raised their words about it then banning bitcoins will not gonna happen also maybe they will take a consideration for now since the pandemic still occurs and somehow provably when bitcoins is accepted on their nation they see some good things brought on it so let's see if they continue this plan.

If they want to do some good for common peoples then surely they must think about this and do some legislation about this because this can bring billions of USD and thousands of jobs for developers and IT related peoples but they must have some stick policies and laws because its very important for long planing and good future of cryptocurrency in India.

Recent attacks related to bitcoin? Can you give examples? Crime related activities to bitcoin and cryptocurrencies in general are way lower than FIAT or even gold and precious metals.
It is related to Indian gov trying to control everything.

I am following cryptocurrency news globally and i have not heard about the Indian government in support of the bitcoin market and i think they banned the exchanges from conducting business by restricting the banks in dealing with them and the supreme court came up with a verdict that helps the exchanges after a long battle and not the government and with that being the case i wont be surprised if the government tries to ban the market altogether.

I'm really shocked to see this news, I thought  India has approved the use of crypto in the country, I feel really sorry for Indian crypto users, I hope they will find another way to use crypto without the consent of their government, I think the difficulty to regulate/control the use of crypto in their country is the main reason for the ban,and this ban is also put in place to avoid money laundry,but I don't support any country banning crypto  ::).

Youre right about Indian government restricted the banks from working with anything that have to do crypto and later banned bitcoin trading but saying they didnt ban cryptocurrency (bitcoin) then is a lie cause they jailed caught in physical trading.
With that been said, the india government dont clearly say they legalize bitcoin but in a situation when government allow the institutions to work with crypto exchange we still say they support crypto market.

This is too hard, upon visiting telegram, we could encounter too many Indian people who are actively sharing airdrops. There are also some mining facilities in India, and I found this news (https://www.youtube.com/watch?v=J17fgGNQANI), concerning supreme court allowing cryptocurrency to be part of the formal banking system. And upon looking to the article itself posted by the Op, the fine for people caught using crypto is too high

According to Giottu's co-founder:

Perhaps, cryptocurrency being one of the leading payment innovation, and knowing India as one of the most technologically inclined countries, for me, completely banning cryptocurrency is unlikely to happen.

   Debonaire217 it's unlikely to happen, and I doubt that India is capable of banning crypto-currencies. India is big country and
the government can't control everything.
   I remember I read the same news before, and except news itself I didn't see any actions that could possibly support their
intentions. They are just trying to scare people, to keep them afraid and under control.

I don't think that the government has any intention to ban cryptocurrencies. Because the last time someone suggested that, he was fired. Subhash Chandra Garg (the then Finance Secretary of India) wanted the government to make trade/mining/possession of cryptocurrencies a criminal offense. He suggested jail terms of up to 10 years for anyone found to be holding cryptocurrency. Just a few weeks after he made this stupid suggestion, he was kicked out from his job by the government and replaced by Rajiv Kumar. Now this guy (Subhash Chandra Garg) is holding press meetings and conferences, demanding that the government should ban cryptocurrency. And from what I have heard, no one takes this loser seriously anymore.

Each country have different manner into crypto currency, in your contry as example you are allow to make your all payment system using crypto currency especially bitcoin because your government has been regulated it. But it would be different in some country who still ban crypto used by a payment system.

Although in this situation where pandemic has spreading you have to use money fiat as a tool for payment system. Other than that there is no merchant who will accept bitcoin and other currency beside your money will be accepted. Anf I think each country have had a digital money, you can use your bank account to make every transaction.

There's nothing to border about because the Asian countries are most afraid of the cryptocurrency because of it volatility, I guess. Though, this ban has be raised several times from India, they can't ban Bitcoin because; Bitcoin is a technology and from history nothing immerging like technology had be ban, so, Bitcoin can't be ban for any reason for now.

Don't understand what's the purpose of such actions and decisions. Are they afraid that someone will use cryptocurrencies for illegal purposes? Well, then why don't they ban selling of house knives? Someone can kill someone by it but it's sold legally without requiring any document and psychological situation. Such a silly movements without any logical explanations. After all, this pandemic situation affected indian population badly and instead of giving people opportunity to earn some money, they kill all ways to exist.

Education is really the answer for this problem. If they can educate the community pretty sure that bitcoin willl put to good use in accordance on how it was being created and the feature that bitcoin has offer. There also times that when we do teansaction we do ask to be anonymous and to avoid into getting into influences.

There are many things that should consider here before they will ban bitcoin. First is that if they can't really solve the problem in community and second if it is.really needed to ban bitcoin.amd third if they will need to get back to use the bitcoin system in the future.

This is a situation many countries, most the government did not come up with a regulation or a law that says bitcoin and cryptocurrency trading and transaction are illegal and we are in a grey area and from what i understand these government cannot ban something without understanding the market as people will overcome those bans and it will create a headache if you are not involved in any illegal activities while the market is legal in other countries.

That's correct. This was what caused the situation in India and their government find it too hard for them to ban Bitcoin. However, when bitcoin was banned in China then some people still make use of it but I think the government needs to understand that no matter ban or stunt they pull cryptocurrency is inevitable.

No. The bill was not even finalized. In short, the proposal was not put in to a bill. The person who came up with this proposal (Subhash Chandra Garg, the then Finance Secretary of India) was fired even before he could finalize it (he was fired for incidents unrelated to cryptocurrency). Right now, there is no ban on cryptocurrency in India. However, there is a ban on the usage of cryptocurrency as legal tender.

what do you mean by banning in many ways ? you mean by different degree like low , medium , high ?  the country you use on your example will be fall on low to medium degree of ban because you said they can still be able to buy and sell crypto  . thats not threatening but im more concerned on the others that thier ban is on high degree  . india could be consider as one of them because of thier punishment which is too harsh  . this is sad , why indians have never  given a freedom to use cryptos  .

Actually i think ban and acceptance is a part of any matter specially if it goes with economic sector it need more excrement. Not only INDIA but also many government now in experiment trial with cryptocurrency. As it is decentralized and no world wide regulated body so they must think more and more time before acceptance. I think its a good news for BTC because the more it matter will happen in different countries people will know more about it and lately they will accept it.

@bryant.coleman I did a quick google search to find if Bitcoin’s are yet legal in India, and I have found out that the Indian government is preparing to pass a law which will make it illegal to hold, transfer or even mine bitcoins. Further according to the article the government has swung into action because India’s top court had ruled that bitcoins were legal in India, and they may very soon pass this bill which will completely crush bitcoins market in India.

Source:

https://economictimes.indiatimes.com/news/economy/policy/with-a-law-india-plans-lasting-ban-on-cryptos/articleshow/76330403.cms

As at today, if this bill has not been passed into law, then i doubt its ability to become a law because india has come to the awareness that cryptocurrency is the new big deal and they will not want ot be left behind in the runnings of technology as they have key roles they have already taken in the space.

The bill is not yet finalize and even India ban cryptocurrency for sure they will not prevent the people to engage in crypto because they already know that they can earn bigger in cryptocurrency. And Cryptocurrency is unavoidable whatever the action of the government regarding cryptocurrency. And one more thing,cryptocurrency is not hold by the government due to decentralization,they have no control over it.

If India is using a local wallet, they can easily locate and trace those transactions if the company behind the local wallet allows the government to investigate. Your identity will be easily exposed, that's one of the disadvantages of a local wallet. Another problem is, you can't withdraw that money since you can't exchange or convert those BTC into money.
Yes, it's decentralized but there's a hole into this and can limit those transactions in the local exchanges that will not let you convert your BTC into money. So definitely, if a ban happens all over the country, it might really affect those who use the local wallets. But if you can still transfer money and convert without the use of any local exchanges or wallet, then it's a good thing where they can still use crypto.

You are absolutely right. Some country bans Bitcoin but still their citizen use Bitcoin normally. They have no panic about that their government bans it.
In the site of India, this is a big country. Everyday in India occur so many crimes. Their government want to reduce it. I think this is a reason why they want ban Bitcoin. But this can't no effect on Bitcoin. Because now who use Bitcoin, after ban he/she can't leave it.

This news is familiar, I must have read about it. I remember what came to my mind when I first read this article was that this is not the first time Bitcoin is facing this issue.

Bitcoin was banned in China, yet more and more people keep adopting Bitcoin. Don't get me wrong we cannot downplay the importance of India in the cryptocurrency world because India has a big market base.

But Bitcoin will survive the ban. Let's not forget that this news is just rumor, so until Bitcoin is actually banned, let's just hope that it is just speculation.

Now banning or stooping bitcoin is not easy for any government because its working beyond boundaries and bringing new many good things in peoples life so we already talk about this India is not going to ban this its just rumour or propaganda by few cryptocurrency haters many big exchanges already announces big investments in India for local currency and better technology so its going to be great for big change in near future with many new greats things going to bring revolutionise change in India.

It is evident that the Bank of India Reserve (RBI) has great power and will not allow bitcoin and other cryptocurrencies to be legalized.

This new intention is because RBI withdrew from the hearing when the supreme court ruled that it could not prohibit crypto merchants from accessing banking services.

For example, India users on Binance would not be able to access the local market. Sad, this is one of the best services that users can have.

Well that was kinda fast? It was just recently talked about that the government of India is willing to regulate the use of Cryptocurrency but why are they passing a law that will imprison some users. We know that India has a way in technologies which some people are taking an example of since they are helpful and useful. That would be a huge impact to the users that rely on Cryptocurrency as a way to support their daily necessities.

I hope they can see that there is no problem with having a job in the Crypto Industry.

Correct, but I believe that we should let the dust settle by first having our BTC stabilized.

Coming back to the topic, @OP, I do understand the fact that Indians are the most important prospects when it comes to any business as we are the 2nd largest in terms of population and have the best business skills. The next thing, India has a big market available for crypto if they legalize it. But the fact is, you might have seen and heard about a lot of scams taking place to and fro in the world, and so was the case in India. I believe that not just our Indian govt but all govs have got a valid argument on the security of exchanges as well as cryptocurrencies itself and so, they just don't want to take the challenge of dealing with all the mess that might take place if they allow crypto.

I doubt the Indian government will ban cryptocurrency in its current condition, which is India the third-largest country in the world
as the country with the most corona virus-infected populations. With the cryptocurrency can help prevent the spread of corona virus,
because cryptocurrency transactions don't need physical contact. Judging from the population of India who need income, then with
crypto can be a solution to get a source of income for Indian citizens. With the benefits provided by cryptocurrency for Indians it will be
difficult for the Indian government to be banned against cryptocurrency.

What sort of absurd logic is this?


Seriously? Is Cryptocurrency some magic drug like Hydroxychloroquine, which can fight the Coronavirus?

In India, there are a lot of legal payment methods available, which doesn't need any physical contact. I am talking about the mobile banking services offered by almost all the public/private sector banks in India and about the mobile wallets such as PayTM and Amazon Pay. Now what makes you think that the Indian government would prefer Bitcoin, which is yet to be fully legalized in India ahead of the other legal options?

That Bunga_cute is on cocaine I guess  ;D
Literally, we've got hell lots of local apps available which help us transact our money with a variety of merchants without the need to even take out our cards (due to having the details auto-saved). Not to forget that the transaction fees for BTC have skyrocketed so badly that even if we try our sheer luck in making our Government accept BTC, they'll just say no to it after seeing these fees as you know our conservative nature.

@bunga_cute,
Don't tell me crypto would save us because we can send BTC through our phone because still, if some merchant asks me to give him my phone to let him scan a QR code and he's having Corona and his hands have some micro-particles and they get stuck on my phone? Can crypto remove those micro-particles? Stop being too much speculative as well as superstitious.

There is truly apprehension among the Indian crypto community on this news. See this report with further details on the said intention of the Government. https://news.bitcoin.com/indian-government-banning-cryptocurrency/

It will surely be a sad day for the Indian friends in the community, and it will impact on the global price of coins.

This does not look good for crypto companies and projects that have been set up in India. Currently, WaxirX is dominating the entire country of India on its exchange services. With this bill being proposed it will really dwindle the efforts of crypto enthusiasts who are trying to expand the mass adoption of cryptocurrencies in there.

Because of regulatory uncertainties, some dreams were dead even before they were born.

https://inc42.com/buzz/govt-screwed-us-crypto-startup-coinrecoil-founder-writes-an-open-letter-to-pm/