Bitcoin Forum

The FUD continues.

India is not banning bitcoin as an asset class as many have eluded to. Many news outlets find that this angle is far better for attracting clicks.

India is looking to ban bitcoin as a method of payment. Meaning they are just trying to protect the interests of their future CBDC. People in India will NOT be banned from buying or selling bitcoin. The government has NO interest in banning bitcoin as an asset.

Source: https://blockworks.co/india-crypto-ban-about-payments-not-the-asset-class/
 (https://blockworks.co/india-crypto-ban-about-payments-not-the-asset-class/)

I had not read this news, if you are a citizen of india then no doubt you should have real news of what is going on, anyway do you have a link to a press release from the government of india where they say they are just ban bitcoin as a method of payment? or are you just giving your theory of how the government will handle bitcoin in india?

Not a statement but the bill is linked in the article http://loksabhadocs.nic.in/bull2mk/2021/23.11.21.pdf and here's the description,

"To create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India. The Bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses."

It doesn't say much but some people are probably trying to interpret the "exceptions" in a way it's still positive for the community. I think that part is only referring to blockchain use cases and not investment assets or anything else. They are still trying to ban in my opinion.

Well the younger generation is a reason why the government want to pass a bill on cryptocurrency. It's sad that the younger generation is chasing money instead of having say in government. This is a way the government want to get rid of private cryptocurrency in India. Hearing about Private cryptocurrencies like Bitcoin makes the president to feel a fist in his stomach.

Probably, the general public will choose the digital money that will be advertised by the government over a private cryptocurrency. All that matters is, the government is aswell chasing money just like the youths.  ;D

Sounds like another sort of Nigerian central bank ban on cryptocurrencies story where after announcing the ban, they introduced their Government control coin called eNaira. I don't know how far it has gone now, but as far as I know it received a lot of backlash from the youth in that Country.

These Governments just don't understand it. Cryptocurrencies like Bitcoin are way beyond just being electronic payment methods. The additional privileges users enjoy such decentralization and privacy should not be under looked.

This kind of FUD (for someone) spreading by now, the latest. It's kinda no effect now compare to the first time when that kind of news from India started to pop.
There are a lot of people who got very low reading comprehension that's why FUD are easy to create and spread, just like this Indian news about cryptocurrency.

Well, we can blame also some media outlets as there are some of them who are sometimes misleading.

For now, I don't think there is already a clear guideline on what would certainly happen to Bitcoin should this bill passed into law. So I guess the various interpretations of the letters of the proposed law are making it more confusing. Interpretations are still very much open right now because the bill is vague to say the least. Should this bill become a law, there will certainly be specific implementing rules and regulations. Only then would things be clarified.

For now, there is really no certainty whether or not Bitcoin will be banned merely as a payment method and not as an asset class. But I don't think India will be implementing a blanket ban on crypto.

It seems the young generation does not care about what their government will do so they focus to chase the money. The government wants to still chase the money like them so they want to control all things that have already been done before and not going to let it go.

Hopefully, India will not ban crypto and will let their people use crypto for their assets and not use crypto for the payment system. It is good if the government approve crypto as an asset because that gives a chance for people to have another investment to solve their financial problem.

There's no FUD regarding this news! I've tired to see someone always say FUD FUD FUD on every bad news especially it's still a rumour, you're the FUD spreader by creating this thread. It's funny to see a FUD can pump Bitcoin price (+1,73%/24 hours) right now, the real FUD will make Bitcoin price dropped >20%.

I don't care with those rumour, they can change/revise anything if it's still a plan... I will wait until the official news from Indian government.

I guess this is them just doing proper regulations on their part for the sake of their citizens, and some people immediately took it in as them being negative about Bitcoin in general. Still, it is a negative connotation on Bitcoin as a currency imo, since India wouldn't exactly be banning transactions if it was actually better than fiat. Highly doubt they'd push for a complete ban out though, so it should only stay at this point till they're able to implement more regulations that could protect their citizens (or at least, educate them about the dangers of using crypto).

We used to that mate , how many thread had been created here since then about India Banning bitcoin and cryptocurrencies?
they even make the news worst just to bring more fuds and i really don't know what is the intention behind those.
but for me personally i have not taking serious this matter and besides i only spend no time reading those because I know that India is far different from China government and they will not hinder their people for what they can make use for living in valuable means.

That's still a big hit imo. Using bitcoin as a payment method is bitcoin's one of biggest use cases. If you take that away, it will become a speculative asset and nothing else. I don't know how can you be fine with this because that's practically half of the bitcoin's practical use. Imagine all the unbanked freelancers that were using btc instead of visa/mc. Now they all lost their business because of that law. Not everybody uses crypto for gambling. Some people were using it to collect money which imo is the biggest use case of crypto and now it is gone.

Well the bill being talked about is "supposed to be launched" in the Winter parliament session which is in December. December is still five days and we are already watching FUD crop up from some news media channels. Possible attempt to manipulate the market, after all the press is free and the market is unregulated.

Keeping that aside, anyone got any wind of what this new classification of "Private crypto" stands for? I am guessing the counterpart will be "Public crypto" and going by the normal semantics, Public crypto will include the decentralized currencies.

I hope these guys know what they are doing, or we are going to end up having to add another classification system in this asset class. ;D

I am optimistic about it, I assume they are going to put in taxation on sell orders and KYC the users, fine by me. If they start their own national crypto, I doubt the community is going to take that in, and we all know that community is everything in crypto, so they will suffer from their decision.

The use of private coin can cause FUD, many people will not know the coins referred to as private coins are privacy or anonymous coins with a kind of blockchain which transactions can not be traced or tracked, coins like Monero, zCash and Dash. Some people are also just do not know much about cryptocurrencies than buying and selling it, these kind of people will not think two times before they will sell.

This was a great FUD in India at the time the news went viral, the price of bitcoin on WazirX exchange (Indian based exchange) is an indication of how the news caused fear thoughts and uncertainties.



Bitcoin dip down below $40000 on an Indian exchange after the news, this is FUD.

In this we can see that in the forum it happens as outside it: at the minimum that there is a news of this style the masses only get the big picture without paying attention to the detail.


I agree. Although I suppose freelancers will still be able to collect and pay in bitcoin as long as they use it from a hardware or paper wallet, rather than custodial wallets.

Hopefully, I have some relatives in India and to them Bitcoin is also a way to hedge the money they have. So instead of saving the money to the bank they buy BTC, they don't want themselves lining up outside a bank when everybody is trying to withdraw like what happened before.

India is a developing country with the potential to really blow up like China. Fixing the money through thier CBDC and not baning BTC is likely the best for the country to have some freedom for all.

As I thought, news, Bitcoin, government, crypto in india, just exaggerated news, I once sent a PM to a Bitcointalk member who resides in India, for now, they are fine, in using crypto, not all news published in the media is genuine.

Pros and cons must be in every country, both negative and positive, this is the same thing happening in my country, some say crypto is haram and some say it's good that crypto buying / selling is legal, bottom line: the current government is not saying anything, I'm sure india also has the same with crypto/Bitcoin.

Why bother with negative news about crypto in india, while those living in india they are safe and fine.

Yes. One thing about cryptocurrencies is that they have no central means of control, only the centralized exchanges, centralized wallets and other centralized crypto service providers that operate in India will be the ones that can let their citizens (and only the citizens that make use of their centralized service) to make use of the government option by delisting privacy coins. People that are making use of noncustododial wallet can still buy and sell privacy coins.

I was also reading some sort of these news on social media and according to them the bill will be presented in the winter session in parliament on 29 November and what the government is planning is to build a framework for these Cryptocurrencies and their CDBC. They have stated that they will not go with accepting it as legal tender but they have given hints to regulate it as asset class but still all these are speculations which created FUD among panic sellers and exchanges witness huge liquidity and local prices were down 17-18% according to reports.

There was one post on social media by one of the Indian exchange executive and here it is what he says:

https://i.ibb.co/cr0SzJm/Screenshot-20211125-142603-01.jpg (https://ibb.co/x7WtVh4)


Most probably they will come up regulatory framework and permit crypto trading as they will have huge revenue from the user's but panic selling is the top most priority of the investors with these news.

its normal mate wherein it depends on us if we will gonna rely in such news without making research in order to obtain specific information as well .. Because you know people nowadays were going crazy when they saw a bad news without knowing it's fake or should i say newbies?, lol  its very common actually that's why it's highly recommended for everyone to make research especially investors because it can cause panic selling to be honest..

This is a piece of relieving news to hear because when I saw that news flash on my local news channel yesterday or the day before, I was like here we go again. We are getting off of china now we are getting into India's own issue. I believe that if this is what other countries lean towards instead of the blanket ban, then there wouldn't be a negative effect as much and I understand where the India Government is coming from.   

That's what i expected when i read other thread here about this banning issue, because for several time if i remember it right Indian Government stand towards crypto is keep on changing overtime.
means they are having no concrete stand towards crypto specially Bitcoin.
so lets stop the FUD and focus in investing and helping the market grow more.

We are all tired of hearing that India or China governments often ban Bitcoin. Actually, it is not strange if it is true that the Indian government
has again banned Bitcoin. But Indian population can be relieved, considering that the Indian government did not ban Bitcoin in its entirety.
The Indian government only banned Bitcoin as a payment method, and I can understand the Indian government's decision. Because
my country's government  does the same thing, by prohibiting using Bitcoin for payments. As we know most countries are afraid that Bitcoin
can replace their country's currency, so ban Bitcoin as a means of payment, still understandable. After all, we must be grateful as long as
we can still use Bitcoin as a digital asset, than not being able to use Bitcoin at all.

If they do that there will be more cryptocurrency firms based in india will get affected and also their citizens will also get hit by this plan since for sure many of there citizen is earning well on cryptocurrency. If they are worried about their citizen on this kind of investment maybe they regulate this and pass a investors protection law maybe from that they can protect their citizens from any frauds or any activities which can cause a huge damage to them financially.

People nowadays only reacted more about the headline without reading the whole thing. As what I have understand about this, it seems that they are going to have a similar rule like Russia like they are not allowing BTC as a payment method. It means that people in India may have no problem buying and selling BTC and other cryptocurrencies, unless there are new developments about this crackdown later on.

As far as I understand, the legislation is still being negotiated, and there are different positions that are discussed. Some might want to ban cryptos as payment methods, others might be inclined to ban them altogether. I also read yesterday that some are actually pro-crypto and offer to legalize crypto mining and support of cryptocurrencies as to oppose the policy of China. Also, as the article rightfully points, it's still not 100% clear what's meant by private cryptocurrencies, and it can be a number of things. All in all, it's too early to say what's going on there, and India has been introducing and revoking the ban of cryptos once in a while for years, as far as I remember.

Opening crypto as an asset is already very good. If I read here (https://www.news18.com/news/business/is-cryptocurrency-legal-in-india-crypto-bill-private-cryptos-all-questions-answered-4480385.html), they don't do like the Chinese government. There's still room to grow and it's better. They just ban it as a means of payment, which is as legitimate as my country. Many people are too panicked by this news. They're not careful, they don't read carefully. This news is as usual, a lot of this good and bad news is like breakfast. Because that's what we often use to make a profit. 

It's good to know from an Indian about what's going on in India.
I don't trust the clickbait crypto news websites.Too much misinformation and too much pointless drama.
I wonder why the Indian government is so scared of Bitcoin being adopted as a payment method?
So it's OK to buy BTC from a crypto exchange in India and keep it in your account,but it's not OK to setup Bitcoin payments for goods and services that you provide.This sounds weird.I don't know how the Indian authorities could possibly restrain all the Bitcoiners in India from not using BTC as a payment method.
India is a huge country and the crypto supporters are probably millions.This regulation seems impossible.

At least the BBC is slightly less specific in their reporting (this is not a compliment), and makes for an easier, if rather vague read and makes references to "most private cryptocurrencies" rather than a blanket ban on "crypto". Far as I understand, no government sees Bitcoin as a private currency.

Anyway, China banned crypto and we got an ATH. Why the worry? ;)

Yes it similar to Nigerian government ban of cryptocurrencies which didn't see the light of the day though third party crypto exchangers were mostly affected by the ban,however the youths who are mainly involved in trading and other cryptocurrencies related stuffs were unrelenting and determined, the introduction of E-Naira couldn't make any difference or attract the youth to it, in view of that CBN decided to plant some agents in Binance P2P to monitor Nigerians who trades in cryptocurrencies and subsequently freeze accounts. you wouldn't you are trading with an agent until after the transaction.

I wish everyone should understand by now there is no such thing as banning the crypto because you can anyways buy it any other means such transferring funds to your overseas friends and families or simply by means of using local P2P programs.

This was the whole point in making the blockchain and running the bitcoin train on that irreversible track. So what if Indian government banned the crypto? You can still buy and sell it by the above methods. Are we really under the impression that a Chinese don’t trade crypto today ? Lolz, let’s get over it they are the biggest soul takers in this field.

It’s good to understand from the OP article that it’s anyways not banned though it does not matter.  :)

Exactly. Right now, people, not just in India, find a way to hedge the money they have and with bitcoin, that can be possible and in the long term, bitcoin can give them a good return than saving in their bank accounts. If they can constantly use bitcoin as the hedge of their money, they do not just have a chance to grow their money value for their investment, but they can also become rich someday.

India can blow up in the future as they do not close their mind instead accept a new thing that can give them change for people and their country. If people can have a way to make money, it can impact the country, which can give the economy grow fast.

They will likely just regulate it, but if they will ban the use of bitcoin as a payment method, then that would not help to increase its adoption as in the first place, we are hoping that bitcoin will be adopted as a payment system so the demand will increase. It doesn't make sense to me really, people will buy bitcoin to invest, that would only make the price more volatile.

Was she going to? In my opinion, this would not be entirely correct on their part.

Currently, if what i know there is no regulation or any restriction on the use of cryptocurrencies in the country However, everyone believes that the industry expert will not have a ‘blanket ban’ on a cryptocurrency in India.  “The market cap of bitcoin is more than the highest price in the past few years, it varies from being a speculative instrument to a store of values

The FUD can be real or unreal but it doesn't change anything in both situations I personally suggested all my Indian friends be careful about their funds and be ready for the regulations. I don't think if Inda is planning to ban bitcoin because there are many bitcoiner and crypto holders there are many people are advertising cryptocurrencies there and the interest from people is extremely high so even if the government ban bitcoin there will be many sad and angry people and that's not what a government wants, however people of India should be ready for any incoming regulations.

This is the eight time we are hearing about the rumors in the news this year alone about India planning to ban cryptocurrency and it will keep on coming until we see some solid regulation from the government. Not sure what they are actually planning to implement as the government is not known to showcase anything solid leadership qualities yet with their convictions rather than division.

It's too early yet to say how this bill is going to work for real, because there is a long and exhaustive process to be fully debated in the legislative house, where the bill will have its final shape, just like mentioned in the article presented by OP:

Now it's time for crypto community in India to make pressure over the legislative house in order to approve a friendly regulation that isn't going to harm crypto adopters and businesses.

I think it's a terrible mistake from the government to propose labeling crypto currencies only as an asset and forbid its usage as payment method. That point in special should be put down by the legislative.

I guess misinterpretation can really paint a bad picture and hurt our crypto gains that have taken a lot of time to build! Its good to see someone followed this up to give the standing of affairs in india which could attract more investors who would want to setup base in this beautiful country which could benefit them in the long run which is a win-win for everyone. But why is it that this story keeps popping every year, they need a regulatory frame work for cryptos to stop these misinterpretations.

It is sad that some cryptocurrency news outlets can provide us legit information about things happening in the world. What I read some days ago is that India is planning to ban all privacy cryptocurrency and not planning to ban Bitcoin as a method of payment but I still don't get why most government sees Bitcoin as a threat whenever they are planning to create their CBDC.

Some fun fact which I don't know the stats and data used to get the reveal the result says " India has the highest number of crypto investors in the world". If India chooses to ban Bitcoin this may be the beginning of the crypto blood bath market this year.

I also dont have the stats but the exchange owners often use this statement here and therefore there might be some stats worth pondering over. The point is that the government sees this group as a tax-worthy population and they want their share of the tax money, which like I said in my previous post, I dont mind giving.

It is not a outright decision like some other country has done. This situation is being legally approached for several years and now it has come to a point where there might be some positive outcomes. India is a democracy and however mismanaged the government might be, they dont ban things because they dont like it.

So take buys on the bears and keep it to that. I am sure the bill when passed will have a positive long term outlook.

Ha, not banning just creating a "regulatory framework."

It's always what the story is, except the regulatory framework is extreme government oversight of crypto and is everything but an outright ban. You could effectuate a crypto ban merely by taxing it at a high rate, or forcing crypto users to report every transaction they make to the government. If you decide to store crypto, they can make an arbitrary wealth tax and force you to pay taxes on unrealized gains.

It starts with regulations, and ends with a ban.

Isn't China has the highest bitcoin mining and holder recently? and after the banning what happened? does the market feels  that Blood Bath? i don't think so mate so Even if India finally make its way in banning bitcoin yet this will never enough to put the market Bloody like what the Pandemic brings us.
so yes there might be some effect but not completely that bad for the crypto market.

Basically for at least 7 years they have been using the same scare tactics to manipulate the market so that the weak hands panic sell their coins. The problem is that the country the used to use for their FUD was China and Chinese government screwed these FUDsters by shutting down all exchanges and mining in their country so now they have to find a new "scarecrow".

They are trying to come up with different countries, they tried US and that didn't work as much as they liked, same with multiple European countries. They are now trying India and I assure you in a very short time you will see them use Russia too. This FUD is already old and obsolete. They need to come up with a new one trying to scare people with "bloodbath" ;)

The misinformation that may have spread across the internet because of the media, it happens a lot and they definitely do this to gain profit and bait people.

I don't think the government of India would actually ban Bitcoin or cryptocurrency in general, India is pretty much important to the market considering on how huge India has contributed for Bitcoin, not saying that India is no. 1 but they are pretty much essential.

This isn't something new. India did try to ban cryptocurrencies on multiple occasions in the past, but retracted their decisions after realising the fact that they cannot completely ban them.

This is why the Indian government is trying to regulate them currently even though they still didn't accept them. Anyone who thinks otherwise needs to do their research.

Lol. The Indian government did try to ban them several times in the past in different ways(RBI etc), but ended up failing.

I often read articles with the same title at different times. it seems the regulations are still not firm until now and the regulations are the same as in my country. Bitcoin can only be used as an investment asset, not as a means of payment to protect of their future CBDC

According to a government bulletin, the ban is part of the proposed Cryptocurrency and Regulation of Official Digital Currency Bill that will be introduced in its winter session.

The planned legislation aims "to create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India (RBI)".

Same thing happened this time last year from what I recall.
The central banks all banned the transfer of funds if they saw they were being used to facilitate a transaction for bitcoin or any other cryptocurrency.
Such as to an exchange or even to a purchase order pertaining to bitcoin.

They lifted it, for a little while.
But just as we all know, when the price of BTC rises, so do the interest in countries disallowing their citizens to have access to it and it's use.
Same as in the United States.
Biden did put into law a bill so to curve it's citizens into having more of it with it needing to be taxed.

Most likely we will see more countries following the same, developing countries might have this kind of policy as bitcoin could be a thread on their CBDC if they'll allow it to be used for usual transactions. The thing is, if they will allow crypto, it will be a battle of centralized and decentralized currency, and people with likely use decentralized currencies due to lack of restrictions.

Maybe a reliable source that talks about this would have helped a lot of people to believe what you have said. Anyways, if you are a citizen in that country, then you are right about it, because only a citizen living in that country would know the situation of things there. Seriously, I’ve already gotten tired of seeing news that kept repeating the same thing every day about the Government of India burning cryptocurrency.

As long as they would allow their citizens to continue making our only crypto currency as an asset, then it wouldn’t be bad at all. I have friends who live in their country, and so far they have been making use of crypto currency for transactions: I do send money to them and they will also send money to me when there is a need for it. So that made me doubt what the news were saying on this why, because I never heard from all these friends that I have in this country saying that cryptocurrency has been banned.

actually in my country there is also no prohibition on buying and selling bitcoin, there are still many who make transactions in the crypto exchange market, but the government is just trying not to let bitcoin replace the country's currency as a pure means of payment.
.

I am not yet fully sure on what this is all about, but this particular topic of India banning cryptocurrency has been discussed several times in this forum. I saw a topic yesterday that was opened by someone, and he claims that the Indian government has only banned people from making use of Bitcoin as a method of transaction,  but people are free to own bitcoin as an asset and they can buy and sell it.

So, I don’t really know whether this news of the Indian government banning cryptocurrency is correct or not, I think they’re not really going to ban it completely, but would allow people  to own it as an asset like the person have said.

The FUD will always continue because there are still many people or parties that don't like the crypto industry. Not only in India but also in other countries, like in mine. Even cryptocurrency is available or legal as a commodity asset, there are still some parties that always dig cryptocurrencies as illegal or bad investment or assets 9and they then make another law).

In India itself, I read some bad news several days ago, that they ban cryptocurrency.
But as you said, like in my country, Bitcoin and other cryptocurrencies are not banned as assets for investment or trading, but they ban or don't legalize crypto as a payment method or as a currency. these two are different utilities.

And I also read about this:
Source: https://www.indiatvnews.com/business/news-cryptocurrency-ban-in-india-what-is-private-cryptocurrency-new-cryptocurrency-bills-blockchain-bitcoin-ethereum-shiba-inu-dogecoin-746712

But yes, the title is often clickbait ad they use a catchy and opinionated title of the news

if this is true, it will be very good for the survival of bitcoin. We hope this is not just a discourse where India has long ago said it wants to adopt bitcoin widely in the country, especially since India has a large population with the adoption of bitcoin from In that country, bitcoin will automatically develop rapidly because currently bitcoin really needs adoption from developing countries so that bitcoin prices return to stability on the global stock market and this is certainly very good for bitcoin miners if the adoption really takes place in India.

I don't see how the this will protect their people, has the people of india been exposed to alot when they have been using Fiat or bank transfer method, I can't excluded india from government that don't want the adoption of Bitcoin, I have said this before it's should be made by choice and I think this would leave a peaceful coexistence between Fiat and crypto-currency, where people would have their choice to make either by Fiat form of payment or they can go for the crypto-currency form of payment, if not this everyother excuses they give isn't working for me.

Quite often at some time interval Indian government makes some statement related to cryptocurrency usage. Most of the time media itself decides the decision of the government. This used to make some panic wave around the globe.

User who have been into cryptocurrency for a long make use of these days increasing the portfolio through trading. Because, they're well aware of the situation as Indian government is doing the same for a long time.

But not to the extent that they are using the News as FUD, we know that Indian Government has different perspective to most of us but the delivery of the News mostly the cause of the bad effect.
Because this is the only chance to purchase in discounted price, while many are panicking ? we who knows the market take this as advantage and increase our Folio in much more holding.

India is a country that has a very large population, so if the Indian government is planning to adopt Bitcoin, this is very positive news. Because
the number of Bitcoin transactions will increase drastically, and this will make the development of Bitcoin more rapid. I am very happy to hear
the news that the Indian government is allowing its citizens to use Bitcoin, even if it is limited to just a digital asset. But it should be celebrated
rather than being banned at all, maybe the Indian government also needs to learn more about Bitcoin. We give time for the Indian government
to fully understand Bitcoin, there will be a time when the Indian government will finally realize the benefits of Bitcoin. Then it is hoped that one day
it will be able to follow in the footsteps of the country of El Salvador by legalizing Bitcoin as a legal tender.

If India has no plan to ban Bitcoin so why the rumor and sentiment of pulling it out from method of payment. Bitcoin is a universal asset and I don't think the India government can actually stop it from use as a payment method. Individual traders and customers would determine whether they want it as a method of payment or not and the government looking at it can not totally stop people from the use.

India is indeed a large population but I think it is difficult to ban Bitcoin for real,we have the example of Russia they tried hard to ban Bitcoin but when they saw that they cannot really control who uses it and why (I can buy domain names with Bitcoin) and can use that domain to build a website and monetize it,I receive the payment in FIAT,so nothing the government can do here as long as I am not dealing with exchanging Bitcoin to cash through exchanges like Binance and alike.Most domain names vendors don't really need a KYC so nothing the government can do to track you down.

I think when the government will see that it is better to allow it and to ask for taxes from it,to monetize it then they will allow it.

Yes it is much better that government allow it and start taking tax on it whoever earning good in trading just like in share market because any way they cannot stop it.
With such a large population and bitcoin already being so popular it is near impossible to fully ban it. And I dont think this will happen at this stage. It is much better idea to put some regulations on it

Seems like some organisations are trying to blow up every negative news about crypto and are apparently good at it. Everything that includes the word ban and BTC, immediately becomes FUD even if we don’t know the whole content. The sad thing is, how quickly market reacts to that kind of exaggerated news. We should accept, that there will always be corporations which will spread FUD as much as they can.

Not again.  :D

To be honest, news like this is already existing even before 2017/2018. Things like bitcoin is banned in India, bitcoin will be ban in india, trading now is illegal in india, bitcoin is now illegal in india. And after so many years here it comes again Lol. I don't think they have the ability to ban bitcoin, yes they can regulate how people use it but banning it is really impossible. Even back 2018, nothing happened, people in india still has the ability to transact using bitcoins and crypto.

in my country, government prohibit to use bitcoin as payment, pay anything with this fiat, no other method. if you pay a thing with the other method, there will be sanction.
its not about hate this world, they just separate between one thing with the other. they wont tarnish their fiat, it mean good to reinforce citizenship and applied to society.

India's fear is almost the same as the Chinese fear. they are very afraid that their CBDC will not sell well if bitcoin is allowed as legal tender in their country :D

The good news that I have noticed is that currently the bitcoin price will no longer be influenced by conditions that occur in a country, it doesn't matter if they want to get banned bitcoin because their FUD is no longer effective

I think Bitcoin is decentralized currency.so no one can control Bitcoin , So the rumors circulating in the market about banning bitcoin in india is totally fud . So ignore it and keep your trading.  And do your own research.

They banned it for fear that Bitcoin would replace fiat money that can be regulated and monitored by the government. Normal is possible for countries that don't want to thrive. They should have provided regulation, it would have been much better. Because the flow of money they remain in government control. FUD regarding Bitcoin is common. They've been side by side and FUD has become a recurring thing we know. My country provides access to crypto only as a commodity, not as a means of payment. It already makes me glad they don't imitate China.

Based on the news that has come out after today's parliament session, the finance minister of India has stated no proposal to recognise bitcoin as currency in India. The Cryptocurrency and Regulation of Official Digital Currency Bill 2021 to ban all private cryptocurrencies. However they're planning to create their own cryptocurrency. She also mentioned that the government doesn't collect data on bitcoin transactions.

Source : No proposal to recognise bitcoin as currency (https://www.indianexpress.com/article/technology/crypto/no-proposal-to-recognise-bitcoin-as-a-currency-in-india-fm-nirmala-sitharaman-7646993/lite)

every time people spread bad news it's easy to be accepted right away, it sounds like a restriction even though it is a process in accepting bitcoin in the community that cannot be done quickly

I think the Indian government has a good solution for its economy by not sacrificing the local currency. Indian society can adopt bitcoin as much as possible and the government does not prohibit it, but prohibits bitcoin from being a legal tender or payment. On the other hand, the government will benefit from FUD which continues to circulate among the community, with the poverty rate continuing to decrease.

to my information nothing has happened banning india about bitcoin it is fully accepted by the government nowadays the government of india is highly accepting of crypto currency and more indians are investing and trading assets in their country and their decentralized assets are large because  many use bitcoin crypto it is not prohibited

Maybe this is just a fud which is tried to use by certain manipulators but it didn't work out since many people did not believe that this will happen. And I think the Indian government will not really do it knowing they will lose a huge part of modern technology and they will be behind on possible economic progress due to bitcoin. Also for sure they will compete other will adopt bitcoin but for now maybe its good for government to see the huge potential so that they will see this as good option for their people to get opportunity on investing or adopting it.

India banning cryptocurrency was simply a rumor which created a FUD but the truth is India is actually planning to regulate the cryptocurrencies.
This is what I have been telling people every time they asked me about the current stance of cryptocurrencies in India.
The exciting part is the Finance Minister of India today said that the crypto regulation bill is under approval form the Union Cabinet.
Once approved the bill will be presented in the ongoing winter parliament session. Once the bill is approved cryptocurrencies will be regulated in India.

Source : https://www.ndtv.com/india-news/parliament-winter-session-live-updates-day-2-commences-2630083

Maybe there are group of guys out there want to move the market so that they can buy this at the cheapest price they can possible get but as for what we see the market didn't really badly move since the price is much stable compare on the past couple of days. I also think that this kind of fuds which they try to spread will really not work since people are much aware and became smart since they experience to many like this even before.

And good thing they regulate this since for sure their government and citizens will surely earn the benefits of this regulation.

Have they changed their minds again? What's going on with crypto in India, I don't understand.

I believe that any information right now may turn out to be FUD or true, the question is whether you can determine it. In any case, you need to watch what is happening in reality. If you are interested in India's attitude to cryptocurrencies, then you probably need not to collect news, but just find a person living in India and ask him how things are. I think this is the best way to get an answer to this question.

Probably right now discussion is going on in Parliament so just because of this too many rumours about this around here no one know what is going on, but few things are clearly right they announce they are not going to accept this as payment method and secondly government is working on their own cryptocurrency because they are feeling its need of time and this can give them some better advantages and having own cryptocurrency is also mean they will bring some more legislation and updates about this all in near future.
Government is confused what to do and how to handle this all situation so just because of this they are taking their own time and trying to understand all positive and negative sides, hopefully they will announce clear statement in near future.

Going through a news source thats been published few months back clearly shows from which year India is making plans on regulation, ban and different plans on cryptocurrency usage within the country. I've shortened the article (https://www.google.com/amp/s/mobile.reuters.com/article/amp/idUSKBN2B60QP) and highlighted the points that shows India's plan of developing its own cryptocurrency way back in 2019. So, this isn't the first time India is planning for a cryptocurrency which is going to be a digitised currency in my view.

https://i.imgur.com/IlUSQWL.jpeg

Seriously ,it’s quite confusing to understand where they really stand with cryptocurrency, because I have seen so many times that they wanted to ban bitcoin, and later another news popped up that they are no longer going to ban it after they have gone to court and those who were requesting for the ban of cryptocurrency lost the case.

But, after sometime the news still popped up again that they are still asking for Bitcoin and other cryptocurrencies to be banned. Anyways, I think that the op is right because I have seen a few of my friends in India that are still making use of cryptocurrency, so I am guessing that it is still active there.

yes it is true india does not ban cryptocurrencies completely. only certain cryptocurrencies promote their underlying technology. At the same time India also allows digital money authorized by the central bank, the Reserve Bank of India.

in the last few years for example in 2018 it was true that India tried to fight crypto money, but in 2020 this decision was overturned by the supreme court.

India is not banning bitcoin.They looking to ban bitcoin only payment method. Many fake news confused people. India still stand with crypto currency and bitcoin also.People interested in crypto day by day and they invest in crypto. Last two years crypto currency huge development and price increase. I Think, Crypto currency price will be more increase in future.

Of course, the danger is always there. In no case should one be influenced exclusively by public news.In any case, India has a lot of potential to change the current situation for the better. Hopefully, this opportunity will also be seized. Let us hope for the best

I think banning bitcoin in India will be really tough for the government. Because crypto currency has already built a huge market in India. And I think 90% of Indian Indians who are interested in investing their money are holding crypto. So it truly is a massive market, and not only that, but some of the largest exchanges, which are Indian, and the most popular polygon network, which is also Indian, already exist.It proves how big the Indian crypto industry is right now. Before banning crypto in India, the government has to think about it. And I don't think it's possible right now.

if it is true that India does not prohibit bitcoin then this will be very good for the survival of bitcoin and will automatically be used by people in the country if it is true that the government wants to adopt or not prohibit the circulation of bitcoin there indirectly bitcoin can get back the popularity or trust of the public in the midst of the unstable bitcoin price with the adoption of these developing countries, we hope that bitcoin can return to its original price as it had happened a few years before

I don’t think anything such is happening anywhere in the world. With more and more people moving towards using bitcoins, it is not possible for any government to ban it. So, it’s nothing more than a rumor that anything such is happening.

I believe at this point, the word "BAN" as it relates to cryptocurrencies is relative. there are conflicting messages about if a country has totally banned Bitcoin and other cryptocurrencies or if it is banned from usage as a means of payment. Here are some countries with varying degree of Ban on cryptocurrencies

Bitcoin ban: These are the countries where crypto is restricted or illegal (https://www.euronews.com/next/2021/11/20/bitcoin-ban-these-are-the-countries-where-crypto-is-restricted-or-illegal2)

And how would they ban? When rbi circular was effective, still these things went alright, people moved to p2p.

if it is true that India has never banned bitcoin then this would be very good if the adoption of bitcoin was carried out in that country it would directly have a positive impact on bitcoin, especially the problem of prices which would return to stability if bitcoin was actually adopted in various countries that really intend to adopting bitcoin widely in the country, we hope that with the absence of a ban from India, at least it can make bitcoin's viability stable again in global stock market prices amid the current drop in bitcoin prices because because this really needs recognition from countries sovereign or developing country

actually many countries do not prohibit bitcoin, because the country knows that with bitcoin its citizens are very helpful in their economy, the government does not prohibit bitcoin but they want taxes from bitcoin, if the country of india does not prohibit bitcoin, their society is very helpful for the growth of its citizens..

India does not prohibit bitcoin as an asset and investment, but if bitcoin is made as a legal tender, I think the Indian government will definitely ban its citizens, the proof is that until now I have never found an article about payments via bitcoin in India, but if bitcoin is made as a assets, investments, it is certain that the Indian government will never prohibit its citizens from adopting bitcoin..

I only know that China, which prohibits its citizens from investing or mining bitcoins, is all banned in China, but in India, I think it is impossible to ban Bitcoin, like Indonesia, it doesn't ban bitcoin, but they don't 'don't have payments in currency' crypto but to invest the Indonesian government does not prohibit it, maybe India will also do the same.

Yes to be frank, Indian Govt is in process of establishing its won crypto currency and if i am not wrong that would be called as "Laxmi"?. I have heard that the son of the top richest business man Mugesh Ambani has gone through Blockchain studies and he has already in progress to setting up his own coin on behalf of his own company. Lets see how that will come up in future.

I also think that the Indian government will regulate cryptos in order to get taxes. Complete ban on cryptocurrencies by a nation that wants to promote future technologies is not acceptable. They might ban the use of crypto as a currency and use of other private currencies. However, how far the extent of these regulations will go, only the future can tell.

You can’t ban crypto. Crypto is no different from sharing music via a pen drive, which means a regulatory ban will not actually take away people’s ability to send crypto to each other. People will always find a way out to cash out their assets. Sports betting is not legal in India, but sites like betway are operating there.

I think people should be very careful of what they put out there in public space when it gets out, it is very difficult to control.
Having said that, the govt. of India is not banning crypto. There's no where it said it was banning Crypto, but rather passing a bill to regulate it.

Haven't heard any such news yet. Also, it's practically impossible to get it banned in India. A a lot of Indian citizens have invested in bitcoin.
India is one of the big markets for bitcoin, where people are interested in buying and selling bitcoins. Also, the people of India will not let it happen.

Thank you for this write up. It’s crazy how many outlets will write up articles with bullshit headlines that make it seem like India was actually trying to ban bitcoin overall. I still don’t like this possible measure, as I think India has plenty of other things to worry about first (like their rape problem).

It is true that India, like other countries, prohibits the use of crypto as a transaction tool, but does not prohibit its citizens from buying or selling crypto or making it an asset. In other words, you can still become a Bitcoin trader or investor in India because the prohibition only covers buying or selling transactions using crypto. So don't misunderstand the news that will lead to misunderstandings.It is true that India, like other countries, prohibits the use of crypto as a transaction tool, but does not prohibit its citizens from buying or selling crypto or making it an asset. In other words, you can still become a Bitcoin trader or investor in India because the prohibition only covers buying or selling transactions using crypto. So don't misunderstand the news that will lead to misunderstandings.

we have heard discourses like this where the Indian state has never banned crypto from being widely adopted but for now it has not been realized.We really hope that one day, with the adoption of several developing countries, it will be able to make the bitcoin price stable again. which has happened several years before because currently bitcoin is in dire need of adoption from developing countries

Recently, I saw from newspaper that the Indian government is going to take some steps against the crypto currency that is for Bitcoin. According to Indian government it is illegal to keeping Bitcoins, trading and also selling or buying the bitcoins.
If anyone found for such illegal work then he/she would be gone to jail and that is also non-bailable. So how much it will affect the situation that no one could tell.

if the news is true then it's a good thing that people there can invest bitcoin freely without fear of being banned. We know that if a country prohibits bitcoin, it will be difficult for bitcoin enthusiasts to invest, even though bitcoin investment is a profitable investment. Moreover, the development of bitcoin is getting better and better, so I think we will miss the moment if we don't invest in bitcoin. I hope that other countries that prohibit bitcoin will also start to open up opportunities to receive bitcoins so that bitcoin can grow rapidly without any disturbance, and that everyone in various countries can get the benefit from it well.

news like this must be rectified immediately so that there is no prolonged turmoil on crypto movements and it is clear that the main thing is bitcoin. but it's only natural that this news reappears, because in 2018 India indeed banned crypto transactions, but a year later it was canceled by the Supreme Court there, resulting in the development of crypto in India increasing.

but indeed for a while, there is a ban plan for India, which will ban the use of cryptocurrencies as a means of payment. Even so the country is considering accepting crypto as an asset.
so that only restrictions as a recognized medium of exchange, but all transactions will still be able to run, and as far as I know many countries do things like this. and there will be no problems that are very worrying.

I think India will never ban crypto currency because it is not in their interest as Indian developers are contributing a lot for development of this fast growing industry and country is benefiting at large. Certainly they will introduce legislation to regularize it to put check on money laundering but never ban it .India is one of the world’s fastest-growing markets for cryptocurrency trading, even though the ability to trade Bitcoin and its peers freely and anonymously undermines the country’s limits.

https://www.bloomberg.com/news/articles/2021-11-28/is-india-banning-cryptocurrency-how-can-it-do-that-quicktake#:~:text=In%202018%2C%20India%20effectively%20banned,the%20restriction%20in%20March%202020.

Once this kind of prohibition problem occurs, it is because it affects their own interests. Just like China's severe crackdown on virtual currencies, the reason is because China has its own currency and does not want its own citizens to buy and sell virtual currencies.

People will value interests, and the people will, and the government will also chase fame and wealth, but the impact of this kind of news is not very big. It is caused by the wrong guidance of the media, which is a large part of the reason.

Just like China, India is also a developing country, and it may be like China in the future. They are not waiting slowly for withdrawals outside the bank, but banning BTC is not the best choice or way for their country to solve the problem.

Panic selling is the top priority of these news investors, but India is not saying that virtual currencies are completely banned, so the impact is not large, and there will not be too much negative impact. It just chooses to ban the use as a payment method, so that BTC can still be used. As our asset.

There are too many encrypted news that are false, but India only banned them as a payment method, they can still continue to hold Bitcoin or other encrypted currencies, and there is no complete closure that can change new things in the country.

Never that i do believe in those news that India is totally banning bitcoin because the government of India seems to be starting to finally realized the help and advantage of Bitcoin for their people and they will never act negative that their people will be disappointed .
you have taken the post in different views because this thread is created to dismantle all those wrong perception in towards the subject of India banning bitcoin .

I guess it's a big FUD regarding the somewhat conflicting regulation of disclosure links for bitcoin and crypto.  I think this has created a lot of confusion and negative effects that shock people who are gullible and easily spread FUD.  Today, the twitter of the prime minister of India was hacked as a motive not a coincidence.  They are not banning but that doesn't mean they are advocating and possibly reversing the imperative for regulatory adjustments in crypto.

I don't know who is going to believe about this issue coz if we try doing searching we found out that India wanted to ban cryptocurrency. Well, of course, their people won't say that they are banned from selling and buying. Now, that the prime minister's Twitter account has been hacked and spreading false information, again it started another big issue about supporting Bitcoin. It all adds confusion to their people and to the people outside to think who is telling the truth.

That is really nice to know. I have already gotten tired at the rate the media kept carrying this kind of news about India and saying that they are banning Bitcoin bitcoin. It is good to know that they have no plans to ban bitcoin at all. The media is always ready to quickly carry any such news that is bad, because they know that people are more likely to click on such news to see what is really happening, and bad news usually travel faster than the good news.

Every time they kept on refreshing this particular news and I was really tired of it. But despite all that I still noticed that there are people there who are making use of Bitcoin and that was what gave me the confidence to keep believing that it wasn’t over.

Just an update to the fact that the crypto bill was supposed to be launched in the parliament this year winter session, it has been withheld for now.

https://gadgets.ndtv.com/cryptocurrency/news/cryptocurrency-bill-india-parliament-winter-session-withheld-2662529

This is the second time the bill got delayed - previously on the monsoon session of parliament.

Whatever be the political tensions in the parliament, the winter session was closed early and therefore I guess this issue which is given less importance by the government over present issues, has been delayed.

I hope that something concrete can happen in future, let them analyze what other countries are doing about regulations and take the best route possible.

For now, I think this thread can be locked.

if it is true that there is no bitcoin ban in India then this will be a very good thing that has an impact on the viability of bitcoin in the future because in the midst of the current decline in bitcoin prices, of course the crypto world really needs adoption or recognition from developing countries, with With this adoption, at least it can re-strengthen the price of bitcoin back to stable as it has happened a few years before