India Want to Kill all Cryptocurrencies - No need to panic though

[Apekool]

It is not improbable that this happens from time to time, a government ban on crypto exchange. Might spread even further if China doesn't come forward with regulation. Or Estonia has to convince the rest of the EU of the blockchain technology, but I don't think people are looking for signs of intelligence in the EU leaders and politicians anymore, not for years. The cashflow worries many governments. Especially the amount of scams are something everyone should be worried about, because that means part of the crypto market isn't "real", which always backfires at the price of BTC and ETH. In the end what the technology needs is community and government support.

But much is happening lately, we'll see who survives this in some time  

[Apekool]

It takes only one government to organize a decent cybercrime unit against the massive amount of ICO scamming that makes up for most of the ICO's. If fraud isn't allowed to grow in the first place, then the market will be less affected by it in general. Seems so easy... a real authority on ICO's, instead of all those rating websites. They trade ratings/reviews/etc for views/clicks/etc, which isn't a crime of course but it can be compromised by outsiders.

[pitiflin]

Its a damn FUD. India isn't planning to do such for now. Think about it, i read articles on how India is suffering from demonetisation and then implementing GST. India is already facing a lot of consequences. They banning cryptocurrencies won't help the situation. And a lot of Indians are known to use bitcoin. And Indians are also known for having massive riots. I also read articles stating how the prime Minister of India wants to make India a cashless economy.

[Ayiranorea]

India seems to be one of the leading country into the cryptocurrency related activities. Particularly into trading large number of users were found. Maybe government might make taxation over the entire transaction made with relation with cryptocurrency. This might be the expectation of the government, but media misinterpreted it in the entirely opposite manner causing a drastic downfall.

[Shrinath]

It appears to be the end of the road for crypto currencies in India. Bitcoin is not something that will stop. It will flourish with or without government’s support. After de-monetisation, old notes were being traded at 80% of their value. Value comes from the perception and if people find value in Bitcoins, people will trade in Bitcoins. Finance minster, in his budget speech today (Feb. 01), stated that the government will do everything to discontinue the use of bitcoin and other virtual currencies in India. He reiterated that India does not recognize them as legal tender and will instead encourage blockchain technology in payment systems. However, as stated before Bitcoin will continue to flourish with or without government’s support.

[ggameon]

What is most stupid about the indian finance minister is that he says "we will ban cryptocurrencies but we will encourage blockchain in payment systems".
Is it a joke?

In dia won't ban crypto lol

Indian politicians talk the whole day and 99% is bullshit and they forget they ever said those things.
He doesn't even really know what this whole thing is, 2 hours later he just might have invested in this thing by recommendation of his wife lol

[baikur]

What a fuckin FUD spearing jerks in this forum. I wonder where are the admins?

[jimrome]

Edit 2: For people who doesn't know how big India in cryptoworld: India is making 1 of every 10 bitcoin transactions anytime.

I know that India does have a very big population just like China,but how could India is ranked in this list in the first place,they do not have any exchanges listed in the top hundred and how on earth you could claim that one tenth of a transaction is done in India ,if you have any reports regarding that as i cannot understand how come that is possible.

[TRYDENT]

A lot of fake outbursts about the prohibitions of bitcoins have spawned recently. I think that this is also a fake, aimed at creating panic among investors.

[Sendibere]

Yes, because India consider cryptocurrencies as a illegal. The government does not consider cryptocurrencies legal tender or coin and will take all measures to eliminate use of these cryptoassets in financing illegitimate activities or as part of the payment system.

[eaLiTy]

Yes, because India consider cryptocurrencies as a illegal. The government does not consider cryptocurrencies legal tender or coin and will take all measures to eliminate use of these cryptoassets in financing illegitimate activities or as part of the payment system.

The government does not consider crypto currencies as a legal tender,that is a fair assumption but does they say that crypto currencies are illegal and they will be banning them,i did not hear that part but they said about the illegal trend that might happen when it comes to bitcoin and other alt coins,i am sure they will come up with a regulation that would monitor the flow of money rather than banning it altogether.

[angjosh]

Bitcoin will one day be worth many times over its current value, this is now a buying opportunity to all bitcoin believers. It will one day be scarce and thereby more expensive..just like gold.