India declines Bitcoin Legalization Again

[kennen1113]

In India, for a long time they cannot decide what to do with cryptocurrencies and what status to give them at the state level. But I think that soon they will resolve this issue. India is a huge country and there are a lot of people who want to use cryptocurrencies.

India will soon solve the problems and activities that involve bitcoin as a sure thing, they are forced to acknowledge the existence of bitcoin in their country because as you said, the number of people who care about and use bitcoin here has become much more, it has spread with a too large scope, denial or legalization, everything is meaningless, this system can't stop. Instead of constantly retaliating and receiving many complaints from the people, India should probably accept bitcoin, looking for better management options, blocking bitcoin has been too late

[7788bitcoin]

No need to get very excited about this, as we don't know who will succeed him. But I just hope that the replacement will be more friendly to the idea of cryptocurrencies. Also, there is a good possibility that the draft bill will be thrown to the trash bin and a new one will be compiled within the next 1-2 years.

How can the people expect some rapid change when the same government who is against the very idea of a decentralized currency is still ruling. The fact that most of the exchange who were running in India has shut their door and most of them migrated to other countries and that is the best option for companies if they want to survive and to make some profit in a new market and not to stick on to a country to does not care about its investors.

In India, for a long time they cannot decide what to do with cryptocurrencies and what status to give them at the state level. But I think that soon they will resolve this issue. India is a huge country and there are a lot of people who want to use cryptocurrencies.

The people might want to use and take advantage of the bitcoin market, what if the government has other ideas and want to ban everything and promote their centralized shit coin  .

[bryant.coleman]

No need to get very excited about this, as we don't know who will succeed him. But I just hope that the replacement will be more friendly to the idea of cryptocurrencies. Also, there is a good possibility that the draft bill will be thrown to the trash bin and a new one will be compiled within the next 1-2 years.

How can the people expect some rapid change when the same government who is against the very idea of a decentralized currency is still ruling. The fact that most of the exchange who were running in India has shut their door and most of them migrated to other countries and that is the best option for companies if they want to survive and to make some profit in a new market and not to stick on to a country to does not care about its investors.

I don't think that anyone in the government (including the finance minister understands the concept of cryptocurrency). On top of that, the Reserve Bank of India (RBI) which took anti-Bitcoin measures earlier is an autonomous body, independent from the influence of the government. The draft bill, as far as I know was the brain child of Mr. Garg. Now it is up to the finance minister (Nirmala Sitharaman) to decide whether she want to accept the bill in its current form or not.

Ideally, India may gain a lot in case they legalize Bitcoin and the other cryptocurrencies. The Indian Rupee is not a weak currency, at least when compared to the national currencies of its neighbors. It had increased its value by 6% vs USD, ever since the NDA government came in to power in 2014. And at the same time, many of the other currencies such as the EUR and GBP went down against the USD.

[Leonardo7]

That is none of anyone's business. The government is yet confused, instead of dealing with what they have at hand they are chasing shadows for selfish reasons when other developed nations are exploring ways they could benefit from Cryptocurrency. I don't care how the Indian government is going to run their country but they should just give the people freedom.

[ravina]

Bitcoin BTC appears to be in support of the criminal portion of this society. Purchases can not be verified. From my understanding the bit coin = e money. Crypto exchanges which are not transparent. Blockchain Training in Chennai 

[Periodik]

Sadly, the Indian authorities in whose hands fall the verdict as to legalize Bitcoin or not, has a limited knowledge on Bitcoin and of the potential advantages if the country legalizes it. They seem to have more of a negative view on Bitcoin rather than an objective one. With this, perhaps a change of personnel in some of the offices might be of great help. If not, efforts such as Pomp's attempt to get a connection to the highest offices and convince them himself through a healthy dialogue might help them guided into enlightenment.

[Bind]

First government should ask for literate people's who had no jobs but has other skills and they are Telling them to fry pakodas instead of giving jobs.and Bitcoins giving them some financial support and moral support also.

[Arch.harry]

i am from india and i am very sad by the news i had got that bitcoin is not legalised again in india. RBI has refused the legalisation of the bitcoin in india again. but i am sure that one day bitcoin will be legalised in india. hope it will become as soon.

[barlo357]

I guess we really can't blame India's governement since they have their own reasons for declining bitcoin legalizations again. And indians are just unfortunate because of this. But I think they just wanna clear some rules or guidelines about this so I hope it also turns out good.

[proTECH77]

I guess we really can't blame India's governement since they have their own reasons for declining bitcoin legalizations again. And indians are just unfortunate because of this. But I think they just wanna clear some rules or guidelines about this so I hope it also turns out good.

The possibility of the Indian government to adjust to the adoption  of Bitcoin is very minimal as they never want to see the country growing technologically as in the case of digital money. But with due time, they wll adopt digital money to improve the welfare of their citizens. Hope the next time they come up with this they will accept Bitcoin.and legalize it in the.country.

[bryant.coleman]

I guess we really can't blame India's governement since they have their own reasons for declining bitcoin legalizations again. And indians are just unfortunate because of this. But I think they just wanna clear some rules or guidelines about this so I hope it also turns out good.

The possibility of the Indian government to adjust to the adoption  of Bitcoin is very minimal as they never want to see the country growing technologically as in the case of digital money. But with due time, they wll adopt digital money to improve the welfare of their citizens. Hope the next time they come up with this they will accept Bitcoin.and legalize it in the.country.

Dude, the adoption of Bitcoin in India is not huge, but at the same time you can't term it as "minimal". There are millions of Bitcoin users in India and some of the local exchanges (before they closed down) had more than a million users each who underwent the pesky KYC procedure to trade cryptocurrency. There is a lot of activity in the social media channels and this has put some pressure on the lawmakers.

The question about a probable ban was raised in the parliament by an opposition MP from the state of Telengana (where large number of users are concentrated) and this shows that the Bitcoin users form a large enough chunk of the electorate to act as a pressure bloc.