Is INDIA going to BAN Bitcoin Again?

[Mike Mayor]

These are first world problems. India can't even deal with its social-economical problems yet the thirsty government is fast to milk the people. They take away something which could take the people out of poverty.
The worst government in the world. How many resources are they wasting arguing about this?

[mersal]

These are first world problems. India can't even deal with its social-economical problems yet the thirsty government is fast to milk the people. They take away something which could take the people out of poverty.
The worst government in the world. How many resources are they wasting arguing about this?

Not only India, but almost every government also want to prove their diplomacy over the benefits to the people, even when they don't even understand exactly what is bitcoin.But with the above few posts, they are just trying to ban the cryptos used for illegal activities not the exchanges so we can expect the regulations instead of complete ban.

[mariayaz]

The Regulation of Official Digital Currency Bill, 2021, which is scheduled to be tabled at the upcoming Union Budget session, aims “to create a facilitative framework for the creation of the official digital currency” and “prohibit all private cryptocurrencies in India”.

Here is the source:
https://www.hindustantimes.com/india-news/govt-to-introduce-bill-for-banning-cryptocurrencies-here-s-what-you-need-to-know-101612007129123.html

Comment your opinions here.

Well, They ban it or not, it will not stop cryptocurrencies success. Crypto is a future, many countries trying and tried to ban it including Pakistan, but they could not. Many big brands and companies have already started trading in BTC. Govt who try to control their people and prevent them to avail what is benefitial for them, trying to ban crypto currencies.

[emmybd]

India has considered banning bitcoin and other cryptocurrency many times before while contemplating opening its own centralized digital currency. The anonymity and dearth of physicality gave it an unauthorized distinction in the national economy. Reserve Bank of India, back in 2018, had ordered the suspension of all relationships with bitcoin and other cryptocurrencies of any financial system or institution only to be refused by its Supreme Court.
And once again in 2019, the government intended on banning bitcoin through a draft bill which would fine and penalize individuals and companies handling cryptocurrency. The same bill suggested that a centralized cryptocurrency be invented in India in order to regulate it and reap off its benefits. Thus, a law is to be introduced to ban any crypto purchase or ownership of the currency. It is to be seen how things move in coming weeks and months.

[Congyang]

Does India have a problem if they approve of bitcoin? I think this privacy rule India applies to any. But it seems that India is too early to determine a ban on bitcoin, India should try to loosen bitcoin in its country in order to know more clearly how bitcoin works and if bitcoin is detrimental to the country it seems India has the right to ban.

[Yatsan]

It has been discussed a couple of times in hear about the banning and the lifting of the ban that the Indian government have been doing as their stand towards Bitcoin adaption and usage into their country. Seems like that up until now they are still undecided on what they were suppose to do which makes them have changing stand and decision regarding the matter. I certainly do not know and understand what is the issue that the Indian government is concerning to have changes for many times already on what they think about Bitcoin to be use and within the scope and range of their country. May they be precise and specify what they really stand because they are just making their people suffer because of confusion of what their country really stand towards Bitcoin.

[Viscore]

Does India have a problem if they approve of bitcoin? I think this privacy rule India applies to any. But it seems that India is too early to determine a ban on bitcoin, India should try to loosen bitcoin in its country in order to know more clearly how bitcoin works and if bitcoin is detrimental to the country it seems India has the right to ban.

They have been studying crypto for sure, the fact that they previously ban it then unbanned it, that says a lot how it was carefully tackle by the regulators. Let's all hope as a crypto supporters that they will finally opened their eyes and embrace crypto like other countries are doing.

With proper regulation, they'll be able to benefit on bitcoin and their people, so banning should not always be the best solution.

[ReiMomo]

This is what I most dont have to understand, why some countries decided to ban bitcoin and then later on, they lifted up the ban and allowed again to use. I guess there a reason behind this, in my mind, they realized later on that bitcoin is very useful in society and this does not become a threat to them.

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With proper regulation, they'll be able to benefit on bitcoin and their people, so banning should not always be the best solution.

They think that it could be easy as that, but the fact they can't regulate this and I guess the reason they lifted after banning bitcoin. Even though they restricted or even banning crypto, people can keep using it without knowing them.

[AniviaBtc]

This is a common problem where India is not that good at adopting cryptocurrency in their country.

They have a problem regulating it that's why they chose to illegalize it and ban it so that people in their country can't access or own some.

As a bitcoin or crypto investor, this situation is really hard especially that you know it is profitable and will help you become successful someday. India should understand that this thing is really important in our generation, cryptocurrency is a must to invest if you can because this will probably boom in the near future.