[2017-04-10] Banning Bitcoin Will See Government Losing out on Opportunities

[tyz]

Banning Bitcoin Will See Government Losing out on Opportunities

The Indian cryptocurrency community is eagerly awaiting for a response from the government’s inter-ministerial committee regarding the legality of Bitcoin and other virtual currencies in the country. The government, press and legal experts have been discussing the possible outcomes and what it could mean to the country’s cryptocurrency ecosystem. Some have mentioned that the committee will need more time to come to a conclusion regarding the matter at hand. At the same time, considering the worst-case scenario, they believe that a decision against virtual currencies will result in the closure of crypto-businesses in the country.

http://www.newsbtc.com/2017/04/10/bitcoin-ban-government-opportunities/

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[Kprawn]

India has some of the best programmers in the world and I have worked with some of them before. It would be a pity if the Indian government

would "clamp" down innovation and creativity by banning or over-regulating Bitcoin. I think the normal citizens will also benefit from

micro-payments.... because they have some of the poorest people in the world. 

[coolcoinz]

They are discussing how to deal with it. The word cryptocurrency is a bit unfortunate as it scares all those unfamiliar with the term. It suggest that they're dealing with a hidden currency, while it's functioning more like a payment processor with an ability to invest. Bitcoin in its current form doesn't pose a threat to governments or the banking system and shouldn't be feared and banned. It brings a lot of benefits to any ecosystem that accepts it and technologically advanced countries like Japan see it.

[aso118]

Banning Bitcoin Will See Government Losing out on Opportunities

The Indian cryptocurrency community is eagerly awaiting for a response from the government’s inter-ministerial committee regarding the legality of Bitcoin and other virtual currencies in the country. The government, press and legal experts have been discussing the possible outcomes and what it could mean to the country’s cryptocurrency ecosystem. Some have mentioned that the committee will need more time to come to a conclusion regarding the matter at hand. At the same time, considering the worst-case scenario, they believe that a decision against virtual currencies will result in the closure of crypto-businesses in the country.

http://www.newsbtc.com/2017/04/10/bitcoin-ban-government-opportunities/

For the government, this will be a small price to pay. The Bitcoin community is very small and any action against it won't invite a backlash.
If they feel they can safeguard people from losing money by doing this, they might go ahead.

[d5000]

For the government, this will be a small price to pay. The Bitcoin community is very small and any action against it won't invite a backlash.
If they feel they can safeguard people from losing money by doing this, they might go ahead.

For now, Bitcoin is small, and more so in India. But these charts from Localbitcoins show a global trend of growth. And India is one of the countries with the steepest and most sustainable-looking growth, and has all the ingredients to be a leading Bitcoin nation in the coming decades.

That means: The opportunity the Indian government could miss is still a future one, but it could be soon a big one.

[veleten]

banning bitcoin in the second most populated country in the world?
doesn't sound like a clever move,but there are possibilites for India to become one
of the largest bitcoin users base,despite poor infrastructure and some "clever" parliament members calling bitcoin a pyramide
as it was mentioned above,India has one of the best programmers in the world
the people are hard working and there is so much growth potential for the economy
I'm sure there will be no bitcoin ban in India as it would go against the global agenda