A request from the Finance Ministry for Suggestions

[Benson Samuel]

https://twitter.com/FinMinIndia/status/866108872204861440

https://www.mygov.in/group-issue/commentssuggestions-invited-existing-virtual-currencies-framework/

Do comment, definitely looks like suggestions will be considered.

[S_D]

It's sad how some people are voting in there without understanding how it works. :|

[cuddaloreappu]

sad how many have tweeted bad...

[Esphere.in]

It is a new thing to see that the government is asking for the opinion of the general public and what is see is that most dump reviews being tweeted without knowing what bitcoin and alt coin market is all about and now i can understand why there is a sudden interest in bitcoin in India.

[iram3130]

It is a new thing to see that the government is asking for the opinion of the general public and what is see is that most dump reviews being tweeted without knowing what bitcoin and alt coin market is all about and now i can understand why there is a sudden interest in bitcoin in India.

Because people just trust the media able the news they hear rather than trying to learn and understand the technology. People heard that hackers are asking money in Bitcoins and everyone is thinking that Bitcoin is only for illegal stuff.
We all Bitcoiners should make a stand on this.

[eXpl0sive]

I have commented on the article. Hope the gov will consider our voices while framing the strategy.

[BLife]

I find it really funny that what started as a rebellion against establishment has turned into such a sorry state that the users are running to the same establishment to regulate it. Appears profit is more important than the cause.

[eXpl0sive]

I find it really funny that what started as a rebellion against establishment has turned into such a sorry state that the users are running to the same establishment to regulate it. Appears profit is more important than the cause.

Not necessarily everyone commenting on the article is asking for regulation. Not sure if you've gone through the link, but the gov is even asking users if they want regulation or not. I'm not saying everything we ask for will be considered, but at least they're asking for our opinion. And that's a good thing.

[BLife]

I find it really funny that what started as a rebellion against establishment has turned into such a sorry state that the users are running to the same establishment to regulate it. Appears profit is more important than the cause.

Not necessarily everyone commenting on the article is asking for regulation. Not sure if you've gone through the link, but the gov is even asking users if they want regulation or not. I'm not saying everything we ask for will be considered, but at least they're asking for our opinion. And that's a good thing.

I did go through the links provided and have read what the users has posted. Most of the people have in one form or the other want to have regulation and my comment is about them. And second you are reinforcing the point that I have stated before, this crupto currency is about anti-establishment and government has nothing to do with it, and government wanting my(or anyone's) opinion for that matter is ridiculous.

Regards,
BLife

[eXpl0sive]

I find it really funny that what started as a rebellion against establishment has turned into such a sorry state that the users are running to the same establishment to regulate it. Appears profit is more important than the cause.

Not necessarily everyone commenting on the article is asking for regulation. Not sure if you've gone through the link, but the gov is even asking users if they want regulation or not. I'm not saying everything we ask for will be considered, but at least they're asking for our opinion. And that's a good thing.

I did go through the links provided and have read what the users has posted. Most of the people have in one form or the other want to have regulation and my comment is about them. And second you are reinforcing the point that I have stated before, this crupto currency is about anti-establishment and government has nothing to do with it, and government wanting my(or anyone's) opinion for that matter is ridiculous.

Regards,
BLife

We're on the same page. I just don't see how we can expect everyone to have the same opinion as ours.

First, it is not necessary that EVERYONE who uses crypto is an anarchist/rebel. The creator & some users *may* be, but not everyone. So putting all their opinions on one side of the argument is  not correct. Some people want to use the crypto but not necessarily as a rebellion tool.

Second, if someone has a weapon against tiger does not mean the tiger won't attack him. It is up to him how he defends himself when he is attacked. Same way, if we see crypto as a rebellion tool, does not mean the gov will not try to regulate it. It will be up to rebels on how to defend when it is regulated.

[BLife]

We're on the same page. I just don't see how we can expect everyone to have the same opinion as ours.

First, it is not necessary that EVERYONE who uses crypto is an anarchist/rebel. The creator & some users *may* be, but not everyone. So putting all their opinions on one side of the argument is  not correct. Some people want to use the crypto but not necessarily as a rebellion tool.

Second, if someone has a weapon against tiger does not mean the tiger won't attack him. It is up to him how he defends himself when he is attacked. Same way, if we see crypto as a rebellion tool, does not mean the gov will not try to regulate it. It will be up to rebels on how to defend when it is regulated.

 I agree that not all users are anarchist/rebel, but is it not what it is made for? and to be honest taking control of our money is not anarchist/rebellious, but everyone has difference of opinion so let it be as it is.

 I also agree with your second point about how we defend when the government comes in with regulation, but I have a feeling that once they bring their hammer down we will not have much to fight with anyway. This is the reason for my first comment. Let me put it in a different way.

The majority of the people who use XBT/any alt-coin have no idea why they came into existence, all they care is their profit margin. Now when government asks what it want to do with crypto currency these majority of people will be wanting regulation that will in most part completely nullify the real cause of crypto currency with all those AML/KYC(one guys even wants the transaction linked with aadhar card). And these peoples voices are louder then the rest of us, who do I think the government will side with?

Regards,
BLife

P.S I removed the first and second quote to keep it sort, hope you don't mind.

[eXpl0sive]

Haha.... that Aadhar Card comment made me chuckle. That's gone too far.

Agreed with most of what you're saying. But regulation is going to be an issue as long as:
1. we keep using 'transparent' ledgers like BTC which can be linked to real people sooner or later
2. we keep converting crypto to fiat to use in real world.

The only way I can see people can dodge regulation completely (rebel or no rebel) is if they start using 'opaque' chains (like XMR, BCN, ZEC) AND also use the crypto for real-world purchases, circumventing the fiat completely in the process.

[BLife]

Haha.... that Aadhar Card comment made me chuckle. That's gone too far.

Agreed with most of what you're saying. But regulation is going to be an issue as long as:
1. we keep using 'transparent' ledgers like BTC which can be linked to real people sooner or later
2. we keep converting crypto to fiat to use in real world.

The only way I can see people can dodge regulation completely (rebel or no rebel) is if they start using 'opaque' chains (like XMR, BCN, ZEC) AND also use the crypto for real-world purchases, circumventing the fiat completely in the process.

The usage of opaque chains is what makes me really nerves, reason being government cant do anything about it and so in their desire to control they will bring in legislation that will take away our right to freedom. I don't believe our government fully realized the impact of opaque block-chains.

I believe you might remember this quote from Benjamin Franklin "He who sacrifices freedom for security deserves neither" and I think we are going down that road too fast

I only hope the government doesn't make a mess out of this.

Regards,
BLife

[ngin-x]

The government is asking the wrong people for opinions. Most Indians have no clue about Bitcoin and think it is only used to launder ill gotten wealth by uber rich people. They think Bitcoin is a safe haven for black money. They will happily submit to the will of the bankers and allow the government to control every aspect of their life. Most people don't appreciate the freedom that Bitcoin offers and how it can revolutionize the worldwide currency system one day.

Asking these people for advice is like asking a politician whether looting the country is wrong or immoral. The government should consult with blockchain technology experts rather than listening to people who know jack. You cannot stop technology from marching ahead. All that will happen is that we Indians will lag behind as usual while the progressive nations of the world will march ahead.

I find it really funny that what started as a rebellion against establishment has turned into such a sorry state that the users are running to the same establishment to regulate it. Appears profit is more important than the cause.

Not necessarily everyone commenting on the article is asking for regulation. Not sure if you've gone through the link, but the gov is even asking users if they want regulation or not. I'm not saying everything we ask for will be considered, but at least they're asking for our opinion. And that's a good thing.

I did go through the links provided and have read what the users has posted. Most of the people have in one form or the other want to have regulation and my comment is about them. And second you are reinforcing the point that I have stated before, this crupto currency is about anti-establishment and government has nothing to do with it, and government wanting my(or anyone's) opinion for that matter is ridiculous.

Regards,
BLife

This was kinda expected. You see, most people aren't that smart. They actually want to be regulated and controlled by the government like puppets. They think the government always looks out for their best interests. They think bankers are their friends because they give them 6% interest annually. Just look at the overwhelming support for AADHAR. Even the massive hack of 32 lakh people's AADHAR information was not enough to deter the sheeple. So it goes without surprise that people want the government to regulate and tax Bitcoin.

Bitcoin is all about freeing yourself from the clutches of the government and bankers. The concept is that it is you who owns and holds your money, not the bank. If you take that away. what remains?

[BLife]

The government is asking the wrong people for opinions. Most Indians have no clue about Bitcoin and think it is only used to launder ill gotten wealth by uber rich people. They think Bitcoin is a safe haven for black money. They will happily submit to the will of the bankers and allow the government to control every aspect of their life. Most people don't appreciate the freedom that Bitcoin offers and how it can revolutionize the worldwide currency system one day.

Asking these people for advice is like asking a politician whether looting the country is wrong or immoral. The government should consult with blockchain technology experts rather than listening to people who know jack. You cannot stop technology from marching ahead. All that will happen is that we Indians will lag behind as usual while the progressive nations of the world will march ahead.

 I am afraid we have already taken the wrong step, few more bad cases linked to bitcoin, then this entire crowd will be up in arms demanding regulation. And these so called experts(those who run companies) have profit motive and they will look after their bottom line before they even think about the people. The sorry state is, the real experts are always sidelined and their opinion amounts to shit.

This was kinda expected. You see, most people aren't that smart. They actually want to be regulated and controlled by the government like puppets. They think the government always looks out for their best interests. They think bankers are their friends because they give them 6% interest annually. Just look at the overwhelming support for AADHAR. Even the massive hack of 32 lakh people's AADHAR information was not enough to deter the sheeple. So it goes without surprise that people want the government to regulate and tax Bitcoin.

Bitcoin is all about freeing yourself from the clutches of the government and bankers. The concept is that it is you who owns and holds your money, not the bank. If you take that away. what remains?

Cant agree more on what you have stated. If you remember a number of real word experts who have real knowledge on data security warned that aadhar card is bad but no one listened. The funny thing is, there is a booming business model that is mushrooming around aadhar card details verification, these business act as a broker-in-between the corporate clients and the UIDA. They provide services like verification but what people don't realize is when the details is submitted for verification these agencies are making a copy themselves. These agents are in-fact making an unofficial copy of the entire database that they can do what they want without the control of the government.  Now if these agents can recreate the database, I wounder what external intelligence agencies would have done by now.

Regards
BLife

[Marma Kalari]

I am seeing more stupid response from people who does not have any idea bitcoin in the twitter page and feel like the BJP shills are voicing against bitcoin,i hope they will take a good decision,either way i will be trading bitcoin whether the government takes any steps against bitcoin.

[krishnapramod]

Today is the last day for submitting suggestions, 3600+ comments have been posted and already the Parliament is divided over bitcoins. According to Kirit Somaiya bitcoin is a parallel instrument for black money, money laundering and dodgy transactions. Asking bitcoin users for their opinions and suggestions was a good move, but to get an in-depth view of how bitcoin or blockchain technology works, the government should also take initiative to have a discussion with the experts in this field. There are many Fintech startups in India and a discussion involving them would give a much clearer picture to the government. Obviously making the bitcoin exchanges follow the same rules and regulations as banks would altogether stop any dodgy transactions.

https://news.bitcoin.com/indias-government-divided-bitcoin-legalization/

[ngin-x]

Today is the last day for submitting suggestions, 3600+ comments have been posted and already the Parliament is divided over bitcoins. According to Kirit Somaiya bitcoin is a parallel instrument for black money, money laundering and dodgy transactions. Asking bitcoin users for their opinions and suggestions was a good move, but to get an in-depth view of how bitcoin or blockchain technology works, the government should also take initiative to have a discussion with the experts in this field. There are many Fintech startups in India and a discussion involving them would give a much clearer picture to the government. Obviously making the bitcoin exchanges follow the same rules and regulations as banks would altogether stop any dodgy transactions.

https://news.bitcoin.com/indias-government-divided-bitcoin-legalization/

All Bitcoin exchanges follow very strict KYC rules. Moreover they only accept deposits via NEFT/RTGS bank transfer. Where is the argument about black money arising from?

It's true that people can exchange Bitcoins for hard cash using LBC but that problem is not unique to Bitcoins. People can buy gold, land, property or just about anything with hard cash if they truly wanted to hide black money.

[bitcoinisbest]

Will the comments made by various experts and users are going to make any changes in their perspective of thinking is what we need to watch out for. Also will the ministry be going to spend so much time in reading all the comments of users or only a gist of this will be submitted to them and then they may think over  is what we will need to watch out for.