India may ban Bitcoin

[Ray55]

I think  government can't ban bitcoin. Because it is the most popular cryptocurrency. Most probably  government  can put some boundations on it. Even government  taken action through  RBI and announced to ban it within  few months but the may not do this.

[reddyians]

bitcoin is not a plague or deadly disease for government to waste time on it, there are many issues in India which needs immediate attention.

[malsara@3]

If INDIA will ban BITCOIN Then why RELIANCE and Sahara is planning for cryptocurrency
They will not make this legal, they can only stop people for doing any transaction in BTC

No security is provided if any fraud will be done using BTC in INDIA

really, No security is provided?

[ribm4]

As per RBIs new regulations, btcs has already been identified as an illegal currency in India.

[luckyindia]

As per RBIs new regulations, btcs has already been identified as an illegal currency in India.

  A former Public Relations Officer in RBI told me "The RBI absolutely has No Rights on bitcoin, because bitcoin is not a currency issued by any Country or Government. According to the RBI Act of 1935 RBI has rights only on banks and fiat currencies"

[anad98]

Blockchain is the technology of future. Its a new platform in this globalized world. All the developed countries are accepting the importance of Block chain as a technology. Many indian banks and companies have started partnering with crypto firms. That itself indicate an acceptance of this technology. Yes there are certain problem that are faced by the government due to these crypto trading such as money laundering, tax evasion, capital outflow, Black money. Definately some regulation can be expected to solve the problems. now the fight is that crypto currency talks about decentralization and government would be preferring regulations. Now the question is what would be the ultimate solution. Now whatever may be the future, its for sure that completely banning this would not be the solution.   

[Bharathi13]

India will not ban crypto and banning crypto means banning blockchain sector projects and banning opportunities of youngsters. Cryptocurrency are the fuel of the blockchain. We all are seeing the rise or blockchain technology and it's pottential to help society. Indian government are praising blockchain technology and several government have also announced they will be using blockchain technology to control property related data, medical data etc. Then chances are lower of banning cryptocurrency and in future Indian government may leavy some tax implementation and regulations on cryptocurrency for sustainable development and adaption.

[ahmad21]

India will not ban crypto and banning crypto means banning blockchain sector projects and banning opportunities of youngsters. Cryptocurrency are the fuel of the blockchain. We all are seeing the rise or blockchain technology and it's pottential to help society. Indian government are praising blockchain technology and several government have also announced they will be using blockchain technology to control property related data, medical data etc. Then chances are lower of banning cryptocurrency and in future Indian government may leavy some tax implementation and regulations on cryptocurrency for sustainable development and adaption.

Now amidst all the FUD regarding India banning cryptocurrencies and I would like to make everyone understand that it is only the banking channels through which usage of bitcoin and cryptos is being banned. Not exactly bitcoin. RBI clearly said in supreme court hearing that it does not has the authority to ban bitcoin and nor can take relative measures as to it. While this power vests with the government they too won't ban it that easily because of large vote bank behind it and upcoming elections. So now the whole responsibility of this case is with judiciary who are in process of considering every fact and figure and this hearing has been shifted to july. So no ban till july for sure.

[ankhmary]

 RBI is  concerned about investor protection, the anonymity of transactions, and lack of intrinsic value of the cypto.

[sylvestercryptic]

I don't think it is going to be banned, this country does not fully understand bitcoin and it's implementation as of now. People always mould everything according to their need, bitcoin might end up with limited applications into the system.

[appiivenkii]

There is still hope, Check out the article published today, there might be a possible regulation.

source-https://www.moneycontrol.com/news/business/cryptocurrency/indias-cryptocurrency-regulation-in-final-stages-3447481.html

[manishanand]

Government may declare bitcoin as illegal but circulation of cryptocurrency will still be going all over the country and also they can cash out their by selling small parts of their cryptocurrency by converting usd into inr through PayPal or any other providers. Also there are chances of being crypto legal in India as the digital India pattern is being followed. Also their were news that RBI and Reliance both will be introducing crypto coins. Only problem is the taxation system or else all other things are perfect in cryptocurrency to adopt it. Also the court has still not decided whether bitcoin will be legal or illegal. Let's hope for good news

[eaLiTy]

India will not ban crypto and banning crypto means banning blockchain sector projects and banning opportunities of youngsters. Cryptocurrency are the fuel of the blockchain. We all are seeing the rise or blockchain technology and it's pottential to help society. Indian government are praising blockchain technology and several government have also announced they will be using blockchain technology to control property related data, medical data etc. Then chances are lower of banning cryptocurrency and in future Indian government may leavy some tax implementation and regulations on cryptocurrency for sustainable development and adaption.

This is a wrong concept, even if a government bans the crypto currency market they could very well use the blockchain for several projects that are useful for them. But banning a revolution in the financial sector is not a good idea in any terms, they need to come up with regulations to protect the users from scams and other hacks.

RBI is  concerned about investor protection, the anonymity of transactions, and lack of intrinsic value of the cypto.

If every transaction is made public and cannot be removed or edited how can that transaction be of anonymity and all the exchanges are strict with their KYC implementation and this is another wrong concept some are thinking even after ten years of bitcoin inception.

[KennyR]

This has been under discussion for a long. India being the biggest democracy in the world has got lot of cryptocurrency users. Once after a ban statement the functional government of India took back the ban and now it seems to be under discussion whether to allow or not. Now regulatory compliance were under preparation for bitcoin usage.

[SixOfFive]

http://www.financialexpress.com/economy/why-finance-ministry-panel-said-no-to-bitcoin-and-other-virtual-currencies/790455/

Govt may declare Bitcoin illegal in India.

I don't think INDIA will ban BTC. Modi is a cleaver man,  he knows it is important to adopt new and trending technology to match the world development speed.  Moreover INDIA follow USA in terms of technology development and to get outsourced work. BTC being an easy and cheaper mode of international transaction(ie transaction around the globe), therefore it is used to get paid for outsourced work in India. So no govt.  Want to loose their foreign business,  so banning BTC seems to difficult at this point of time.

[jak3]

I don't care about the government anymore. If somehow government is being able to ban cryptocurrency(correction, RBI will ban cryptocurrency) I still going to trade cryptocurrency it's just I cannot bring that money in Indian community or economy. But I can still spend them outside India for example on a service or I can buy a course or whatever it takes there are hundreds of option I can go for I can even buy Amazon gift cards or any other method I can even convert that money into the stock. There are literally hundreds of options some of them are legal actions and some of these are illegal as long as I did not choose the illegal path it is safe for me.

[eaLiTy]

I don't think INDIA will ban BTC. Modi is a cleaver man,  he knows it is important to adopt new and trending technology to match the world development speed.  

Yeah he is clever in certain ways, just a simple google search and you can see many clever things done by him .
1.As Gujarat CM, Modi got his caste in backward list for poll gain No doubt it is a very clever move to get votes.

2. PM Modi’s affidavit reveals he had gifted himself a plot as CM of Gujarat. This is another clever move, gifting himself a plot, i am not sure how he was planning to cover up these things  .

3. There are many intelligent moves by him when it comes to demonetization, GST  and recently his degree claim but no class mates   .

I am stopping this here, the government is planning to ban the entire market, they have almost destroyed the traditional exchanges a year back and now they will come up with stupid findings to make some waves and terrorist funding through bitcoin will be their main card as if fiat currency is not used to fund terrorism, if they use bitcoin it is imprinted in the blockchain and the money trail will be there, that is not the case with fiat and still that will be an excuse. Either way serious traders will continue to find a way to trade and no dictatorship will live for a long time.

[erikalui]

Yeah he is clever in certain ways, just a simple google search and you can see many clever things done by him .
1.As Gujarat CM, Modi got his caste in backward list for poll gain No doubt it is a very clever move to get votes.

2. PM Modi’s affidavit reveals he had gifted himself a plot as CM of Gujarat. This is another clever move, gifting himself a plot, i am not sure how he was planning to cover up these things  .

3. There are many intelligent moves by him when it comes to demonetization, GST  and recently his degree claim but no class mates  .

I am stopping this here, the government is planning to ban the entire market, they have almost destroyed the traditional exchanges a year back and now they will come up with stupid findings to make some waves and terrorist funding through bitcoin will be their main card as if fiat currency is not used to fund terrorism, if they use bitcoin it is imprinted in the blockchain and the money trail will be there, that is not the case with fiat and still that will be an excuse. Either way serious traders will continue to find a way to trade and no dictatorship will live for a long time.

If they ban it, the chapter is closed as even if people illegally try to trade it, it will be the same like buying illegal goods. In my area, majority of the people are Gujjus and Modi supporters but I haven't seen any big positive changes brought in by BJP. Even this budget tried to prove itself as a positive step by increasing the tax bracket to 5 lacs but they did not actually increase it but just gave 100% tax rebate. Banning bitcoins would make them appear as they have taken a  great step in curbing money laundering so I don't see why they wouldn't do it as many Indians already hate cryptos.