After China & Russia, now India

[Hamphser]

India’s Government Agencies Still Have ‘Concerns’ About Bitcoin

Indian officials revealed last week that the country’s tax agency and investigation task force have concerns about money laundering and black market activities associated with bitcoin. India’s Special Investigation Team (SIT) is in the midst of drafting a report detailing problematic issues regarding the decentralized cryptocurrency.

What do you think?

Not surprising actually. This kind of information or news isnt new anymore and lots of government do really have the issue into bitcoin about money laundering and black market transactions.They can make investigations as they can but i wont see that this thing would affect too much on the price.If they would block or ban bitcoin again then so be it.Nothing can really stop on bitcoins progress in the years to come.It might be used on these kind of illegal stuffs but government cant really do about it.

[AK47-]

When government is drafting regulations for something they need to consider positive as well as negative aspects of a commodity. Nobody can deny the possible use of Bitcoin or other cryptocurrencies in illegal market where India is already has the problem of black money. Llike every other invention Bitcoin has some negative effects, but we certainly can't ignore the potential of Bitcoin in global financial landscape. India can't ignore Bitcoin when it is trying to make a place in World's economic system. If Bitcoin booms and India banned it, then India will be at loss. I think government can tackle the formal problem effectively by putting some rules and regulations at place. There won't be any need of banning it.

[jerowacik]

India’s Government Agencies Still Have ‘Concerns’ About Bitcoin

Indian officials revealed last week that the country’s tax agency and investigation task force have concerns about money laundering and black market activities associated with bitcoin. India’s Special Investigation Team (SIT) is in the midst of drafting a report detailing problematic issues regarding the decentralized cryptocurrency.

What do you think?

honestly this can make a bad impact on the development of bitcoin at this time. If India follows what China is doing then there will be global panic. India also has a very large population, just as China is an important part of bitcoin development. I think maybe there should be no action from another country. because of course this can make things worse.

[Gintama214]

India’s Government Agencies Still Have ‘Concerns’ About Bitcoin

Indian officials revealed last week that the country’s tax agency and investigation task force have concerns about money laundering and black market activities associated with bitcoin. India’s Special Investigation Team (SIT) is in the midst of drafting a report detailing problematic issues regarding the decentralized cryptocurrency.

What do you think?

Well obviously governments always have issues on anything, they always want to get something out of it that's why they are "concerned" they also want to earn something than making their people earn. Unlike other countries, that they prioritize their people. Also, the government wants to control bitcoin as the same as money so that people won't over earn and they won't have any problem controlling and so that every time their people earns bitcoin they want always a part of it.

[Lord_Trajan]

India’s Government Agencies Still Have ‘Concerns’ About Bitcoin

Indian officials revealed last week that the country’s tax agency and investigation task force have concerns about money laundering and black market activities associated with bitcoin. India’s Special Investigation Team (SIT) is in the midst of drafting a report detailing problematic issues regarding the decentralized cryptocurrency.

What do you think?

Concern =/= ban. India is fine.

[dothebeats]

This might be some sort of clarification in regards to their stance about bitcoin. Probably some regulations that monitor money laundering cases closely but regular trading and exchange won't be affected unlike the case in China. India is one of the blooming markets in the East which also delivers great volume to trading on an everyday basis. Indian officials know this and might be stricter on their AML regulations but not to the point where they would need to ban bitcoins.

[joseafonso123az]

These countries are seeing bitcoin has a threat. It brings all the that fiat currencies bring, and also it's a problem for bankers and corporates because cryptocurrencies are decentralized, thus not controlled by them.They aren't worried about dollar or yen, or euro being used in money laundering, but there has been many things like that happening also, and maybe they even don't know, so if it happens in crypto why are all they tensed and all? Maybe because they are afraid of losing financial control over the population, and bitcoin can bring that !

[endlasuresh]

India’s Government Agencies Still Have ‘Concerns’ About Bitcoin

Indian officials revealed last week that the country’s tax agency and investigation task force have concerns about money laundering and black market activities associated with bitcoin. India’s Special Investigation Team (SIT) is in the midst of drafting a report detailing problematic issues regarding the decentralized cryptocurrency.

What do you think?

I don't think India will Ban, but Money laundering or illegal activities can be happened from these crypto  currencies. Time will tell everything as this topic has to do nothing.

OP do you came here to post this news or to learn here? You have only 2 posts out of this one.

[vit05]

The real problem is that India would be perfect to receive the Chinese miners. Electricity there is cheap and there are tons of great engineers.

But now people would be scared of doing business there. At least until next year.

[Przemax]

There are no reasons for India to ban bitcoin. There are no serious industries involved with btc there. That would be like a using bazooka to kill a fly. The btc in India is still on it's infant phase.

[arpon11]

I expect this to happen and this are sign that bitcoin is the currency of future. Bankers, politicians, governments and elites are afraid of bitcoin because bitcoin is going to take food from there table and place it in the table of common man. China are attacking bitcoin and now another rumors that India has started their own about money laundry. Hope bitcoin stand unregulated.

[Catmony]

We can expect new licensing requirement and heavy monitoring of each and every transactions in and out of registered bitcoin trading platform in each and every corner of the world soon.

Indians are buying bitcoin in crazy volumes because they have recently faced demonitization and limitation on amount of gold they can buy and hold. Sooner or later Modi will implement heavy taxes as well as limitation on amount of bitcoin one citizen can hold.

[MAbtc]

India’s Government Agencies Still Have ‘Concerns’ About Bitcoin

Indian officials revealed last week that the country’s tax agency and investigation task force have concerns about money laundering and black market activities associated with bitcoin. India’s Special Investigation Team (SIT) is in the midst of drafting a report detailing problematic issues regarding the decentralized cryptocurrency.

What do you think?

This doesn't sound too alarming. It sounds like a preliminary report with no real implications. This is the same type of language that US legislators and authorities were using a few years ago. As a matter of fact, a US senator recently called for Bitcoin to be "shut down" due to its association with North Korea. I knew that North Korea connection was going to be used against us.

From a government perspective, there is indeed darknet market usage and money laundering in cryptocurrencies, so it makes sense to keep tabs on that as they become more prevalent. I wouldn't take that to mean an all-out ban is coming.

[farhansadik]

India has not yet taken any serious action, Bitcoin can Overcome these shitty problems.
I think, Bitcoin's prices will continue to grow again very soon...

[ropyu1978]

Yes, it is true. but I'm sure they'll rethink engagement with bitcoin. like russia, russia is now looking to break down the bitcoin, from the rumors I read. bitcoin can benefit the country and the world community. but some countries are worried about risks, such as money laundering. hacker crime. that's what I think.

[gkv9]

Well, I am myself from India and I can say that there is no such serious situation here atm and whatever happens, whether Government decides to come up with their own cryptocurrency "Lakshmi" or not, but they seem to have no plans currently to ban Bitcoins because they know that it may be getting used in fraudulent activities but it isn't intentionally made for such purposes and that it is helping many countries gain it through mining (some countries have already joined and if OP says about Russia, Russian Government Officials have clarified that they are going to set up a mining farm on their own to mine Bitcoins) - a decision which could help any country to stabilize their debt ratios by somehow relying on it TBH...

[Wingo]

This is a common issue on bitcoin. Blackmarkets needs anonymity and bitcoin is the best choice to run their transactions. This use of bitcoin is difficult to prevent, it is just a usual response of their government to act on this problem.

[Siren]

India’s Government Agencies Still Have ‘Concerns’ About Bitcoin

Indian officials revealed last week that the country’s tax agency and investigation task force have concerns about money laundering and black market activities associated with bitcoin. India’s Special Investigation Team (SIT) is in the midst of drafting a report detailing problematic issues regarding the decentralized cryptocurrency.

What do you think?

Correct me if I'm wrong, did India already lift is banknote demonetization? because the reason the government did it is because the same very reason or concern that they have on bitcoin. So there is no surprise here since they already did it to there banknotes as well. But I only speculate that they will not ban bitcoin but rather put a tighter regulations. So there's still no clear evidence that they are following on the footsteps of China. So title of this thread seems to misleading.

Russia is a different story though. They seems to contradict themselves and unlikely they will embrace bitcoin or any crypto in general.

 

[Denies]

I think what you say is debatable. what is said is not one hundred percent true. about china, that's right they've banned bitcoin.
but concerning russia I am not sure yet, because the issues that now circulate Russian engagement on bitcoin will soon be legalized. that's what I'm thinking now.

[S A KHAIR]

Till now, Indian government has not taken any serious action against bitcoin.
Now, Bitcoin can grow up with Japan & Korea.
If they will Ban BTC in future then I think bitcoin will return to its original state, no-one can say what will happen.