India may ban Bitcoin!

[dreamer81]

dont beleive everything you read. So many wants to ban bitcoin and start their own. The truth is, they are too late at the game. They should have done this in 2010.... too late!

[audaciousbeing]

http://www.businesstoday.in/current/economy-politics/cryptocurrency-dealers-indian-rupee-bitcoin-usd-7000-exchange-rate/story/263187.html

Another wild goose chase by the Indian government rather than facing something that would contribute to the efficiency of their system or even look at ways of ensuring its being used for the betterment of their society considering the level of economic decadence in that part of the world, they are looking at ways to create avoidable heated argument in the country.

The issue is that if they are serious about shutting down bitcoin, they should better shut down the internet of the country because anything short of that is a futile effort the moment they cannot do that, bitcoin will continue to penetrate and more popular.

[Turfu16]

A lot of government are afraid. They cannot control the price of this currency; I am not surprised about that information.

[bitart]

There are very less chances of Bitcoin to get banned in India because recently the Reserve Bank of India RBI has announced that they are not responsible for any loss durimg trading done by Indian. Plus RBI is playing safe side because they nither legalized bitcoin in India nor the ban bitcoin here.

I was expected that India is crating their own crypto currency, if they are in fact creating their own currency, then they may be thinking about to banned bitcoin and launch their own crypto currency, so that people may start using it and give more preference to their own currency, but i do not think  any other currency can compete with bitcoin, i am sure that it will be a time wast struggle and no such desire result can get from this. Because bitcoin is a universal and decentralize currency and any other currency which may be created by any other country may not have such qualities.

I have also read about their own national digital currency (maybe not crypto, just a digital currency). In this case, it's an understandable step to ban the competitors (cryptocurrencies). If they ban (or just regulate) bitcoin, the average Joes won't choose bitcoin instead of the government's digital currency.
India already has a digital payment system (Tez by Google) and maybe the goverment has seen it's advantages and now they want their own system (because they need to control it if they want to influence their own economy directly).

[Dakshkapoor]

Banning BITCOINS in India will never gonna happen because it is a big matter and RBI  has already announced that they are not going to legalize BITCOINS but that does not mean that they want to ban it forever. In fact a huge project is going on making India's digital currency but that will not have any affect on Bitcoins. If they wanted to ban it then it may be done years before.

[freneza]

Indian government had take the step but it's will be granted online income would be damaged. And loss art gross income. May should government take his own currency.

[XbladeX]

http://www.businesstoday.in/current/economy-politics/cryptocurrency-dealers-indian-rupee-bitcoin-usd-7000-exchange-rate/story/263187.html

Some people ban it and fight it some people use it.
The more you ban they higher price of accest is.
Do you know that legal weed is kicking ass of mafia and cartels.
So if thye ban it people will start buying it.

[Haunebu]

Indian government had take the step but it's will be granted online income would be damaged. And loss art gross income. May should government take his own currency.

What are you talking about? None of our crypto earnings will be affected just become some random panel suggested banning bitcoin. They never implemented something like this. It is just a suggestion and even if they did implement it sometime in the future, do you really anything is going to change in the crypto world? China tried this recently and everyone observed the result. Bitcoin has hit its ATH a little bit earlier and no government can stop this rocket from reaching the moon.

[Tennisfortwo]

http://www.businesstoday.in/current/economy-politics/cryptocurrency-dealers-indian-rupee-bitcoin-usd-7000-exchange-rate/story/263187.html

Some people ban it and fight it some people use it.
The more you ban they higher price of accest is.
Do you know that legal weed is kicking ass of mafia and cartels.
So if thye ban it people will start buying it.

Good point! Is it easy for people in India to find a way around if a ban will occur? I have invested some in a india altcoin and like to know.

[gentlemand]

Considering what the Indian government has done with gold, let alone cash, then India doing all they can to squash Bitcoin is 100% certain.

There are only 40 nodes there and not much in the way of infrastructure so it's no great loss right now, but to shut off more than a billion people is a dick move. They're going to do it anyway.

[ivrynx]

this is another negative news, however it still remains to be just fear, since there is no final word yet, i think what india is trying to do is to promote heir own cryptocurrency since they had already created one, i think what they are trying to do is to copy japan's j-coin, since there seems to be very large opportunity, if you promoted you own cryptocurrency, specifically if it was made by the banks or governments, the profitability is high. i think they would not ban bitcoin, rather they will use bitcoin, in order to exchange their cryptocurrency, since bitcoin's value is going up, what they can do is to close exchanges, so there will be no competition, since that is always been the case in some countries, they close down exchanges, since there are a lot of scam ICOs that are popping up, and even if india  bans bitcoin, i think the majority of indians that are using bitcoin are offshore, there will just be a slight impact or no impact at all, since more an more people are gaining trust on bitcoin, and it might e just like what had happened to china, after a few months, we no longer feels china's presence and still the movement of bitcoin goes up.

[Flor1982]

http://www.businesstoday.in/current/economy-politics/cryptocurrency-dealers-indian-rupee-bitcoin-usd-7000-exchange-rate/story/263187.html

I just dont understand because last two months ago India declared bitcoin a legal and they would regulate the crypto currencies in which they also make a new digital currency coin of their own that will represents India then now they would like to ban it this time. Anyway they just say they will going to ban and did not say the reason behind if banning will take place so therefore the government of India will may consider this plan of banning.

[ictin]

haha. No problem! As you can see "In the event of their closure, buyers can always head out to foreign exchanges, experts told The Economic Times.". Traders in India can use the international exchange to execute their transactions.

[hasmukh_rawal]

This article is pure crap. I am from India myself and I have not heard of any such news yet. They would have surely mentioned in the news if they were going to ban Bitcoin. The article had just one or two lines mentioning India and nowhere else was the country mentioned. India is in a state of legalising crypto currencies but making some regulations. So this article must be a fake one. i don't find any reason for India to ban Bitcoin.
India has been trading crytpos since many years now. There are exchanges as well which support Bitcoin transactions.

[Nerman]

haha. No problem! As you can see "In the event of their closure, buyers can always head out to foreign exchanges, experts told The Economic Times.". Traders in India can use the international exchange to execute their transactions.

 Exactly, they cannot stop their people from trading in international exchanges.

If China was not able to stop bitcoin i do not think India will. I cannot see its effect aince we are seeing all time high .

They should just accept the fact that bitcoin is real and instead of banning exchanges they should regulate it. They can impose taxes on it.

I am pretty sure that the wise ass that propose to ban crypto exchanges is a politician who does not understand the blockchain technology or crypto currency.

[AntonioE]

If this is true and if their government completely ban all cryptocurrency it will be a huge effect on Bitcoin Price. It will be a huge dump.

[imteaz]

I don't think it will effect on bitcoin at all, i have doubt how many people will able to buy bitcoin from India, even though it is large population and huge economy, but still they are not developed country, have little access to high speed internet, and online banking is terrible.

[pratik009]

I think it is rumor that india may ban bitcoin.beacause before somedays also came such rumours that india have to banned btc.And  it's very tough to banned cryptocurrency.beacause if the btc banned in india then we have other options to  go with international market.so it's quite impossible to banned cryptocurrency in india.Before some month i also hear that the RBI will be launch india's own cryptocurrency.

[Metoo.14]

http://www.businesstoday.in/current/economy-politics/cryptocurrency-dealers-indian-rupee-bitcoin-usd-7000-exchange-rate/story/263187.html

This certainly happens because countries around the world started to ban bitcoin and in my country live bitcoin was also banned by legal

[AriannaSantosUU]

I think they will ban bitcoin for some time while formulating regulations on how to make it safe as investment for their citizens. Then bring it back up again with some restrictions on transacting. All the while, smart investors will buy in on the low price during this. Rinse and repeat.