Is Indian Government going to regulate Crypto??

[newwest]

i am okay with some regulations like to control scam icos or fraud exchanges or money laundering .

with KYC this issue can be solved .. so it is okay if they regulate such things ..

but banning it not a solution , after ban govt will not only damage its tax earnings but also a black market may open for this , and people will trade it without coming on radar ...

so better to make it legal with some rules .

I think govt is more worried about its misuse than the tax that would be collected from it and also they would not be able to control full this other cypto currency as its traded worldwide. So what they might do is that if they want to leverage they will ban all coins and only give licences to the top business who wants to bring their coin and which the government can easily monitor or bring some clauses in such cases.

[krypto station]

just want to know !!! how will thing move forward from now onward !!! recently my house was raided by income tax officials !!my everything was check .. as i had my first purchase from ZEBPAY through bank how legal is this ? secondly i had withdrawn few amount from bank for which they applied GST too .. i was told by income tax surveyor in the end i need to pay tax of watever transaction i have made through banking !!please let me know i am kind of in a stressed out situation !!

+they took all my laptop and mobile phone data !!1

[psunar]

I'm an Indian but not currently in India, so not following the news in India about crypto . What's the current stand by the Government on bitcoin and otehr alt coins. Heard that SEBI is looking at some regulation in future. Is it happening ? 

Banning would be a blunder. There will be a few setbacks for the crypto enthusiasts but nothing major.

[dcoolguy84]

total in agreement with you Mr. Goyal...

[rachit100798]

Its very good if govt regulate crypto.
India have some many computer science engineer. Around 20k pass out every year. If we have block chain kind of subject in curriculum then its very helpful. We can get better job and its golden opportunity to go abroad.

[luckyindia]

i am okay with some regulations like to control scam icos or fraud exchanges or money laundering .

with KYC this issue can be solved .. so it is okay if they regulate such things ..

but banning it not a solution , after ban govt will not only damage its tax earnings but also a black market may open for this , and people will trade it without coming on radar ...

so better to make it legal with some rules .

. Well,  Globally all countries are regulating BTC. The Govt must think how Initial Coin Offers (ICO) can bring Funds from abroad for National Development.

[mohucool]

They always copy, they will copy western nations for sure, they never have there own stance with strong reason, if USA will block, they will block too, if USA opens up, they too. Let's see what happens, but one thing is sure that crypto space has slowly become so big that it is hard to ignore and in someday in near future government has to regulate it one way or the other.

[Lingesh]

I think India government never regulate cryptocurrency,  Reliance group going to introduce JIO coin, I think Indian government suggest jio coin for the Indians

[@prashant]

It will be in future but can't say if it will happen in few year or not,let see first how July rbi cryto ban transaction goes then crypto future will be decided.talented Indian youth are migrating to other country to purse their career in blockchain technology,if govt will not allow  crypto to be used in India then I am afraid we are not going anywhere.

[amishmanish]

They always copy, they will copy western nations for sure, they never have there own stance with strong reason, if USA will block, they will block too, if USA opens up, they too. Let's see what happens, but one thing is sure that crypto space has slowly become so big that it is hard to ignore and in someday in near future government has to regulate it one way or the other.

Lol. Simple points stated there but absolutely right. These monkeys cannot come up with an original thought or analysis even if their lives depended on it. The so called committee on cryptocurrency has been sitting on its ass for months now, all while the crypto scenario has changed on a weekly basis.

I bet a few retired Civil "servants" are enjoying the perks of being committee members, all the while plagiarizing different sources to come up with their smug, elitist analysis. At the end, nobody will give a rat's ass as to what the committee says and they'll simply parrot what the other countries do when it comes to taking a real decision.

I tell you. The Indian brain is not meant for innovation and actually creating something from zero. We are only capable of non-stop, back breaking, backroom services taught to us by western masters. Of course this applies as long as you breathe in India. Once we leave these shores of stupidity, Indians come into their own like no other immigrant group and suddenly become kick-ass. Or maybe only those who are already kick-ass get to leave while the stupid get to stay back..

[botany]

It will be in future but can't say if it will happen in few year or not,let see first how July rbi cryto ban transaction goes then crypto future will be decided.talented Indian youth are migrating to other country to purse their career in blockchain technology,if govt will not allow  crypto to be used in India then I am afraid we are not going anywhere.

I don't think people are migrating just because the government isn't crypto friendly. To be fair, if your work involves blockchain technology but doesn't involve Bitcoin, you will find the government supportive. If you are thinking about an ICO however, you have no choice but to try your luck outside India.

[anad98]

Blockchain technology has a great potential in future. Regulation as for protecting the investors interest majorly the small retail investors with limited money would be considered favorable. Moreover for national security and protecting Governments interest can also be the reason for regulation. But complete ban is not the solution.

[drmilind2004]

I say, guys, just wait for 2019, 2020. That's when whichever government is in power will execute the real Indian crypto policy. Until then, everything is knee-jerk, reactive.

Also, saying that Indian bureaucrats are copycats is a bit severe on them.  Most crypto policy flows out of the US and China because the big ticket players hail from their shores. In India, its a small play for now, so the government has the luxury of making mistakes, and course correcting later. As always happens in such situations, they are likely to err on the side of caution initially, meaning sticking to the trail already established by other governments.

By 2020, they would have prepared some real, sensible policy that is suitable for the Indian market.  Or, maybe, my confidence in the Indian bureaucracy is severely misplaced, and I am very delusional on this score.   

[spartak-sbk]

It seems to me that the Indian government will never regulate the crypto currency. Since the technology blockade has a great future in the modern world.

[bitcoinzen]

Now we need to pay 18 percent Gst for cryptocurrency taxations in India and more regulation will come very soon Indian crypto is on right beginning for bright future

[AT005]

Indian government is hesitating to regulate crypto coins as no one can account for any sort of transaction done virtually. As there is no third party( such as banks in case of real currencies) who can check the transaction and record it, this creates a scenario of helplessness for the government to regulate crypto at ground.

[suchi2591]

There is no further info after the RBI notification to indian banks. As per the warnings issue by RBI, it seems like bitcoin will not be in India for long time.

[Btc-Behlool]

I dont think so, they might ban the ico but they will not regulate the crypto......

[suchi2591]

as per the latest article by cnn, indian authorities are going to  put crypto as commodity. but still there is no official info.

[Blackshadow007]

Speculations are useless at the moment , Just hold your tits until 20th July  
90% chance say bye to crypto from India cause we living in such stupid country which say Bitcoin Ponzi and also they criticize Crypto for Money laundering like our traditional currency INR never involved in any Money laundering and Terrorism funding or Black money matter , as per Indian Govt only crypto does lol ; 10% lets hope for some alternate solution