Now its India's turn.Indian Supreme court asks government to regulate bitcoin

[CryptoKranthi]

USA,CANADA, CHINA and now INDIA.
Its growing.Now India is trying to regulate Bitcoin.

Source : https://www.coindesk.com/indias-supreme-court-calls-government-regulate-bitcoin/

Though the correction on the website says that the court just asked the government to respond to a petition, but it can be foreseen that, Its India's turn to regulate ICO's or Bitcoin.
What happens if India regulate bitcoin and ban all exchanges.How do we Indians get our money back in INR( Indian currency) which we have invested in Bitcoin?

[jseverson]

Regulation for cryptocurrencies is pretty much inevitable, sadly. The question at his point is when regulation will come, and how it will be implemented. As for India's case, it doesn't look like anything is set in stone yet, so it's too early to talk of bans. The way it usually goes, though, is regulation is announced and is typically is slated to take effect on a future date. This way, there should be a small window for you to cash out. India is a very populated market though, and it would hurt Bitcoin's future outlook if it gets banned there. For now it doesn't look like there's anything you can do but hope for the best, and avoid getting involved in anything shady to stop Bitcoin from getting an even worse reputation.

[CryptoKranthi]

Regulation for cryptocurrencies is pretty much inevitable, sadly. The question at his point is when regulation will come, and how it will be implemented. As for India's case, it doesn't look like anything is set in stone yet, so it's too early to talk of bans. The way it usually goes, though, is regulation is announced and is typically is slated to take effect on a future date. This way, there should be a small window for you to cash out. India is a very populated market though, and it would hurt Bitcoin's future outlook if it gets banned there. For now it doesn't look like there's anything you can do but hope for the best, and avoid getting involved in anything shady to stop Bitcoin from getting an even worse reputation.

Yes, India is a huge market. If the happens, it will really be a huge blow to bitcoin.But I just want to know if we can cashout our bitcoins even after the time  window for cashing out has finished.It would be good if any completely decentralized exchange is there.In my opinion if paypal accepts Bitcoin, it would be good.

[NorrisK]

The days of the crypto wild west are coming to an end.

Scammers have been running wild and it's time this ends. Unfortunately this requires some forms of regulation.

[CryptoKranthi]

The days of the crypto wild west are coming to an end.

Scammers have been running wild and it's time this ends. Unfortunately this requires some forms of regulation.

You are correct. If ICO's are regulated then it will be Ok.But what if Bitcoin is banned completely because of its volatility?

[CuriousGeorge]

The days of the crypto wild west are coming to an end.

Scammers have been running wild and it's time this ends. Unfortunately this requires some forms of regulation.

Anything that's stay unregulated will always have some criminals activity inside it, it's a natural law that bitcoin which currently stay unregulated in so many regions considering its decentralized nature will eventually regulated by every government in the entire world once they find out how to regulate such things.
I've predicted this to happen in the future as it's such an obvious future of bitcoin and the only step for governments to handle this "unregulated state" in their economy.

[Crypto1992]

India is a huge market for bitcoin. Not even 2% of Indian people know about bitcoin.Imagine if Indian people invest in bitcoin, how big it will be. Thankfully this news s not confirmed yet.

[worle1bm]

USA,CANADA, CHINA and now INDIA.
Its growing.Now India is trying to regulate Bitcoin.

Source : https://www.coindesk.com/indias-supreme-court-calls-government-regulate-bitcoin/

Though the correction on the website says that the court just asked the government to respond to a petition, but it can be foreseen that, Its India's turn to regulate ICO's or Bitcoin.
What happens if India regulate bitcoin and ban all exchanges.How do we Indians get our money back in INR( Indian currency) which we have invested in Bitcoin?

The regulation is done to have some control over the illegal activities which are creating monopolistic control and practicing the wrong decision. Similarly with growing popularity of btc the scammers and hackers are using it for gambling and sale-purchase of drugs and other things which are banned.SBI the largest bank of India is adopting blockchain technology to its system which clearly indicates that government do not want to loose control over fiat so they are taking such decisions.But it can give w blow to large individuals.

[kickero0O]

Well, the government also wants their presence on cryptocurrency. I think they cannot control the blockchain transaction but from the exchanges, they can get your data through their KYC files. I am hoping this will be put into good use in combating fraud.

[avikz]

USA,CANADA, CHINA and now INDIA.
Its growing.Now India is trying to regulate Bitcoin.

Source : https://www.coindesk.com/indias-supreme-court-calls-government-regulate-bitcoin/

Though the correction on the website says that the court just asked the government to respond to a petition, but it can be foreseen that, Its India's turn to regulate ICO's or Bitcoin.
What happens if India regulate bitcoin and ban all exchanges.How do we Indians get our money back in INR( Indian currency) which we have invested in Bitcoin?

That's somewhat not good for the crypto community of India. The current and the previous government had failed miserably to provide a decent lifestyle, job and healthcare to the citizens of India. The number of Private hospitals are growing in numbers because government has failed to provide a decent healthcare to the citizens. Most of the politicians of India are uneducated.  They don't have the power to understand what internet is, leave alone the blockchain and crypto currency. 

The biggest joke of India is that, you need to be a graduate to get a job in a government office, but you don't need a minimum education to become a minister to run the entire department. So we can expect a very little from them. If Indian government is planning to take a stance in this debate, that is most likely to be negative. I am not having a good feeling about it. 

We need to keep a close eye of the development of incidents. If we see any such banning is going to happen, we need to sell out our bitcoins to the international exchangers and get back the cash. Or else, we need to use it illegally. There's not middle path to take.

[100kk]

I think that gradually the governments of all countries will begin to regulate the crypto market. And this is not always a bad thing. The question is only how it will be realized.

[dragonbhai]

I think that gradually the governments of all countries will begin to regulate the crypto market. And this is not always a bad thing. The question is only how it will be realized.

its really good because INDIA is a big market.for every country .and there is a lot of users of bitcoins and other digital currencies in india..

[xebecstyx]

Regulation for cryptocurrencies is pretty much inevitable, sadly. The question at his point is when regulation will come, and how it will be implemented. As for India's case, it doesn't look like anything is set in stone yet, so it's too early to talk of bans. The way it usually goes, though, is regulation is announced and is typically is slated to take effect on a future date. This way, there should be a small window for you to cash out. India is a very populated market though, and it would hurt Bitcoin's future outlook if it gets banned there. For now it doesn't look like there's anything you can do but hope for the best, and avoid getting involved in anything shady to stop Bitcoin from getting an even worse reputation.

I agree. I have said many times that as governments would see its potential and the great possibility of how it can help their local markets improve. It would be so inevitable for these institutions not to control the bitcoin market and its use by way of making laws and/or taxing it for their gain. The higher the potential bitcoin carries, the more it would likely call the attention of the government to do something that would do something in their favor.

[Fishbones78]

Is this good or bad though?
The regulation of Bitcoin to me makes it better. It shows it is big enough to be noticed by authorities now and encourages further adoption. Why is this bad besides criminal usage? Oh also, if it really does dent the price (which it currently isnt), it will help burst this price bubble so we can get back down to a real value.

[Bolt Brownie]

USA,CANADA, CHINA and now INDIA.
Its growing.Now India is trying to regulate Bitcoin.

Source : https://www.coindesk.com/indias-supreme-court-calls-government-regulate-bitcoin/

Though the correction on the website says that the court just asked the government to respond to a petition, but it can be foreseen that, Its India's turn to regulate ICO's or Bitcoin.
What happens if India regulate bitcoin and ban all exchanges.How do we Indians get our money back in INR( Indian currency) which we have invested in Bitcoin?

Well that's the problem with centralized exchanges, they can be easily shut down or hacked. Anyway, if things get well done, and even if a ban or shutdown happens, like we saw in China, exchanges should be given time to perform the shutdown, and their priority should be to allow it's users to withdraw their coins. I hope the ban doesn't happen of course, but I still don't know what is their position regarding bitcoin.

I'm actually in favor of regulation, because that would speed up adoption, if bitcoin gets accepted of course. If it doesn't get accepted it's not all lost, since people will still have the option to use it, since bitcoin is able to go around governments. All these news just make me love Japan more.

[Jet Cash]

I guess it will come down to an analysis of capital flows. If Indians in the UK (say) use Bitcoin to send money home, that that is a positive flow for India. If the recipient cashes in the Bitcoin for local currency, then the exchange will have to do something with the Bitcoin. If it is held as an investment, then that is aan improvement in the capital asets for India. If it is exported back to the UK, then that is neutral for India. Governments are not very intelligent in the main, and they may just look at the perceived capital outflow of Bitcoin as a negative factor. It becomes more complex if one considers miners based in India.

[Oliver A]

if Bitcoins are banned by Indian Government there are some direct implications-

Bitcoin exchanges like Unocoin, Zebpay needs to shutdown.
There will be the price drop in the bitcoin value.

[erickkyut]

if Bitcoins are banned by Indian Government there are some direct implications-

Bitcoin exchanges like Unocoin, Zebpay needs to shutdown.
There will be the price drop in the bitcoin value.

May I know what is your basis there will be a price drop for Bitcoin value? Is it because according to what you've said that the exchanges Unocoin and Zebpay will shutdown? I don't know if Zebpay and Unocoin are popular exchanges. This is the first time I've heard of them.Bitcoin will not be affected just because those exchange sites will close. It is already stabilizing its value and might increase more this coming months.

[no0dlepunk]

USA,CANADA, CHINA and now INDIA.
Its growing.Now India is trying to regulate Bitcoin.

Source : https://www.coindesk.com/indias-supreme-court-calls-government-regulate-bitcoin/

Though the correction on the website says that the court just asked the government to respond to a petition, but it can be foreseen that, Its India's turn to regulate ICO's or Bitcoin.
What happens if India regulate bitcoin and ban all exchanges.How do we Indians get our money back in INR( Indian currency) which we have invested in Bitcoin?

Don't be worried about how you can sell your bitcoins to fiat, there is always a person to buy bitcoins whether from India or a different country. You know what, following this kind of news/circulation will only spread the nasty news which may cause FUD. Just buy and HODL until your target price, that is the whole point of having bitcoin. You shouldn't really be bothered about how are you going to convert your bitcoin to fiat if it hasn't reach the target price in the first place.

[Passive Coin]

I do not live in India but it's important to get Bitcoin either neutral to local Indian law or implement regulations like in Japan.
India is big country and it's very important to see Bitcoin and cryptos are legal there.
It could be worst scenario to see people trading or holding BTC illegal, trading in the grey or black market.
With wide internet usage and VPN service, it's not any technical problem to trade or keep BTC in other countries.
Let's hope the coming regulations do not harm use of Bitcoin and alts in India.