What will you do if India outlaws/bans Bitcoin?

[vijay478]

Will you sell all bitcoins or keep holding it despite the risks? Will there be anyway to buy/sell it after the ban?
I am asking because from what I can see from news this government isn't pro-crypto and will likely ban it like our neighbours Nepal and Bangladesh.

PSA: don't keep your bitcoins in an exchange like Zebpay or Unocoin. If government bans crpto they will most likely won't allow you to make a choice. You may lose money or may be forced to dump all coins. Send your bitcoins to a wallet where you control the keys (eg Electrum). This way you can decide what to do with your coins after a ban.

[1714777052]

1714777052

[1714777052]

1714777052

[reliable]

If the country bans something then as a citizen you are supposed to abide by the law and ensure you do not do such things in your country. Also if you thing that you have a future in cypto currency then another option would be to settle in another country or develop the business outside country and you can do to and fro to the country etc.

[shushanika]

How will they ban Bitcoin:

1) If they ban all the exchanges in India, people will start buying through exchanges outside India and sell it on forums in exchange of PayPal money.

2) Some people may ask their friends in other countries to make the investment and give them the profits. How will they stop this ?

Only if there are laws like legal punishment, we can see this stopping.

[legendster]

If the country bans something then as a citizen you are supposed to abide by the law and ensure you do not do such things in your country. Also if you thing that you have a future in cypto currency then another option would be to settle in another country or develop the business outside country and you can do to and fro to the country etc.

Listen, the country is for the people, the people are not the subjects of a country. At least not in a democracy. If the people want to deal in cryptos they will do it and will also find a way to legalize it.
You cannot ban cryptos, India's chuddy buddy Russia tried it, failed, US tried it, failed, Japan tried it failed, China tried it, lol failed miserably. In the end they all legalized it to some extent and brought it under the purview of the legal tax system.

It is only a matter of time India does that too. However, it remains to be seen how far deep into your wallets do they _(government) end up with their prying, greedy eyes. Remember, Bitcoin was never supposed to be 'non-anonymous'. It was supposed to make you financially independent.

[CoinMonkey.io]

It is not that much possible now actually.
They have just established Blockchain Foundation of India recently, so there is really quite small possibility to ban it.

Anyway they would give some time to exchange coins to fiat money. But still, that's quite unlikely thing to happen

[kimochidesh]

How will they ban Bitcoin:

1) If they ban all the exchanges in India, people will start buying through exchanges outside India and sell it on forums in exchange of PayPal money.

2) Some people may ask their friends in other countries to make the investment and give them the profits. How will they stop this ?

Only if there are laws like legal punishment, we can see this stopping.

Totally agree, BTC ban is not really a solution to this problem. There are numerous foreign exchanges that do not ask any KYC, so crypto trading will continue but anonymously. So it's better to make BTC legal rather than making it complicated

[Greendays]

With fm words.. it is now very much sure that blockchain is the future of india. And for the purpose, govt never want to let people unaware from the technology. Thus, banning is not a solution.

[BTCtrader9]

Keeping those in local exchanges is never a good idea.

If you're a trader, keep them in global exchanges like Binance, Bittrex, HITBtc or whichever you use to hold those coins.
So, even if there's a ban, you can still hold your coins and use them globally for transfers.

Or you can also move out to a country for a vacation, change your coins there locally and then utilize them.

[saicoolguy]

indian's RCOMM one of the biggest telecomm services is planning to launch its own crypto called jio coin.i think it is not possible.
its all fake news and misunderstood news spread by mainstream media.
hence the dip

[CoinMonkey.io]

Keeping those in local exchanges is never a good idea.

If you're a trader, keep them in global exchanges like Binance, Bittrex, HITBtc or whichever you use to hold those coins.
So, even if there's a ban, you can still hold your coins and use them globally for transfers.

Or you can also move out to a country for a vacation, change your coins there locally and then utilize them.

totally agree - even being banned cryptocurrencies will not die or reduced in usage.
yes, sure, you will not be able to buy some food in local store for btc or some altcoins BUT you don't need it that much, right?
You always can keep money in exchanges like or wallets (actually wallets are much more preferable).
you will be able to find an exchange or exchanger like our coinmonkey.io for your coins.

yes, cryptocurrency transfers will exist as long as people believe in these coins no matter what bans tell them.
so, basically bans will not decide much. it's a pity that some people really don't get it.