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ChickenDuck
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February 01, 2018, 10:29:39 AM |
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Is this true? Indian gov wants to ban BTC? I would suppose some days later the India gov will say it's a mistake again like Korean gov. |
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Alterer (OP)
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February 01, 2018, 10:42:16 AM |
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Yes, it's true. That's why bitcoin dropped suddenly last 1hr.
India is accounting 1 of ever 10 bitcoin transaction in the world. So you can imagine the impact.
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dvabit
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February 01, 2018, 10:45:56 AM |
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Jannalsieh
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February 01, 2018, 10:49:44 AM |
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That's quite bad for crypto. This has got to be the reason to the sudden drop of btc price.
Hope the Indian government will enlighten themselves and open up to cryptocurency like many other countries do.
But look at it in the optimistic point of view, you can btc at low price..hold to it cause eventually exchange will bounce back.
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nitrousteam
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February 01, 2018, 10:50:13 AM |
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India is known for their strict religious laws. Cryptos as such are representing a threat to their religious and financial aspects. They don't want to embrace the progress that the crypto market is providing. Instead of joining like some of the other countries they are trying to vanquish the crypto for their people. Bad choice ba my opinion and in a long aspect that will make cryptos only stronger.
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lncm
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February 01, 2018, 10:50:53 AM |
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How? Will they ban internet?
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ChConcept
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The Experience Layer of the Decentralized Internet
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February 01, 2018, 10:52:40 AM |
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This news has already impacted the value of Bitcoin for the past hour or so. But do not panic, I am sure that this will just be like what happened to South Korea last time, the will eventually realize it and will change the "BAN" to just regulations with taxes or so, well what do you expect, government will always allow something as long as they are getting something out of it.  |
╔═◼ CARDSTACK ◼═╗
The Experience Layer of the Decentralized Internet (https://cardstack.com/) |
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Haunebu
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How? Will they ban internet?
Exactly my thoughts. The collective power of all the governments in the world cannot stop bitcoin since it is a dominant force which will only continue to power forward no matter what which is why I feel that the news posted by op seems like FUD and nothing else. Best to ignore such FUD in my opinion since the Indian government know that they can never ban bitcoin, but they are simply trying to regulate it which will obviously not work out at the end of the day. More and more FUD is driving the value of bitcoin down currently and am expecting a rally in the middle of this month. |
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Alterer (OP)
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February 01, 2018, 11:02:51 AM |
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What is most stupid about the indian finance minister is that he says "we will ban cryptocurrencies but we will encourage blockchain in payment systems".
Is it a joke?
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hadveach
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February 01, 2018, 11:03:31 AM |
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Thanks for the information, I think India is a developing country, a lot of citizens,and crime rates are high, and I see countries that ban bitcoin are more developing countries. they want to reduce the criminal rate by banning bitcoin, because the Indian government judges that bitcoin has always been a criminal facility.
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pat4cryptoreal
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February 01, 2018, 11:03:43 AM |
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This is another means India government want to implement taxation on cryptocurrency. Let us just wait and see in the next few weeks what will be the outcome of the banning.
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Nerman
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February 01, 2018, 11:06:04 AM |
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I do not know if this is certainly true but if it is then this explain the dip in the prices. This rumor was already circulating back in 2017.
They should reconsider because i know some people back there are using bitcoin for their livelihood. Back in the day i chatted with an indian where they use decode captcha and they will earn a few sats.
I hope they reconsider.
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Lauren Smith
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February 01, 2018, 11:13:56 AM |
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How? Will they ban internet?
Exactly my thoughts. The collective power of all the governments in the world cannot stop bitcoin since it is a dominant force which will only continue to power forward no matter what which is why I feel that the news posted by op seems like FUD and nothing else. Best to ignore such FUD in my opinion since the Indian government know that they can never ban bitcoin, but they are simply trying to regulate it which will obviously not work out at the end of the day. More and more FUD is driving the value of bitcoin down currently and am expecting a rally in the middle of this month. They will glue your hands together if caught using bitcoin. I mean how dare you try to further enrich your life by using a powerful currency run on powerful technology when you could be using our government issued currency that's doing so well that why most of India is not poor at all. It is like china banning facebook and all that crap. It will never work. What is most stupid about the indian finance minister is that he says "we will ban cryptocurrencies but we will encourage blockchain in payment systems".
Is it a joke?
They know they can't really control crypto so they want to use it's technology to create their own currency that they can control. |
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IamAltcoinfan
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homt.net
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February 01, 2018, 11:22:48 AM |
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Op have to change the concept as
The original Points Finance minister said Its not legal tender . And its been said form 2013 December . The same quote repeated . Stop creating fud am creating new thread about healthy discussion happened in union budget.
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Snail2
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February 01, 2018, 11:28:27 AM |
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How? Will they ban internet?
I guess they will send a policeman to every household, schools and companies across India and the coops will search for cryptos on every HDDs, USB sticks, scraps of paper and cloud accounts. Probably they will finish in 200-300 years  . |
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aoihs00
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February 01, 2018, 11:30:30 AM |
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If you guys go through that document in detailed manner then we will come to know that they are going to explore the advantages of the block chain which means they are going to use it. So the guy Jatley whose finance minister will be going to open the roadmap for the exploration. I also see that southern India has already adopted the block chain in proactive ways and they are having the tie ups with Swedish startup ChromaWay! That is actually more good news than bad I believe. This is major change but the whole idea seems to be going towards the positive direction only. I think its no need to panic. But the effect of this news can be seen clearly on the todays market. |
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mOgliE
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February 01, 2018, 01:10:58 PM |
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Hi,
So you are saying it changes nothing, right?
I agree with you, this is not a reason to start panic selling. Still, the news is quite interesting.
I read the articles and... Well, I am not sure that what they are planning to do is actually technically feasible. I truly don't know. I understand the concept behind it and the idea, but I don't see how they can think it will work. Internet is an open world, without any frontiers and... Well, even though you have a physical address, you can always manage to change it and go through another one, anywhere in the world!
So, of course the Indian government is planning to prevent such "cryptos" from spreading and to become too powerful. The idea is understandable. The means of action though...
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glowing10
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February 01, 2018, 01:17:10 PM |
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This is another means India government want to implement taxation on cryptocurrency. Let us just wait and see in the next few weeks what will be the outcome of the banning.
Well as far as taxation is concerned it is already being told that you have to pay short term tax i.e if you sell within 3 years and if profit is earned then its 30% of the profit. If you are from India than do consult your CA and file proper taxation. Also in coming days thing will become more clearer as what is the exact outcome of that statement. |
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Dudeperfect
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February 01, 2018, 01:23:20 PM |
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Exact words from Mr. Jaitley: "The Government does not consider Cryptocurrencies "as Legal Tender or Coin" and will take all measures to eliminate the use of these Crypto Assets in Financing "Illegitimate Activities or a Part of the Payment System".
Wrong interpretation: Bitcoin is illegal.
Correct interpretation: Bitcoin cannot be used as legal tender. Bitcoin cannot be used for illegitimate activities.
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