India taking measures to control crypto

[no0dlepunk]

I am employed in an Indian call center located in the Philippines and I had a small talk with this Indian about the status of cryptocurrency in his country. He said that it is near impossible for their government to sort of control it because P (Pakistan) will surely take advantage. The people will surely find a way to buy/sell cryptocurrencies whether the government takes control or whatever... If they will place some sort of taxation out of it, then these people might consider to do business with Pakistan, and the government will not be happy about that.

[usechain]

Just controlling the spread of bitcoin is not controlling bitcoin. Bitcoin is not controlled by any other country. In my opinion, the characteristics of bitcoin determine its ability. India wants to control the spread of bitcoin. I think this is a bad idea and it is very difficult. With the district Blockchain and the development of virtual currency, their reputation will let more people know.

[futureofeth]

Taking measures is always good for further acquisition but the problem is they are mentioning Cryptocurrency is not a legal tender but they will collect the taxes if people trade those. So not only India many governments are doing the same thing because if they can control the Bitcoin, as of now they could easily be controlled those.

[eaLiTy]

He said that it is near impossible for their government to sort of control it because P (Pakistan) will surely take advantage. The people will surely find a way to buy/sell cryptocurrencies whether the government takes control or whatever... If they will place some sort of taxation out of it, then these people might consider to do business with Pakistan, and the government will not be happy about that.

I am a bit surprised by your comment here,lets say for example,if a country bans bitcoin or crypto currency altogether then you are telling that people will be free to use the banks and other facility provided by the neighboring country,how come this is possible,if any country bans the use then you have to follow that rule unless you want to be on the wrong side of the law and dealing or movement of money with countries which have political tensions,the entire picture changes as you can even be framed for moving against national interest.
@OP If you check the news there is no measures in place till now and there was nothing concrete during the budget speech too,just some vague things.

[stripykitteh]

Who said you cannot buy tv with rice .. you can .. its depends upon supply and demand .

Purchasing items online or offline is going to be tough if there is another form of payment. Exchanging the coins is going to cause a market panic.

[oegarod]

India doesn't have the measures to control cryptocurrency. Even in the budget it is termed that bitcoin will not be a tender currency same as the fiat. It never mentioned that cryptocurrencies were gonna banned. The news got spread in the opposite manner.

[Rakabel619]

Hello. this means that taxes will be applied to those who win out of the crypto currencies. So, Indians, withdraw your money in dollars or any other physical currency, they will get hard times for crypto coins

[GeorgiyBilyk]

Let's not forget that India is a third world country! Adopting restrictive laws, it can not remove all the holes in its law! Moreover, it is very difficult to control and limit what can not be controlled!)))) India takes at least some steps in this direction, like all countries! Therefore, the whole industry is trying to move to other more loyal countries!

[SiDtHeBeSt]

This information is not true and it was spread by the "out of news" media, news channels in India show this kind of half-true stuff regularly and you shouldn't blindly believe it. You should've done a little bit more of reasearch. The finance minister of India said that bitcoin, along with other cryotos is not a legal tender and they would most probably be imposing taxes.

[Vz Ketua]

If actions are taken for the common good and mutual benefit of course it does not matter. But if the action is taken a lot of harm to users of course it will make many people disappointed.

[l0uisStanley]

Cryptocurrencies were created in the first place to not be controlled by governments. It is not a good news to hear about it

[KingScorpio]

In the new 2018 budget of India under the Modi government, it is said that measures will be taken to control the spread of cryptocurrencies in India.
Is it good or bad? Comments.

the indian banking cartel might quite quickly collapse under the penetrating pressure of cryptoeconomics.

Cryptoeconomics is not an Army that invades, its how i define it in Information packed potential Social Fabric

[LodisMcguire]

It depends on what kind of measure they are taking.If it's to restrict the citizen to use crypto,then it is a bad news.If it's to regulate the companies in their country who uses bitcoin or other crypto as payment,then it's good.I hope they are not talking about how bitcoin has a negative effect and will affect their country.

[KingScorpio]

Its really good news that Bitcoin is not getting BAN. Instead I hope the government will impose some law for trading and implementing Bitcoin in various sector.

dont worry,

cryptos cant practically without damage be banned, just insulted

[Wintersoldier]

Yes it will be good that is is now not getting ban, its just going under control. Because every country's ban definitely effect the price of the bitcoin.

It would result for a positive thing on the system of bitcoin becaseu taking a time to somehow regulates Bitcoin to be used in transaction is actually a part of support on the part of system if Bitcoin. We should all make a big part on this forum or on the system of bitcoin that could have a support on both the system of Bitcoin and on our investment.

[nskendrovic]

Previously there was news of complete bans so regulations are better than bans.

China has banned crypto completely according to many news articles. If China was also regulating crypto then it would have been much better.

[joeydangerous]

Its really good news that Bitcoin is not getting BAN. Instead I hope the government will impose some law for trading and implementing Bitcoin in various sector.

India was not against Bitcoin before. I wonder what happen to the people that work there, where they complaining about Bitcoin?

[Ozero]

In the new 2018 budget of India under the Modi government, it is said that measures will be taken to control the spread of cryptocurrencies in India.
Is it good or bad? Comments.

By itself, the control of the crypto currency is a normal phenomenon, and gradually all states follow it. However, control is also different. There is control on the verge of prohibition, and sometimes it is loyal, as in Japan. The Government of India has so far urged its citizens to be cautious about the crypto currency and remember the existence of large risks, but did not intend to limit or prohibit.

[linshisui38]

The introduction of regulations is not necessarily a bad thing. This will be a bad thing when these governments over-regulate technology.

The news is better than the ban. The regulation of cryptocurrency is a good idea because it can build a good relationship between people who invest in currencies and governments.

[gambitcoin53]

getting banned is different from being regulated, any government that are open to cryptos has a positive impact on crypto, if this news is true, this will create more room for the development of cryptocurrencies to be legally and widely accepted by such government. this means that the gap between crypto and government laws are open to a more productive and safe in terms of trading and commerce are concern.