India taking measures to control crypto

[ganlianshifu1]

Digital currency is mentioned in the national budget, which is a step in the right direction!

Every country except Japan does not recognize that digital money is legal, but that does not mean that encryption is illegal.

[Denies]

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.

I can not comment much about India
there is no link you include. so I have no evidence base on what you say. but in my view, however, India will not have a major influence in the crypto industry after India forbade it.

[fasdorcas]

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.

Still, this is better step taken by Indian government regarding bitcoins. It seems they are concerned about better economical states of their country after some years. Like now, they have ordered and informed their citizens who are using bitcoins for any reason, to be attentive while dealing in bitcoins. They have shown them the circumstances after being indulged in any criminal activity if they get into.

[LenaPetrova]

But I got a update news - As per the budget plan for 2018 , Indian finance Minister doubled down on refusing to recognize cryptocurrencies like bitcoin as legal tender amid talk of a wider crackdown on their usage.

[IsabellaSophia]

I already predicted this will happen, central government already told this. But the main clash I think in between central bank and ministry of finance.

[1 currency now]

Haha P2P trading and cash center will destroy the Bank if the government start accepting the crypto in full control. The popularity of Bitcoin is huge.

Bitcoin might not be the coin that will bring that into all the huge banks. Bitcoin is making them more aware of it now though.

[avoxosuccesful]

It all depends on what kind of regulation gets passed. It could either be a good or a bad thing.
Regulation such as needing to register with an international authority body if  you want to launch an ICO would be fantastic. Some KYC is okay as well. It keeps governments at ease and reduces the risk of an outright ban.i guess the kyc will help regulate

[kiver]

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.

Is he said like that,proof please.

If it is true then it is good for the crypto currencies because India is a big populated country so other countries will follow their rules so the crypto currency will spread more over will result in price increase for all the currencies.

i do agree with your opinion it will be a good thing for India to put some measures to regulate cryptos which will acutely give people more trust in crypto and i don't think they are looking to control in the meaning you think , i think they want to put taxes like South Korea or something like that

[Betwrong]

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.

It seems that people who accepted the news as "India is going to ban cryptocurrencies" have misunderstood the whole thing. What they really want to do is implementation of some regulations which might even help overall crypto adoption. Recently Forbes quoted Sandeep Goenka, cofounder of a major Bitcoin exchange in India, Zebpay. Here's what he says:

“The current government is open-minded and this is a welcome change for those developing revolutionary technology. The most ideal way to strengthen the system is by using approved banking channels to onboard new customers and legitimize Bitcoin trading. The largest Bitcoin exchanges in India are already implementing these measures, and they should be standard practice.”

So imo what's happening in India is a good thing for crypto in general.

[svetochka.yakovleva.93]

Of course right now the authorities will take to make life for us kripchans more difficult to introduce tax bans, etc. and etc.. We will break through.

[stefanionut99]

The control of goverment isn't a good thing for Bitcoin at all because Bitcoin is the one that presented for freedom.

[Satry]

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.

It can be both good news and bad news. Why bad news because the government in India they want to kill bitcoin and because of that there are many users in India will be affected. On the otherhand, the reason why there is a good news they want to adopt the blockchain-technology. They believe that once they have a blockchain-technology it can serves as a record keeping system that can't be forged or can't reversed. And they have so many reasons why they want to adopt blockchain-technology beacuse it can more useful instead of focusing in crypto.

[Crypto-mim]

Isn't the purpose of crypto to not be controlled by the govts? How are they going to ban? They can only make it difficult for people to convert fiat to btc, which can be subverted by localbitcoins.com.

[Denker]

Isn't the purpose of crypto to not be controlled by the govts? How are they going to ban? They can only make it difficult for people to convert fiat to btc, which can be subverted by localbitcoins.com.

They can tighten the control of the on ramps to crypto, meaning the fiat gateways.
But as you said, people will always find ways to buy their favorite coins.
And that will most likely be via peer-2-peer transactions. We've seen this happening in china after the exchanges had to stop their operations.
The selling and buying via localbitcoins saw a massive spike afterwards. Right now it's down again, probably due to holidays (chinese new year).

[BitNinja2017]

I think India is one of the largest opportunities for Crypto to grow in...

It will also allow people to use their money through the digital space and while they travel.

It will be hard to see this adoption if the government is clamping down on it

however there are some exchanges like Bit India who are disrupting the space.

[eternalgloom]

As long as you don't know what kinds of measures will be taken, you can't really be sure if it's good for crypto or not.
Regulations can also be a good thing in some cases, some people just need a good legal framework to be able to use and invest in crypto.

Just look at what happened in Japan when their government regulated crypto, usage went way up.
While in China it had more of a negative effect, I think

It all depends on the measures in question.

[TheGodFather]

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.

Its not neccessarily bad, for all we know this is the way of India to accept bitcoin and their own baby steps into regulating bitcoin so that they might integrate it into their own financial and economic sector. I am really positive and hopeful that this is the chance that we all in the bitcoin community would still have a chancr and would still have more effect on a national and global scale just by these acts of a country alone. We would just have to wait and see and check for ourselves what the jusgement would be

[RepublicSpace]

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.

It is inevitable. Sooner or later all governments will need to take measures according cryptocurrency. Consequences will be different in every country so we need to watch this process, analyze bills and make conclusions

[royalbittinz]

It's difficult for any government to control cryptocurrency because it's Decentralized and can not be controled.

The least they can do is to watch as crypto take over the world currency.

[shezu007]

It can be both uplifting news and terrible news. Why awful news on the grounds that the legislature in India they need to execute bitcoin and on account of that there are numerous clients in India will be influenced. Then again, the motivation behind why there is an uplifting news they need to receive the blockchain-innovation. They trust that once they have a blockchain-innovation it can fills in as a record keeping framework that can't be manufactured or can't turned around. Furthermore, they have such huge numbers of reasons why they need to receive blockchain-innovation since it would more be able to helpful as opposed to centering in crypto.