India taking measures to control crypto

[jassanpary]

Yes, India taking measures against bitcoin to evident that Finance minister made an open announcement no more bitcoin in India. And also they have said that they will track the bitcoin users and here is the link.
https://www.indiatimes.com/technology/news/budget-2018-no-more-bitcoin-in-india-as-arun-jaitley-just-killed-the-cryptocurrency-dream-338851.html

[andreevaviktoriy77]

I think they have a bad infrastructure for bitcoin development. Not a very rich country to deal with such things.

[weblouartisan]

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 a very good news, it only means that bitcoins will continue to grow all over the world, if india will start to accept bitcoins then maybe in the future, all the country will accept cryptocurrency and we can have a better life because of the wealth that it will bring to us.

[nabilapimpo]

If my opinion of the Government of India to control the spread of the cryptocurrencies was good. Thus the movement of crypto in India could be restricted according to me it is nice for the advancement of crypto can be more controlled.

[LillianScarlett]

Government or any other regulator in India has not given license to any agency for working as exchange or any other kind of intermediary for any cryptocurrency.

[OuterTech]

The control of cryptocurrencies, especially bitcoin and altcoins, I find this to be impossible. It is possible that the Indian government will ban the cryptos trade for financial or monetary balances, or possibly take measures to stabilize the Bitcoin exchange rate by investing directly in it. This will adversely affect Bitcoin rates as there are now a lot of people spending in bulk and manipulating the Bitcoin exchange rate, causing it to fluctuate regularly.

[andreijoaquin]

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.

We should all expects certain regulations that might comes out as bitcoin gets more popular through the years. I can see government are now turning heads into crypto currencies after the noise it made last year and after seeing how the demand grow so fast. I think it would be better to have some sort of regulations so that legality issue of bitcoin can also be resolve.

[Ozero]

The government of India has constantly warned its citizens about the big risks of investing in the crypto currency. Therefore, the fact that it did not prohibit it in such a large country and in terms of its population is good news. Lately, a lot of negative information has appeared from India and this was a destabilizing factor for the crypto currency. Such a decision of the Indian government will have a positive effect on the Crypto currency.

[sana54210]

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.

We are now used to of it. We have heard so many news from all over the world about bitcoins to be banned in different territories.

As far as India is concerned, we were happy that some Asian countries are welcoming bitcoins and that would have best step to welcome crypto currencies in Asia continent but this dream seems to be drowned. What would be the future of bitcoins, we are only hopeful.

[Osarman]

In the whole world all the Governments wants to control the Crpto currency. But peer to peer blockchain technology is a decentralized and transactions can not be traced so crypto currency can not be controlled.

I disagree with your statement. Governments in the whole world don’t want to control the crypto currencies, they just want crypto currencies to be regulated so that any illegal activities or terrorists groups receiving funding from these cryptos can be stopped and also so that people may pay their taxes fairly and not hide in some exchanges or wallet.

Paying of taxes is necessary in any country to carry out developments and maintain the existing structures and government will take all measures to ensure that taxes are being paid and illegal activities and being put to an end.

[prtty2gal2]

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.

If they however want to try ban it, they will fail. I think a lot of governments are starting to realise that bitcoin cannot be stopped. If you ban it then you lose all visibility on what people are doing with it. The best approach for any government is to implement some KYC so that they can at least hitch a ride on the bandwagon for their tax.

A short time back they said it is "not legal tender", well neither is gold. People often times overreact on the news. Do realise that bitcoin cannot be stopped.
This is the people giving the finger back to banks and governments. It is impossible for them to stop us using it. If they outright ban it they lose all visibility on it and cant rake in any taxes for it. Bitcoin has all the banks by the balls.

Yes, I agree with you. A regulation to register with government authority before launching an ICO should be made necessary and also KYC to participate in a ICO. This will help secure people from any ponzi schemes and scams occurring through ICO. Bitcoin cannot be stopped and can neither be controlled, so government have chosen to regulate them and stop the use of it for illegal activities. This build a trust bridge between people and the government.

[Dudeperfect]

Yes, the finance minster said that they are planning to eliminate the use of cryptocurrencies but I am worried about the black market of the same. As we all know, there is no practical way to ban Bitcoin as a technology so government can ban Bitcoin to fiat and vice versa transactions and it might boost the black market within the country and it would be the worst thing that could happen to Bitcoin so I believe that legalizing it is the only viable and good option for everyone.

[pearlsome]

Politicians always talk a lot. About everything in a row and about bitcoin and cryptocurrencies in particular. Sometimes they talk about something popular (bitcoin) just to improve their ratings. They do not have a clear plan of action, only Intentions. In my country, politicians also talk a lot, but the main thing is actions and not conversations.

[johanesrobin]

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.

If they however want to try ban it, they will fail. I think a lot of governments are starting to realise that bitcoin cannot be stopped. If you ban it then you lose all visibility on what people are doing with it. The best approach for any government is to implement some KYC so that they can at least hitch a ride on the bandwagon for their tax.

A short time back they said it is "not legal tender", well neither is gold. People often times overreact on the news. Do realise that bitcoin cannot be stopped.
This is the people giving the finger back to banks and governments. It is impossible for them to stop us using it. If they outright ban it they lose all visibility on it and cant rake in any taxes for it. Bitcoin has all the banks by the balls.

Yes, I agree with you. A regulation to register with government authority before launching an ICO should be made necessary and also KYC to participate in a ICO. This will help secure people from any ponzi schemes and scams occurring through ICO. Bitcoin cannot be stopped and can neither be controlled, so government have chosen to regulate them and stop the use of it for illegal activities. This build a trust bridge between people and the government.

this is better, the government is not prohibiting but facilitating for investors to be protected and feel safe from false investments.
I think this is the best way the government should do it. ie organize, not hinder.

[fattyforhire]

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 doubt that this is an up-to-date statement and the Indian authorities are serious about controlling bitcoins. Most likely it was information phishing.

[perova93]

Yes, many countries will take control after the legalization is introduced taxes and other topics. That the government and nothing received from this? Nope. Can not be.

[ronafurw]

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.

Government in 2018 budget in india has said that it will take all measure to stop use of crypto for illegal activities. Later on it was said that cryptos will be regulated in india and not controlled. There is difference between the two. And according to me its pretty good thing that government is accepting blockchain technology and is taking measures to regulate crypto assets rather than making them illegal and banning them. As long as people pay their taxes, its good for India even if crypto is regulated.

[Svafnir74]

I think this is good news. India should establish relations with the crypto currency. This is a country with a huge population and prospects, from its relationship to bitcoin will be much dependent around the world.

[abhishek_bittu]

As we all know that every market involves risk and reward. So it is same for cryptocurrency too.

Let me tell you the risk involved in cryptocurrency trading:

1.Market Risk: Cryptocurrency faces problems with fluctuating value. If there is a decline in its acceptance across the world, then expect it to lose value and potentially become worthless.

2. Security Risk: Cryptocurrency is entirely digital, thus it’s not safe from hackers or criminals. Once they get your private encryption key and transfer the stolen Bitcoins/Other Coins to their accounts, it is permanent and irreversible.

3. Government Regulations: Various countries are now looking at the possibility of regulating the cryptocurrency, given its widespread adoption. But, the currency is being linked to various criminal transactions, forcing some governments to ban the usage and sale of Bitcoin. If national governments regulate Bitcoin, then it won’t be too dissimilar from physical money.

[djsugar]

India's finance Minister's statement are quite ambiguous. But the statement from the members of committee that was set up by government of India to draft regulations for cryptocurrencies seems to give positive outlook. They are definitely not banning cryptocurrencies. But they are bringing in regulations. I feel there isn't anything wrong in that. By this move, they ll recognize cryptocurrencies and will help in boosting the adoption in India.