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Author Topic: Finally India PM accepts the adaptation of BITCOIN  (Read 86 times)
cryptorampage
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February 19, 2018, 09:12:53 PM
 #1

Glad to see this information coming from our Prime minister. 🙏 We can see India's first decentralized network of solar energy using blockchain.  The solution will change how India is using solar power. That's good to hear.

But i got some points also

They said, cryptocurrencies are not legal tender.. you can't go and buy mango with cryptocurrencies. You can trade them, store as an asset.


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Disruptive technologies such as Block-chain and the Internet of Things, will have a profound impact in the way we live and work. They will require rapid adaptation in our workplaces: PM @narendramodi

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February 20, 2018, 09:11:32 AM
 #2

You mean the Indian PM accepted the adoption of the blockchain technology -- not Bitcoin itself, which is just one of its many possible applications. It looks like a lot of the replies are confused about this fact too.

They said, cryptocurrencies are not legal tender.. you can't go and buy mango with cryptocurrencies. You can trade them, store as an asset.

So like Indonesia, basically? It's going to hurt Bitcoin's future as a currency, but I suppose we're a long way off from that anyway so there's plenty of time for them to reconsider their stance. It's much better than a ban, at least.

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February 20, 2018, 09:19:35 AM
 #3

No reason to cheer just as yet. Blockchain has many other uses apart from the crypto currency and our PM is pointing on the other way. Probably using of blockchain technology in some areas like AI or workplace automation is on his mind. But I still doubt about the crypto currency. Indian government believes in strict decentralization and I am sure they are not going to adopt and legalize crypto currency very soon.

The thread title needs to be changed as our PM didn't talk anything about bitcoin or crypto currency. He has spoken about blockchain technology and it has many other uses apart from crypto currency. Eventually India will have to accept and legalize crypto currency because there is no way government can block this, but that is still under discussion and nothing has been confirmed yet. Please change the misleading thread subject.

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February 20, 2018, 10:20:48 AM
 #4

Like it or not, this Prime Minister or others will have to accept the blockchain in the future.
They can say many things good or bad, but they can't change the outcome.
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February 20, 2018, 12:22:40 PM
 #5

Like it or not, this Prime Minister or others will have to accept the blockchain in the future.
They can say many things good or bad, but they can't change the outcome.

You have to understand that blockchain and bitcoin are 2 different things. And as per tweet, India's PM is mentioning about Blockchain and not bitcoin. Sorry to burst the bubble but no need to celebrate here.

No reason to cheer just as yet. Blockchain has many other uses apart from the crypto currency and our PM is pointing on the other way. Probably using of blockchain technology in some areas like AI or workplace automation is on his mind. But I still doubt about the crypto currency. Indian government believes in strict decentralization and I am sure they are not going to adopt and legalize crypto currency very soon.

Correct, they may adapt blockchain though, but not bitcoin or crypto. They just curb out dirty money through demonetization recently. And adopting or even embracing bitcoin? Nah, I don't see it coming in the next years or so.

The thread title needs to be changed as our PM didn't talk anything about bitcoin or crypto currency. He has spoken about blockchain technology and it has many other uses apart from crypto currency. Eventually India will have to accept and legalize crypto currency because there is no way government can block this, but that is still under discussion and nothing has been confirmed yet. Please change the misleading thread subject.

I doubt that India though will accept crypto. Well they may, but with strict regulations. But an outright ban is not needed. India has been involved with crypto for so long that I believed that it has somewhat stimulated their economy because ordinary citizens now have more purchasing power coming from crypto earnings.
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February 20, 2018, 08:34:07 PM
 #6

You mean the Indian PM accepted the adoption of the blockchain technology -- not Bitcoin itself, which is just one of its many possible applications. It looks like a lot of the replies are confused about this fact too.

They said, cryptocurrencies are not legal tender.. you can't go and buy mango with cryptocurrencies. You can trade them, store as an asset.

So like Indonesia, basically? It's going to hurt Bitcoin's future as a currency, but I suppose we're a long way off from that anyway so there's plenty of time for them to reconsider their stance. It's much better than a ban, at least.
As long they are still banning it then it would be still just fine. Title is somehow misleading yet it is not really pertaining about bitcoin accepts its adaptation yet its mentioning about blockchain technology which isn't really a surprising thing that it would be adopted since we do all know how blockchain technology would really be helpful in any aspects when it comes to data transferring or whatsoever.Consideration of bitcoins or any other cryptocurrencies as a legal tender isn't really possible and would pass lots of debates.
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February 20, 2018, 11:43:28 PM
 #7

If this thing is true, well its a good news for Indian people cause they can now use bitcoin legally. Though some other countries still consider to banned cryptocurrency, I still believe that time like this will come and everyone will enjoy this great technology in the future.

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February 21, 2018, 02:46:28 AM
 #8

Consideration of bitcoins or any other cryptocurrencies as a legal tender isn't really possible and would pass lots of debates.

Well Japan has done it, so we know for a fact that it's certainly possible. It's true that it could make a huge mess though, and it does seem like Japan is an outlier in this issue.

But hey, if Bitcoin reaches global adoption, and the people decide they only want to spend in Bitcoin, I don't think governments will have much of a choice. Either they give in to pressure, or businesses, and in turn the economy, suffers. I know I'm speculating and that this is something that could only happen way into the future, but it's possible.

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February 21, 2018, 04:32:04 AM
 #9

Glad to see this information coming from our Prime minister. 🙏 We can see India's first decentralized network of solar energy using blockchain.  The solution will change how India is using solar power. That's good to hear.

But i got some points also

They said, cryptocurrencies are not legal tender.. you can't go and buy mango with cryptocurrencies. You can trade them, store as an asset.


Quote
Disruptive technologies such as Block-chain and the Internet of Things, will have a profound impact in the way we live and work. They will require rapid adaptation in our workplaces: PM @narendramodi

You can check this >>
India's PM Tweets

I think the PM just recognized crypto currencies as an investment but not as a direct tender to buy goods directly which is true because Bitcoin is not a physical money that can be easily to use. If they will start recognizing the Bitcoin i believed the next announcement will be the regulation so that they could collect tax and Bitcoin cannot be use in illegal activities. So therefore this progress is very common to other nations that after refusing they will accept it and regulate it in the end.

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February 21, 2018, 06:08:40 AM
 #10

Its a good news, more and more government realise that blockchain and crypto will be the future transaction system, so the government should support these things, the bad side that the adoption is there will be regulation and there will be tax, but still it is better than banning,  this news will bring positive development to crypto

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February 21, 2018, 09:18:33 AM
 #11

Must admit that this is already a great news! My sincere congratulations to everybody who has been patiently waiting for this to happen.
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February 21, 2018, 11:53:21 AM
 #12

I think not true, is not India a country that prohibits bitcoin spread in the country? even India is one country that does not agree with the existence of bitcoint

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February 22, 2018, 05:54:56 AM
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I think not true, is not India a country that prohibits bitcoin spread in the country? even India is one country that does not agree with the existence of bitcoint
What is your point bro. Roll Eyes

I can't understand what are you trying to say.

By the way that news not related to the bitcoin he only tweets about implementing the blockchain network into their system but it doesn't means that he accepts bitcoin.But India never stopped users from bitcoin and recently lots of fake news are also created that india banned bitcoin but that was not true.

India is in the process of implementing taxes to the crypto currencies so that they are asking the users to linking their national identification card to the exchanges.

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February 22, 2018, 08:13:37 AM
 #14

Well, if I have some mangoes in India and someone would be willing to trade his Bitcoin to me I would be grinning from ear to ear to accept it. I am just wondering if P2P transactions for Bitcoin is not being run after by the India government because if they don't then the pronouncement that Bitcoin is not a legal tender must be for taxation purposes only or as far as the government is concerned.  Anyway, I am hoping that after all the dust is settled in India we would see Bitcoin allowed to be traded and people can have access to its accessible possession. India can be an important market for cryptocurrency but just like some countries the government is still confused on how to treat and manage its presence.

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suvo05
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February 22, 2018, 01:45:36 PM
 #15

Glad to see this information coming from our Prime minister. 🙏 We can see India's first decentralized network of solar energy using blockchain.  The solution will change how India is using solar power. That's good to hear.

But i got some points also

They said, cryptocurrencies are not legal tender.. you can't go and buy mango with cryptocurrencies. You can trade them, store as an asset.


Quote
Disruptive technologies such as Block-chain and the Internet of Things, will have a profound impact in the way we live and work. They will require rapid adaptation in our workplaces: PM @narendramodi

You can check this >>
India's PM Tweets

How can you conclude from the statement that "PM accepts the adaptation of BITCOIN" . He has tweeted about the adaptation of blockchain and IOT but blockchain technology does not mean BTC at all.

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jossiel
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February 22, 2018, 03:56:59 PM
 #16

How can you conclude from the statement that "PM accepts the adaptation of BITCOIN"
He posted the wrong section with the wrong title.

The title should be ..... 'of blockchain / cryptocurrencies.'

I think not true, is not India a country that prohibits bitcoin spread in the country?
Did you even fall for that FUD? It's a fake news and there's no proof that's for real. Link us to any website or reliable source that India did prohibited bitcoin / crypto?

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Hannahanto
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February 22, 2018, 07:26:04 PM
 #17

Glad to see this information coming from our Prime minister. 🙏 We can see India's first decentralized network of solar energy using blockchain.  The solution will change how India is using solar power. That's good to hear.

But i got some points also

They said, cryptocurrencies are not legal tender.. you can't go and buy mango with cryptocurrencies. You can trade them, store as an asset.


Quote
Disruptive technologies such as Block-chain and the Internet of Things, will have a profound impact in the way we live and work. They will require rapid adaptation in our workplaces: PM @narendramodi

You can check this >>
India's PM Tweets

Its really welcoming that a PM of a country understands the blockchain technology and the need of it in his country. Just read the tweet. A good sign to his country and its economy. He clearly says that crypto currencies can be saved as an asset and be traded but with it a mango can not be bought. Very cool message. Thank god that he allows trading crypto currencies and allows people save the crypto currencies as an asset. More to come.

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