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Author Topic: Bitcoin in India.  (Read 1840 times)
Fazlurkhan.kz
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February 19, 2018, 09:47:48 PM
 #1

As most of you might know that here, in India bitcoin is not considered as a legal tender.
As the Union Budget 2018 in India was announced on February 1 this month. The finance minister of India, Arun Jaitley's statement in that about cryptocurrencies in general was-
“The government does not recognise cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payments system."

Here I just need to know why does the government not support cryptocurrencies. Gold is also not a legal tender and that too can be used in financing illegal activities but still it has a lot more advantages than this. Same as bitcoin has tons and tons of advantages for all!
What do you think about it? Is the government right for not recognising cryptocurrency as a legal tender! Or they should reconsider it?
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February 19, 2018, 10:57:50 PM
 #2

Many threads discussing the reason behind the objection of the government in cryptocurrency.
There are two reasons:
1. The government is threatened by the power of cryptocurrency in future. They cannot manipulate the citizen wether in illegal activities nor storing of assets without any taxes.
2. The government do not want to risk the financial stability of their citizen and economy to a volatile asset.

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February 19, 2018, 11:16:10 PM
 #3

Only need one word to describe why a government would ban crypto.

   "Enslavement"

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February 19, 2018, 11:21:00 PM
 #4

As far as I know, India is still on the middle, they haven't put a hammer ban at the same doesn't recognized bitcoin as legal tender. So they are still in the neutral side.

As for your questions, the main reason what government doesn't recognized bitcoin as legal tender its because they see that bitcoin or crypto are decentralizes with no central authority, so its really hard for them to control it. Its possible that it can disrupt them (financially)in a negative way.

Governments also think that crypto can be used by criminals to hide their money and can even used it for money laundering activity. Also crypto can be used to scam people as well and there are no security and authority to handle such cases.


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February 19, 2018, 11:32:58 PM
 #5

Many threads discussing the reason behind the objection of the government in cryptocurrency.
There are two reasons:
1. The government is threatened by the power of cryptocurrency in future. They cannot manipulate the citizen wether in illegal activities nor storing of assets without any taxes.
2. The government do not want to risk the financial stability of their citizen and economy to a volatile asset.

Right,these are the reasons why government don't recognize cryptocurrecies as a legal tender fo its people.In addition to the matter,governments also afraid of the fact that their fiat regime will end because of the new asset.Banks also doing a move to oppose on crypto currencies and afraid to loss their revenues.

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February 20, 2018, 12:07:16 AM
 #6

Since bitcoins are being pushed in India with a lot of vigour, an inter-ministerial committee in India has been set up to study the legality of bitcoins in the country but until now nothing conclusive has come out.
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February 20, 2018, 12:11:53 AM
 #7

There's virtually no place on earth where Bitcoin is recognized as legal tender right now. I know that there's one part of Switzerland that accepts Bitcoin for tax payments, and one US State has mentioned interest in doing so in the future. But to my awareness that's about as far as Bitcoin as "legal tender" currently extends.

That doesn't really matter though. You can use your Bitcoins to purchase goods and to book holidays on Expedia.com. Some places sell real estate for Bitcoins as well. Whether or not a government recognizes it doesn't mean a thing when the people do.
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February 20, 2018, 01:54:38 AM
 #8

in my country too like his government does not like bitcoin. either afraid because the future of fiat will be grim or something else, I do not care. which is obviously a lot of people whose life and economy improved from crypto.
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February 20, 2018, 12:00:06 PM
 #9

As most of you might know that here, in India bitcoin is not considered as a legal tender.
As the Union Budget 2018 in India was announced on February 1 this month. The finance minister of India, Arun Jaitley's statement in that about cryptocurrencies in general was-
“The government does not recognise cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payments system."

Here I just need to know why does the government not support cryptocurrencies. Gold is also not a legal tender and that too can be used in financing illegal activities but still it has a lot more advantages than this. Same as bitcoin has tons and tons of advantages for all!
What do you think about it? Is the government right for not recognising cryptocurrency as a legal tender! Or they should reconsider it?


In india they consider a bitcoin as a threat on their economy , some say said that beware of bitcoin , but yet it's not actually banned the government said that be aware on investing through bitcoin industry. Such as philippines my country still not implementing or legalizing the bitcoin , but yet it's not ban senators and government having a debate regarding this , on which if they legalize bitcoin what would happen something like that.

And as for me although bitcoin has a bad image on some people , bitcoin can be an outlet on some people too , to have a hope and to have a better future.

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February 20, 2018, 12:20:23 PM
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 #10

Not only in India, many countries are reviewing what next action need to be taken whether accept or to ban Bitcoin. Mentioned some of my thoughts.

1) They want to control crypto market and don't want decentralization,
2) They wants banks to control finance of the people and not by digital way or anonymous way,
3) They want to make money out of people and don't want to have the power of making money by the people,
4) Planning to tax the crypto profits earned with high amount,
5) Giving lame excuses that illegal activities would happen in crypto as if no illegal activities are happening with paper currency.
6) Not ready to adopt block chain technology and want to stick in to traditional banking system.
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February 20, 2018, 12:34:17 PM
 #11

To run a nation there need Tax , and cryptocurrency is not so far designed for that.

Roads , Infrastructures need Tax money to build and maintain.

Political parties and Parties ruling the nation need humans to work in different areas , and they need salary which is from Tax of the citizens.

And we know Indians very well ......  Grin

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February 20, 2018, 01:12:40 PM
 #12

Since bitcoins are being pushed in India with a lot of vigour, an inter-ministerial committee in India has been set up to study the legality of bitcoins in the country but until now nothing conclusive has come out.
I've noticed that in this forum activities was a lot of coming from India joining here.So we can conclude how they really admire for bitcoin.Bitcointalk is a kind of activities that i know all people will be united it's because of positive trust only will be belong here.
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February 24, 2018, 04:24:51 AM
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By categorically reiterating that cryptocurrencies could not be part of the 'payment process', India buries the economic possibilities of crypto as a currency.
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February 24, 2018, 04:40:15 AM
 #14

As most of you might know that here, in India bitcoin is not considered as a legal tender.
As the Union Budget 2018 in India was announced on February 1 this month. The finance minister of India, Arun Jaitley's statement in that about cryptocurrencies in general was-
“The government does not recognise cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payments system."

Here I just need to know why does the government not support cryptocurrencies. Gold is also not a legal tender and that too can be used in financing illegal activities but still it has a lot more advantages than this. Same as bitcoin has tons and tons of advantages for all!
What do you think about it? Is the government right for not recognising cryptocurrency as a legal tender! Or they should reconsider it?


In india they consider a bitcoin as a threat on their economy , some say said that beware of bitcoin , but yet it's not actually banned the government said that be aware on investing through bitcoin industry. Such as philippines my country still not implementing or legalizing the bitcoin , but yet it's not ban senators and government having a debate regarding this , on which if they legalize bitcoin what would happen something like that.

And as for me although bitcoin has a bad image on some people , bitcoin can be an outlet on some people too , to have a hope and to have a better future.
That's not just India (and more precisely the government and central banks and banks in general, not the people).

https://www.cnbc.com/2018/02/23/bank-of-america-worried-about-threat-of-cryptocurrency-to-its-business.html
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February 24, 2018, 05:04:37 AM
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 #15

Quote
As most of you might know that here, in India bitcoin is not considered as a legal tender.
As the Union Budget 2018 in India was announced on February 1 this month. The finance minister of India, Arun Jaitley's statement in that about cryptocurrencies in general was-
“The government does not recognise cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payments system.

It is true that they have clearly stated about the crypto currency as illegal tender but they have also did not mention about it in all the wrong ways. They are concerned about the crypto currency but not about the block chain technology upon which they are being created. There is huge difference between these two. Teh use of crypto currency can be done in illegal activity like smuggling, black money laundering etc however, the block chain is different thing, its a technology and smart algorithm which can be used for the digitalisation of stuff around. India is going to focus on the application for same.


Quote
Here I just need to know why does the government not support cryptocurrencies. Gold is also not a legal tender and that too can be used in financing illegal activities but still it has a lot more advantages than this. Same as bitcoin has tons and tons of advantages for all!
What do you think about it? Is the government right for not recognising cryptocurrency as a legal tender! Or they should reconsider it?

As I mentioned India will focus on the blockchain technology for they internal use thus supporting the idea of it. The crypto currency whether they will reconsider it or not is different thing and may need to overview once more in the future to see if they are working as legal tender or not. The gold is having physical application and the gold is taxed all the way through country so I dont think that it is illegal tender!
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February 24, 2018, 05:30:52 AM
 #16

To run a nation there need Tax , and cryptocurrency is not so far designed for that.

Roads , Infrastructures need Tax money to build and maintain.

Political parties and Parties ruling the nation need humans to work in different areas , and they need salary which is from Tax of the citizens.
Correct. The government, over everything else, is fearing the cryptocurrency because they lack the ability to tax it. A government cannot run without money, that is without tax. If they find a way to tax it like capital gains, or like gold, or as income tax any how if they manage to do that then they won't be looking to ban them.
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February 24, 2018, 05:34:19 AM
 #17

I think the Indian government's decision not to legalize bitcoin is less precise, the bitcoin circulation is getting more and more rapidly, and should the Indian government consider its decision again, taken from the good and bad side, better which one, I think
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February 24, 2018, 07:14:47 AM
 #18

The duty of government of any country is to protect life and property. So most government want to take time and study the efficacy of cryptocurrency and have some experts in blockchain in order not to lead the citizens astray. 

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February 24, 2018, 08:12:19 AM
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Last year, Cointelegraph had published an infographics on how corrupt governments tend to be more hostile towards Bitcoin and I think there is a correlation between these. So far countries with strong governance and healthy economic growth have recognized Bitcoin with some sort of a regulatory framework. And the corrupted ones have been on the sidelines for obvious reasons, decentralization, capital control; customer protection, and illicit activities are secondary reasons.

The Banning of Unregulated Deposit Schemes Bill was cleared by the cabinet couple of days ago and will be introduced in the parliament shortly. This has nothing to do with cryptocurrencies, but ponzi schemes offering fixed returns involving real estate, jewelers, and chit funds. The good thing is, Department of Economic Affairs has already constituted a committee to work on cryptocurrency framework so at a time when the government is working on protecting the interests of investors and Blockchain technology, we can expect that there will be regulations by the end of this year.
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February 24, 2018, 10:34:06 AM
 #20

As most of you might know that here, in India bitcoin is not considered as a legal tender.
As the Union Budget 2018 in India was announced on February 1 this month. The finance minister of India, Arun Jaitley's statement in that about cryptocurrencies in general was-
“The government does not recognise cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payments system."

Here I just need to know why does the government not support cryptocurrencies. Gold is also not a legal tender and that too can be used in financing illegal activities but still it has a lot more advantages than this. Same as bitcoin has tons and tons of advantages for all!
What do you think about it? Is the government right for not recognising cryptocurrency as a legal tender! Or they should reconsider it?

If they are thinking in sustaining financial all kind of violent organisations and so on that is not an excuse becasue it is the same with gold, diamonds or fake money. Here you don't have facke money and the trace of mney it is easy to follow 10x to the crypto technology, so it is just a political decision.
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