Omg crypto currencies are going to be banned in india soon!!!!

[sankiipanda]

In india crypto currencies are going to be banned. So my question is what i continue mining with nicehash and sell my Bitcoin outside India and get the payment through PayPal will it be illegal?

News link
http://www.zeebiz.com/india/news-cabinet-approves-bill-that-bans-ponzi-schemes-cryptocurrencies-37529

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[Assam_Techno]

No. as per the news Govt is going to ban the ponzi schemes only. We will get good news after final declaration by govt after parliament approval.

[sankiipanda]

Btw they have mentioned that crypto currencies are similar to Ponzi scheme kindly check the link that I've attached

Btw let's hope for something good they shouldn't ban crypto currency

[amishmanish]

Btw they have mentioned that crypto currencies are similar to Ponzi scheme kindly check the link that I've attached

Btw let's hope for something good they shouldn't ban crypto currency

The article talks about "unregulated deposit schemes including Ponzi schemes and the ones linked to cryptocurrencies".

This regulation has been a long time in the making because of the chit-fund scams and MLM deposit type scams that cheat gullible people out of their money.
Such schemes "linked with cryptocurrencies" are your typical scams run by Indians like Amit Bhardwaj and his associates. There are lot of others going on in Tier-2 cities. Sad that when we Indians learn something new, the first thing we want to do with is to try and fool as many people as we can. LOL..Human nature probably.

The targeted deposits may also include fraudulent ICOs or maybe all ICOs.Thats the reason most Indian ICOs are being conducted from Singapore etc.

All in all, this is NOT a ban on crytpocurrencies. Even if they do, you can continue your interactions without worrying about Fiat conversion.

[sankiipanda]

If they ban can i continue mining with nicehash and get payment through PayPal? Btw nice clarification sir

[aroweyen]

No its not. India is not banning crypto currencies.

Please refer below link :
https://www.forbes.com/sites/sindhujabalaji/2018/02/06/india-is-not-banning-cryptocurrency-heres-what-it-is-doing-instead/#670d176c7c6f

[sankiipanda]

Ok sir sir but I asking for what if they ban can i continue mining and get payment through PayPal?

[capcuss]

I'm not sure, if they dare to do that. They should imitate the government of the Japanese state that inaugurates bitcoin.

[Hssn]

As per now illegal ponzi scams will ban in india there is no official news about cryptocurrency bans

[dongamk]

And you are official became a FUD creator. Welcome.

[Blackshadow007]

OP before you freak out like that try to use the " Search " function of the forum please before creating these useless threads . There is lot of thread about this already and first go through all of that before getting panicked by Zeebiz or Aaj TAK stupidity . Read the actual Govt. notice carefully and if you do not understand consult some pro first what exactly that said . These unnecessary FUD will not help anything , One thing put in your mind that No Govt. can ban crypto , they can ban exchanges only but can't ban Peer to Peer trades . So stay calm and focus on your trading and gain while BTC is low priced

[weeklyeth]

Govt banning Cryptocurrencies related investment programs and that is good move there wont be fake scheme in name of crypto trading

[muhammed27aslam]

No and never!

[@prashant]

Where the hell it started again,who create this fall rumors,bitcoin or crypto is going nowhere , government is only taken against illegal activities related to bitcoin and they are asking trader to pay capital gain tax.pm modi itself signify the importance of blockchain and iot through its tweet and there were recent blockchain conference with minister.

[TRS-HARDWARE]

It is just a panic situation that you yourself creating. It is now clearly stated by the member of indian regulation board that they are making policies for approving cryptocurrencies as crypto "assets" and not as currency. So it is now sure that crypto is in fortune of india. Now only thing left is how these upcoming policies state the use of crypto in india.

[apoorvlathey]

Please don't spread such fake news !
Cryptocurrencies are not illegal, but their use in ponzi and other illegal stuff is definitely banned.

You can see the similar case that Rupee is not banned but people doing illegal stuff with it is banned.

[onrise]

Please don't spread such fake news !
Cryptocurrencies are not illegal, but their use in ponzi and other illegal stuff is definitely banned.

You can see the similar case that Rupee is not banned but people doing illegal stuff with it is banned.

Till the time committee report which is being awaited for in the country does not comes out it is legal in India. Yes government has cautious people to stay away from it in anticipation that if btc value goes down people will lose their money. So we will hope that committee report is on positive note and legally county can accept it.