India is loving Cryptocurrency But Why not indian govt?

[icytalk]

what is major reasons?

[acha1217]

Usually Government don't loving Cryptocurrency because they already have their own currency, if many people move to cryptocurrency, so the financial of the government/country will be down/low because no money circulation.
Cryptocurrency to hard to track the transactions, the government don't want if their society's use cryptocurrency for criminals acts, like for buy drug, corruption, pay for assassins and etc. If this happen you can imagine what's will be happen with the government in future.
I just can help with this, I just tell you a general problem why government don't loving Cryptocurrency, but I can't give the specific answer, maybe India have their own reason for it. Thank you

[chansss30]

Because in cryptocurrency, NO Government involves, the Government has NO power to control cryptocurrency, thats why they dont like crypto. But it is good because all corruption is coming from government. But look, there are so many countries accepts already cryptocurrencies like Germany, because they know how good crypto is. In cryptocurrency, we have equality, it is for people, for decentralization and democracy.

[Stedsm]

what is major reasons?

The fact that everybody here loves cryptocurrencies, and Bitcoins as major is because everyone in this world likes holding (possessing) what they own, and bitcoin gives them the privilege to hold everything in their hands (and being responsible for anything that happens to it, be it the transactions they send or the fall and rise of values).

Indian Govt is probably not liking it because they are unable to get anything out of this (major reason is due to the fact that everyone tries to get ways to hide their taxes and evade them, so they surely must be doing this through Bitcoins). But all they're speaking about Bitcoins is bullshit, because they really don't understand the power of it. Tell me about a single step that this Government took in Nirav Modi - PNB scam. They're not going to get a fuck from his pockets as the company from which they're going to get some part of his debt collected, had recently declared themselves as bankrupt. They're unable to harm those who're guilty, so they're just trying to push it too hard for the common man itself to even try to make a buck over his invested money.

[KingScorpio]

what is major reasons?

the indian government is powered and run by its financial cartel, they want the people to offer goods and services for the money they can print and not the money others can print,

they see cryptocurrencies as competition for the access of consumption capacities,

[pombur]

India has become home to many traders and investors. Every tenth bitcoin transaction in the world is made in India. However, the government of India does not recognize cryptocurrencies as legal means of payment. Indian Finance Minister said that the government will do everything possible to stop the use of bitcoin and other digital money in the country.  
In recent months, the government and the Reserve Bank have repeatedly expressed dissatisfaction with bitcoin and other cryptocurrencies. At the end of last year, the Ministry of Finance called them a pyramid scheme.
It seems to me that this is a big mistake of the Indian government.

[boboking]

Disclaimer: This is all speculation, I am not an Indian or a citizen of India.

I think their government recognize the potential money they can make with Bitcoin and cryptocurrency as  we all know their country is one of the biggest country who have invested in the crypto market. They are threatening its citizens until people will agree on regulation and therefore they can tax the users. Investors will have no choice but to comply.

[Dadan]

Because they can not control bitcoin or cryptocurrency so they do not want to support bitcoin because they do not know the bitcoin world, they do not have much bitcoin information. But if everyone in india is supporting except their goverment they may have the government to support such a thing as their place. So everyone in India must cryptocurrency to agree to their goverment and must have no money in their country as such a situation in the india area is likely to impede the goverment.

[derigop]

I think it is because of the illegal transactions online. They want to prevent the illegal activities using bitcoin and I think it is because of the tax. There is no tax in bitcoin that is why government will lose some income because of using bitcoin.

[Legion13]

One thing I feel is making Bitcoin legal with decentralization would make it easy for the black money holders to convert their corrupted money into Crypto and hold it safely unlike keeping it in cash inside the walls, toilets etc. This has been the case in India and the government fighting had to eradicate such practices.

The government has clearly given heads up to the Blockchain technology and its application in the recent tweet by the PM himself. Though I don't see banning of Crypto happening anytime but measure will be taken for it to be done following KYC norms so Taxes are paid and all the money flowing is accounted for.

[jerry29@]

India is a developing country. Government does not want to lose money of their citizens. It may lead to financial crisis of any country. Making all circumstances favoured to their citizens. India don't allow anyone.to invest in crypto.

[xuan87]

Because crypto currencies is not giving any advantage and have potential to be misused, one of the reasons why the government banning or regulate crypto is also to protect the citizen from being scammed, one of the reason people is loving Bitcoin because they can evade tax, and also they can keep their wealth from the government supervision, both of the reasons is not giving any advantage for the country

[Antivoid]

this is easy to understand, the people in that country and the government of that country have different profits, people juct want to earn money while government aim to maintain social stability, government must ensure that the finance security, so most government just welcome the blockchain technology and ban the speculation

[Thanasis]

Because people can get lot of benefits from investing on the crypto currencies but there is no benefit for the governments until they regulate the crypto currency usages.But India is one of the big populated country so many people are involving into crypto currency trading from India.But soon the government will regulate the cryptos then they also can get benefit and will love after that.

[Kemarit]

Because every government not just India thinks that crypto is very disruptive technology. Imagine people now has options on how to store their wealth. The traditional way is that money should be save in a bank. But with cryptos, specially with bitcoin, we are our own bank. So its so disruptive that it overhauls the complete financial systems of every government in the world. However, I believed that disruptive technology cannot be stop. We have seen a lot of it in our history, (floppy-DVD's-Flash Drive for instance). And then they view crypto in another angle, darkside. Government see's crypto as way for criminals to hide their assets, transfer funds globally to finance "terrorist" act. Those are some reasons why government is very hostile to crypto.

[Tszone]

i think the major reason is because the government is yet to devise a way to control it. every government want something they can control in their country and when they cant, they kick against it. same goes for bitcoin

[Edrian]

what is major reasons?

Well, the reason why Indian people love bitcoin because it was peoples currency and it was people friendly, it has a potential to gain profit in instant. The reason why the Indian government don't like bitcoin is it's not government friendly lots of government doesnt agree at using bitcoin, not only because it was anonymous and hard to track but some people use it in crime, it also affects the economy too, Indian is a populated country lots of people knows how to use bitcoin if they only invest at bitcoin then there bank well lost some of its profit and it will affect the economy of one country.

[Hellobx]

Generally, Asian countries are relatively backward and corruption doesn't allow for the possibility of Cryptocurrency, because Cryptocurrency is diversified, so support Cryptocurrency is not conducive to the government's rule, and bitcoin and other altcoin may be used in the transfer of assets, such as those in developing countries is not allowed.

[Rasel5209]

 India is loving Cryptocurrency But  not indian government because i think the government and people's thinking is not same . maybe people want just earn money but government want aim to maintain social stability. so the indian government does not like it .