Dept of Economic Affairs wants virtual currencies to be regulated and not banned

[Guvn0r]

New Ray of Hope for Indian BTC and Cryptocurrency Enthusiasts


Department of Economic Affairs now wants virtual currencies to be regulated and not banned, the first official quoted above said. The Economic Affairs division feels that people would find a way around the ban, making it even tougher to track transactions in virtual currencies.

The industry, too, believes that regulation is a better way forward than attempting to ban virtual currencies. You will only push the market underground and make it tougher to track transactions, Navin Surya, chairman of the Payments Council of India told BloombergQuint in an interview on April 6.


Banning Bitcoin Won’t Help, Says Former RBI Deputy Governor Gandhi

A ban on cryptocurrencies such as bitcoin may not be the best way forward, according to former Reserve Bank of India deputy governor R Gandhi, even as the finance ministry compared them with ponzi schemes.

There simply isn’t enough evidence or data to show the extent to which such currencies being used to finance illegal activities like demanding ransom and drug trafficking, he told BloombergQuint in an interview. “Dealing, buying and selling of virtual currencies, per se, is not an illegal activity,” he said

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Banning bitcoin will be a huge mistake: Silicon Valley guru to Modi


American billionaire, investor and bitcoin evangelist Tim Draper is bullish on India once again, in part because of the Narendra Modi administration’s crackdown on corruption, but is also critical of the government’s lack of acceptance of cryptocurrency. He believes bitcoin and blockchain will not only disrupt industries such as banking, healthcare and real estate, but also enable governments to become more transparent and efficient.

Read full Article

[AK47-]

Government isn't even looking for a umbrella ban on cryptocurrencies either. If they wanted, then instead of giving circulars to ban, they would have completely banned any type of cryptocurrency transactions. But government knows that any kind of ban over internet is never effective and thus, they targeted payment gateways instead. Regarding regulating cryptos, committee was setup and they failed to design any proper regulations. On the wake of which RBI brought that circular on 5th April.

[edgycorner]

There is no official announcement made by the government.I read the article, it was just a statement made  by him in a TV interview.The banks still have  90 days timeline, nothing has changed.

But I would love to see this becoming a reality.I hope that RBI pays a head and rolls back from the ban.

[onrise]

If this happens again it will be the best thing for Indians as many people wanted this to be regulated rather than banend. Also this may send some positive news around the world for countries which are looking this to be banned as even they can regulate it .

[botany]

Bitcoin is still in a grey area in India. The RBI hasn't acted/passed any orders against Bitcoin. What it has done is asked banks not to extend services to Bitcoin exchanges. Bitcoin may still flourish through P2P transactions.
If the government does regulate / pass any orders against Bitcoin, it will be over and above what was done by RBI.

[Rajs64]

Literally, i see India to be the biggest hub for crypto currency investments in near future with hope if GOVT revoke ban order. There are so many ventures in Indian which can diversify more with acceptance of bitcoins for transactions, instead of fiat.

[HaXX0R1337]

Bitcoin is still in a grey area in India. The RBI hasn't acted/passed any orders against Bitcoin. What it has done is asked banks not to extend services to Bitcoin exchanges. Bitcoin may still flourish through P2P transactions.
If the government does regulate / pass any orders against Bitcoin, it will be over and above what was done by RBI.

The inability of the government to learn about the technology and come up with a regulation failed really bad, they have to work on regulating the market rather than crippling innovation, there is a case filed against the ruling of RBI and hopefully it will be overturned with the help of the judicial system.

[sureshotcoin]

it is good we are going to hear more voices in wake of banning of cryptocurrencies lets get united and keep bitcoin alive in india

[Marma Kalari]

Literally, i see India to be the biggest hub for crypto currency investments in near future with hope if GOVT revoke ban order. There are so many ventures in Indian which can diversify more with acceptance of bitcoins for transactions, instead of fiat.

India could potentially be the hub of the cryptocurrency market if there is a positive approach from the government, India is the IT hub in the world and we produce more techies than the rest of the world and we should see more developments in this market as there is not much exposure for the crypto space even in the IT companies around India and some of the multi national companies have already started initiative to learn about blockchain.
I wish we could see a regulation rather than outright ban in using the currency to purchase the coin.

[bitcoinblog]

Instead of banning , best is to allow it and like getting tax on every other income this can get into taxable money.

Not making legal tender is fine and justified. But banning entire cryptocurrency makes no sense actually.

[mybtcasset]

banning bitcoin will be a foolish move govt is doing presently cryptocurrency and blockchain technology give lot of revenue and provide lot of job opportunities for fastest growing country like India

[SixOfFive]

That’s good news, I guess. Banning something as cryptocurrency is not easy because huge amount is invested in it. Governments will never ban them. Therefore, regulating cryptocurrencies is the only way through which they can ensure their control on the finance of the country. This will also eliminate the scams, frauds, terrorism and money laundering activities and the people can seek legal help if they are scammed.