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Author Topic: Is india going to uplift the ban on cryptocurrencies?  (Read 261 times)
gbale
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June 02, 2018, 01:46:43 PM
 #41

I am sure that someday the Indian government will revoke and allow bitcoin trade in the country because Bitcoin and the world of crypto is a discovery that can not be rejected by humans.
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June 02, 2018, 02:10:32 PM
 #42

You know what's Indian government does ? So that they get high taxes they genrally force the companies to sell the items like mobile phones and other things at a very high rate which compells many buyers to buy online from other countries.
They are all about how to increase their own taxes and I think they won't totally ban cryptocurrencies because it's more or less earning them something.
Besides I have no idea if the taxes goes for good work since it ranks 81 in most corrupt countries in the world and there are 195 countries.
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June 02, 2018, 02:23:08 PM
 #43

Few exchanges have filed case against RBI for their circular againts cryptotrading. The Supreme court have moved dates of hearing to July. The news about taxation came much later, but it cannot be said as a proper signal that India (RBI) will lift the ban on exchanges.

It's a very uncertain situation right now.
India does not raise any barriers to electronic money, the country, simply saying, does not prohibit electronic money or any trading on any exchange. The Bitcoin industry, the business is normal, is the information I have learned
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June 04, 2018, 03:03:23 PM
 #44

Recently, bloomberg and some other cryptocurrency media channel published a news that they have information from the sources in indian govt. that government is planning to apply 18% GST on bitcoin purchasing.

it means people are still buying and trading on cryptocurrencies in india and it is in knowledge of indian govt.
so the govt. is now wants earn from the bitcoin buy sell,

another point of concern is that if the govt. apply the GST on bitcoin buying then to the indian people it would be paying double tax while trading, once when they are buying and later when selling as incometax,

so what do you think, being hard on cryptocurrency trading, now govt. looking for taxation on buying of cryptocurrencies, is it possible in coming time gov. may lift the ban on cryptocurrencies in india?
From what I learned, I never saw anywhere there was a ban on cryptocurrencies but banks are banned from trading cryptocurrencies except that people pretty much like reading more meanings to everything.

Nevertheless, the tax on using crypto for payment will actually sound unfair and show how much the Indian government is really not reasonable enough. However, that would be funny to be asking government to be reasonable since they never cared about the citizens anyway except filling up their own pockets.

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June 04, 2018, 03:14:21 PM
 #45

In India, these type of issues will not be solved that easy, but its true that govt is concerned about cryptocurrencies and are thinking in several aspects as people in India have not stopped transactions of cryptocurrencies even after they kept restrictions.  Hope it will be solved soon.
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June 04, 2018, 03:16:31 PM
 #46

Supreme court ordered for GST council to collect tax for cryptocurrencies and allow the trading and exchange hopefully we will get final guidelines soon
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June 10, 2018, 08:30:15 AM
 #47

but the Reserve Bank of India has issued a press release on Thursday that has directives to attract support for the virtual currency business. The news sent madness across India's cryptocurrency community and everyone can only talk about how India's central bank has banned cryptocurrency. The large FUD wave following in the market pushed up the price of cryptocurrency in India significantly. But, does RBI actually prohibit cryptocurrenci
In that case, maybe we will have to see how things end up playing out in the long run, but the taxation is what really bothers me in this whole case though and I hope instead of governments making the idea of letting cryptocurrency develop and use it to develop their own economy, they just keep making silly mistakes to want to jeopardize everything and more like they are not even taking a cue from other countries.

Recently, I learned about the same thing is happening in places like Zimbabwe, and then I tend to ask, does the government of any country ever care about the people? I guess not!
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June 14, 2018, 06:53:57 AM
 #48

After exchanging cryptocurrencies to fiat an individual will still  use the fiat to do taxable business in the country so there is no point collecting tax in the process of exchanging. Government just want to make things difficult.
Obviously, that has been their mission all along and I am actually not surprised. What surprises me though is that the country generally stands a lot to gain from allowing cryptocurrency usage by at least putting a little bit of tax on it, and it makes me wonder why they just keep finding ways to bring it down from evolving in the country. Is there some internal stuff going on, making it obvious they are just against it for their own personal corrupt reasons or are they just pathetically dumb to understand that ?

Supreme court ordered for GST council to collect tax for cryptocurrencies and allow the trading and exchange hopefully we will get final guidelines soon
It is funny that you people are still waiting for your government to take decision for your own rights. Work on decentralized exchanges and stand-alone wallets only. Then you never need any support from your government. Just enjoy the decentralization as it is.
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June 23, 2018, 06:38:36 PM
 #49

Recently, bloomberg and some other cryptocurrency media channel published a news that they have information from the sources in indian govt. that government is planning to apply 18% GST on bitcoin purchasing.

it means people are still buying and trading on cryptocurrencies in india and it is in knowledge of indian govt.
so the govt. is now wants earn from the bitcoin buy sell,

another point of concern is that if the govt. apply the GST on bitcoin buying then to the indian people it would be paying double tax while trading, once when they are buying and later when selling as incometax,

so what do you think, being hard on cryptocurrency trading, now govt. looking for taxation on buying of cryptocurrencies, is it possible in coming time gov. may lift the ban on cryptocurrencies in india?
Yes I strongly thinks that India will remove the ban from bitcoin . India is a developing country and it is still on the path of development and I am sure that government of India will also understand the potential of bitcoin and will legalise it because once they have understood the real potential and fate of bitcoin that its introduction can boost the development of country and can also increase the GDP of country then India will also surely remove the ban from bitcoin.
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June 23, 2018, 10:59:28 PM
 #50

Is there some internal stuff going on, making it obvious they are just against it for their own personal corrupt reasons or are they just pathetically dumb to understand that ?

I wouldn't be surprised if it was because of the banks. They are trying to either discourage people from using cryptocurrencies or earn as much money as possible through taxation which is understandable but it might hurt potential investors. There are countries which are more crypto friendly (Japan, South Korea).

It is funny that you people are still waiting for your government to take decision for your own rights. Work on decentralized exchanges and stand-alone wallets only. Then you never need any support from your government. Just enjoy the decentralization as it is.

Decentralized exchanges are already a thing but there are not many users and there is a huge problem with handling fiat exchanges. However, Bitcoin ATMs and F2F transactions are becoming more and more popular these days so we don't have to focus that much on it.

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July 15, 2018, 09:48:31 AM
 #51

 I don't think that this will happen anytime soon because any new thing that India introduces into its countries has to have the certainty of being sustainable at economies of scale this is all because of the huge 1 billion population of China, bitcoin has not yet completely proved that
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July 15, 2018, 10:25:01 AM
 #52

Recently, bloomberg and some other cryptocurrency media channel published a news that they have information from the sources in indian govt. that government is planning to apply 18% GST on bitcoin purchasing.

it means people are still buying and trading on cryptocurrencies in india and it is in knowledge of indian govt.
so the govt. is now wants earn from the bitcoin buy sell,

another point of concern is that if the govt. apply the GST on bitcoin buying then to the indian people it would be paying double tax while trading, once when they are buying and later when selling as incometax,

so what do you think, being hard on cryptocurrency trading, now govt. looking for taxation on buying of cryptocurrencies, is it possible in coming time gov. may lift the ban on cryptocurrencies in india?
I think india is a few steps away for lifting the banning for cryptocurrency because many post that India governments has a good look on this community and if im not mistaken their stands on us are positive and maybe now considering to force rbi accepting this cryptocurrency for thier own benefits

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July 15, 2018, 03:56:16 PM
 #53

I see a slight chance in acceptance, after a wide adoption of BTC or any crypto in general. The sad thing is that we  will lose all the benefits of early adopters, many people from India have started seriously working on crypto for years, they took heavy losses also..with time everyone will recover.. but what is lost is lost.

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July 15, 2018, 05:38:56 PM
 #54

Let's see how far this goes. It is quite possible for the government to uplift the ban since some countries like South Korea have also reversed their ban.
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July 16, 2018, 08:35:15 PM
 #55

I see a slight chance in acceptance, after a wide adoption of BTC or any crypto in general. The sad thing is that we  will lose all the benefits of early adopters, many people from India have started seriously working on crypto for years, they took heavy losses also..with time everyone will recover.. but what is lost is lost.
Not only India but so many other countries will do that. In fact bitcoin is going to spread throughout the world and now the governments are understanding and realizing the importance of bitcoin, therefore i can see that not only India but so many other countries including China is going to review their decision and make bitcoin a legal currency.

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July 16, 2018, 10:33:43 PM
 #56

Not only India but so many other countries will do that. In fact bitcoin is going to spread throughout the world and now the governments are understanding and realizing the importance of bitcoin, therefore i can see that not only India but so many other countries including China is going to review their decision and make bitcoin a legal currency.
Governments years ago already realized what Bitcoin was capable of, they just didn't believe it would actually be adopted by the average person as is the case right now. It's their fault entirely.

It leaves them no other choice but to make sure they ride it out as it comes. If they really wanted to put a stop to it they should have attempted it years ago, and even then it might not have worked as they planned.

It's probably safe to say that the majority of the people have heard of Bitcoin by now already. They may not know what it is other than a volatile beast, but its name is hard coded in their brain by now.

All the bull runs are great for Bitcoin's brand awareness.

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July 16, 2018, 10:36:36 PM
 #57

For now ,the ban on cryptocurrencies in india is still in force.Maybe as adoption grows globally, the pressure will be on the government to repeal or lift the ban.It will happen
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July 16, 2018, 11:44:03 PM
 #58

Its a good thing that people are reconsidering the ban its more reasonable if they studied the blockchain first before banning the technology because they are ignoring the positive sides of it and where can be used in the country will it be much better than other industry so for us to move a step to another level evaluating something new is a good move.

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July 17, 2018, 12:21:01 AM
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but the Reserve Bank of India has issued a press release on Thursday that has directives to attract support for the virtual currency business. The news sent madness across India's cryptocurrency community and everyone can only talk about how India's central bank has banned cryptocurrency. The large FUD wave following in the market pushed up the price of cryptocurrency in India significantly. But, does RBI actually prohibit cryptocurrenci


in fact the Reserve Bank of India stopped doing business dealing with cryptocurrensy, but they plan to develop their own cryto as a potential solution in the future. the Indian government began to follow developed countries such as Japan, America, Denmark, South Korea, Finland. entering the digital era that requires transactions between countries is very fast the Indian side should see the potential of cripto currency is very promising, RSI certainly will not miss that opportunity.
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July 27, 2018, 05:28:18 PM
 #60

although India has a strong economy its economy is heavily reliant on agriculture with the world superpowers which means that for the sake of its diplomatic relations with united states and the Republic of China it has to support their stance on the ban on cryptocurrencies and bitcoin
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