Why Ban Cryptocurrency with Zero Research or Consultation?

[Kingofbitcoin12345]

The fact that they’re puppets by big organisations and group who runs the financial system of that country,, superior inferiority.. The investors behind banks or stock market might have celebrating this RBI move.. This is a sad truth that cryptocurrency users in the world is facing.. The ordinary people is forced not to invest anything other than the one RBI officials are promoting..

Corruption is not just within the government because it is partly inside our banks..

[jseverson]

Central banks are agents and mouth piece of the government, they're simply one and same.

That may be true in some cases, but India is not a dictatorship, and I prefer we give them the benefit of the doubt. Different branches are meant to function independently, which is how their own Supreme Court is questioning the central bank's move in the first place. If they were all working in unison to push out crypto, it would be far simpler for them to simply tune out the noise.

Commercial bank are in business to make profits and I have no doubt they understand what's in Bitcoin for them, but their masters = the governments won't let them be or the pursuit of revoking their license takes center stage.

Well their central bank did explicitly state that they did not conduct any research, so it's entirely possible they don't understand at all lol.

[orions.belt19]

Central banks are agents and mouth piece of the government, they're simply one and same.

That may be true in some cases, but India is not a dictatorship, and I prefer we give them the benefit of the doubt. Different branches are meant to function independently, which is how their own Supreme Court is questioning the central bank's move in the first place. If they were all working in unison to push out crypto, it would be far simpler for them to simply tune out the noise.

Not only that, but there should be some checks and balances of power. Even while it’s the job of the central bank to make decisions of this matter and nature, it should also be the government’s discretion. Matters like this should not be decided without proper research whether it be crypto related or not. They must have wanted to be in the “safe” side and did not want to deal with cryptos at all so resorted to simply dismissing it.

[Aikidoka]

As far as I am concerned, India is known for its overpopulation. Imagine if 1% of India's population give up relying on banks. The economy will collapse, thus the country will follow its fate. So why take this big threat and accept bitcoin? Let's ban it completely so people will forget about that idea and rely on us, the government, the powerful one. I really feel sorry for those unemployed people who had a chance with bitcoin...

[anchaldhiman15]

As we know India is highly populated country. If some part of population will give up banking and started take part in bitcoins then there will be a great loss for bank. so that the country will fillow its fate. Thats why the government is not accepting bitcoin there.

[Ar.harry]

As we talk about India. India is very overpopulated country. The banks there are afraid of losing their consumers. The govt is earning a lot of money from the banks there so thats why they do not making bitcoins legal there because if they do it legal then the peoples starting investing in bitcoin and if some part of population will withdraw their money from the banks and invest in bitcoin then it would give a lot of effect on banks and government is earning from banks thats y they are not making bitvoin legal in their country.

[Monikadhiman]

In some countries banks are paying a lots of funds to government thats why their government would not make bitcoin legal there because if they make it legal then the peoples there would withdraw their money from the bank and invest in crypto. The banks would bear a very huge loss thats why they are not making bitcoin legal.

[Victorycoin]

As far as I am concerned, India is known for its overpopulation. Imagine if 1% of India's population give up relying on banks. The economy will collapse, thus the country will follow its fate. So why take this big threat and accept bitcoin? Let's ban it completely so people will forget about that idea and rely on us, the government, the powerful one. I really feel sorry for those unemployed people who had a chance with bitcoin...

You don't think that by this action of the central bank, they've succeeded in making Indian forget about Bitcoin, do you? If that's really your take, then you just don't realize what role decentralization plays.

It's unfortunate that while the western countries are have let their guards down and now exploring the benefits inherent to this technology like:
https://www.ccn.com/mastercard-wins-patent-for-blockchain-based-coupon-authentication-system/
http://www.thefuturesociety.org/blockchain-enterprise-companies-using-blockchain-today/

the developing countries are seen queued up in standing in the way of innovations as ever:
http://bitcoinist.com/11-countries-bitcoin-still-illegal/

[jamids]

As far as I am concerned, India is known for its overpopulation. Imagine if 1% of India's population give up relying on banks. The economy will collapse, thus the country will follow its fate. So why take this big threat and accept bitcoin? Let's ban it completely so people will forget about that idea and rely on us, the government, the powerful one. I really feel sorry for those unemployed people who had a chance with bitcoin...

Government just do not want to lose control of its people that's why they just choose to ban it because they already know that when they just let people continue being engaged in cryptocurrency and realized the advantage of it over banks then their plans would be postponed and even their projects too. People can just hope that their government would be more open to cryptocurrency because it is a big help especially to the people who are relying from it to make their lives more better.

[audaciousbeing]

My attention is drawn to this move by the authorities in India and I can't help wondering, why such desperation to ban something that's being celebrated by its citizens and even authorities in other climes? Is this not a clear manifestation of governments caring less about what the people truly want?

I was looking at cryptocurrency as a leveler for the developing countries, but it's disappointing most of them can't even see beyond their nose and instead are busy trying to reinvent the wheels.

https://www.ccn.com/indias-central-bank-banned-cryptocurrency-with-zero-research-or-consultation/

The only reason why government will do things for its citizen is when both what the government and the citizens want aligns. If there is a conflict, government interest will surely supersede and that is exactly what is going on there. But from the way I see it, its more of a rash decision than a rational one and also exhibit the laziness on the part of government as that is the reason why they choose the easy way out rather than having to engage in discussions, dialogue, deployment of infrastructures and also the massive education of the citizens. But its a shortsightedness though because the benefit would eventually outweigh the cost in the long run.

[XFlowZion]

Personal Interest. The decision of the few powerful individuals prevails over the millions of poor people. It happens most of the time and only a revolution can reverse it or if an international interfere and it help them.

[Kemarit]

My attention is drawn to this move by the authorities in India and I can't help wondering, why such desperation to ban something that's being celebrated by its citizens and even authorities in other climes? Is this not a clear manifestation of governments caring less about what the people truly want?

I was looking at cryptocurrency as a leveler for the developing countries, but it's disappointing most of them can't even see beyond their nose and instead are busy trying to reinvent the wheels.

https://www.ccn.com/indias-central-bank-banned-cryptocurrency-with-zero-research-or-consultation/

I guess its too late because India's Supreme court just uphold RBI's ban:

(https://cointelegraph.com/news/indian-supreme-court-continues-to-uphold-central-bank-s-ban-on-crypto-dealings)

So another black eye for our India's bitcoin community. Really hard to tell what's going to be the future of crypto in that country. Crypto being slowly accepted by other countries chose other wise. We can only hope that India's government made the right decision eventhough we know that it doesn't align with what the people wanted. So I think government doesn't really care as long as they have vaild? reasons to enact laws against bitcoin, the will of the masses will be overturn.

[buwaytress]

My attention is drawn to this move by the authorities in India and I can't help wondering, why such desperation to ban something that's being celebrated by its citizens and even authorities in other climes? Is this not a clear manifestation of governments caring less about what the people truly want?

I was looking at cryptocurrency as a leveler for the developing countries, but it's disappointing most of them can't even see beyond their nose and instead are busy trying to reinvent the wheels.

https://www.ccn.com/indias-central-bank-banned-cryptocurrency-with-zero-research-or-consultation/

I guess its too late because India's Supreme court just uphold RBI's ban:

(https://cointelegraph.com/news/indian-supreme-court-continues-to-uphold-central-bank-s-ban-on-crypto-dealings)

So another black eye for our India's bitcoin community. Really hard to tell what's going to be the future of crypto in that country. Crypto being slowly accepted by other countries chose other wise. We can only hope that India's government made the right decision eventhough we know that it doesn't align with what the people wanted. So I think government doesn't really care as long as they have vaild? reasons to enact laws against bitcoin, the will of the masses will be overturn.

Yeah, I mentioned elsewhere that this was a really weird move, and uncharacteristic of the Supreme Court, as they've generally been very objective when it comes to state vs the people... perhaps it takes a less kind stance towards private entities (even though the petition was essentially signed by thousands of Indian individuals).

There was no basis for the ban, only an excuse. RBI's admission that there was no research or consultation, despite promises of that earlier, should have set the matter straight. Open and shut case for me, but there you go.

My speculation is that there's something brewing in terms of legislation, and the govt wants to install that quickly. A ban might make things easier in the long run, fewer victims at least as part of preemptive de-risking.

[Victorycoin]

Personal Interest. The decision of the few powerful individuals prevails over the millions of poor people. It happens most of the time and only a revolution can reverse it or if an international interfere and it help them.

Yes it has always been their personal interest all along and that explains their haste in seeing to it that anything outside of their interests does not see the light of the day. Apparently most governments across the globe are self serving and since Bitcoin portends to speak against that, it should surprise no one that it is being painted black and called names.

It is how exciting to see that not all developing countries are wiling to bury their head in the sand like Ostrich as usually have been the case. This is how it's unfolding in the Philippines:
https://www.ccn.com/philippine-central-bank-approves-two-new-cryptocurrency-exchanges/

and back to India, here's how water must always find its path:
https://www.ccn.com/local-crypto-exchanges-are-circumventing-indias-new-bitcoin-ban-heres-how/

[Indrawan77]

Well it such a shame to see a country banning without any research, crypto could be very useful in third world country to pressed down poverty level, the government need to see a wider range to see the potential of crypto, and with banning the country can missed the technology and slow down the country growth