what is the main reason for india to ban cryptocurrency

[riptv]

Actually I don't have any idea about why they banned cryptocurrency and I don't want to write my opinions because I didn't listen them for their reason , of course there should be a reason for banning cryptocurrency!

[Derizo]

India is one of the most corruption suffering country in the world. The stake holders of country have  transfered thier black money to other countries in the form fo bitcoin. As it is difficult to do money laundering in flat currency. So thats why India banned Cryptocurrency in her all states.

[gpamfmcq]

I don't think India will ban bitcoin completely, it's almost impossible, there are a lot of countries trying to do it but they haven't done it, and we see that America's attitude towards Bitcoin is improving, and some states are already open.

[cryptosonu]

The government is just scared it will lose its grip on the control of money,inflation is high and fears more people  will convert their cash to bitcoins,draining bank accounts of monies.It all stems from ignorance anyway.

yes there are many reasons i think there is  No security and customer protection and illegal use. it will very easily hacked.

[lionheart89]

i dont know why india is not legalizing the cryptocurrency ? 

according to the news I read that, India's Ministry of Finance said it did not regard the virtual currency as a legal transaction tool. The authorities also mentioned that they would restrict individuals or institutions that make payments using virtual currency.
The government will not yet impose penalties for users of virtual currency. We will only limit and disable access to the use of cryptocurrences as a means of payment. Nevertheless, Arun promised to adopt and develop the blockchain technology system used by the virtual currency, for use in the national financial system. The move is seen to strengthen India's ambition to become one of the main countries in the digital economy sector.

[tamradhwaj]

i dont know why india is not legalizing the cryptocurrency ? 

After months of uncertainty, there are indications that India may not, after all, opt for a blanket ban on virtual currencies. A finance ministry panel set up to study them may even suggest that they be treated as commodities.
more info: https://qz.com/1324595/instead-of-a-ban-india-may-turn-cryptocurrencies-into-a-commodity/

[crypto_futurer]

The government of India does not want inexperienced people to lose their money in the crypto-currency market and that's why it banned the crypto currency. But these measures are probably temporary.

[jozymens7]

I think there have been people who use the cryptocurrencies in a way that the government frowns to it and that is why they might definitely ban it in India

[batang_bitcoin]

I thought the RBI has changed its decision and lifted the ban.

I've seen this post last Wednesday from Zebpay, one of the biggest exchange in India.

What if Indian government bans bitcoins?

At least they are preparing.

[kotajikikox]

i dont know why india is not legalizing the cryptocurrency ? 

If i'm wrong according to i hea d information their nothing ban for bitcoin from the indian givernmnet, indian government just remind to their people to take care using bitcoin because of high volatile currency. Howerver the latest news about bitcoin status in iindia are big chance to become legal.

[94K]

I have not heard of it before that they want to ban but it might be that they want only the fiat currencies which boosts the economy and not cryptocurrencies.

[stayeduptolate]

i dont know why india is not legalizing the cryptocurrency ? 

As we all know that bitcoin is a decentralised crypto currency and no country has the right to ban it completely, every person can use bitcoin as an independent person but he cannot use any national exchanges if any country ban bitcoin in its country, he can simply use any international exchanges and I think many countries like India is banning bitcoin because bitcoin has been widely used in many illegal activities and obviously no country want any terrorism or any other illegal activities in their nation.

[inspirone1]

i dont know why india is not legalizing the cryptocurrency ? 

I think the goal is the same as in other countries. Governments do not want people to become richer and become independent of them, so in different ways will be banished. It sounds very sad, but such is the reality of the present days.

[A Feeder]

Not only india was ban cryptocurrency the're many and also some reason why, because the government are afraid and worried that they can't control the quick spreading of bitcoin, they do not know what it will lead to and they don't know that bitcoin was very useful and helpful to everyone.

[axemelada]

India has banned cryptocurrency, as the government considers these monetary units illegal. India decided not to take risks and look at the development of cryptocurrency in other countries.

[bitterdog]

i dont know why india is not legalizing the cryptocurrency ? 

Maybe because they still not familiar yet with the cryptocurrency. Beside that, they also notice how risky crypto for their people of they can not manage it well, so i think they decided to banned the cryptocurrency.

[finlandais]

I think Indian government thinks that it will affect the economy of the country so they  want to ban cryptocurrency.As BTC is not taxable and no one is controlling it so they want to declare it illegal.Cryptocurrency is creating risk for the governement,main issue is how to solve the problems which will occour due to imbalance in economy.But indian government should again think over it before taking any major decision.

[kumarrajudtu2017]

i dont know why india is not legalizing the cryptocurrency ? 

Actually India is not understanding the concept of decentralized financial system. It is assumed that money will not be in the control of the Government. The financial institute is also assuming  tax evasion like activity. If India will regulate it would be a great news for crypto lovers.

[Wall_Streeet]

I think in India and without legalizing all have been using the cryptocurrency. I think so in many countries

[liseff3]

The main reason is the cryptocurrency market in India only contributes a small portion to the country's financial sector. Because, this digital currency is only used as an investment option 'only. Virtual currencies such as Bitcoin, are widely accepted as forms of payment only in a few restaurants and some exchanges or cryptocurrency exchanges, which allow users to use digital currency as a payment method for purchasing books or movie tickets.