what is the main reason for india to ban cryptocurrency

[tamradhwaj]

govt is not said cryptocurrency is illegal or that is banned in india  or that you cannot trade in cryptocurrecy in india, and they have not told cryptocurrency exchanges to shut down.  they are only scared  of it touching the fiat currency,  .and are worried about money laundering and terrorism financing. and to track its source is the most important thing

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[YCryptos]

There is no prohibition, to be precise. Just everything will be under the control of the state. Cryptocurrency is regarded as a commodity that should be tracked and taxed. The goal? Control and regulation of cash flows.

[[ProTrader]]

i dont know why india is not legalizing the cryptocurrency ? 

Don't expect legalization of cryptocurrency in a corrupt country. They will not allow their corrupt activities to be trace and monitor using blockchain technology. Terrorist funding and illegal activities are just an excuse. No terrorist would use cryptocurrency if the government can trace their funds via blockchain and ruin their plan.

[ParveZ219]

i dont know why india is not legalizing the cryptocurrency ? 

Government is afraid because all the transactions for the gun smuggling and drug peddling is done by cryptocurrency is only done by the cryptocurrency so the Government wants to stop each and every and anonymous transaction so that they can trace all the illegal works.

[carlisle1]

i dont know why india is not legalizing the cryptocurrency ? 

Well maybe this days you have other question to ask since Indian government has a good stand towards cryptocurrency,and as what ive heard is now RBI has soften their policy about this community and hoping all issues will be resolved as soon as possible

[sinkelo]

I think, India govt knows the benefits of blockchain but at the same time they are scared to take the first move. Maybe watching US, China etc.

[tdtduy]

I think the political and security situation in India is relatively unstable. There have been many accidents happening to tourists while traveling in India. It seems the security forces here are quite indifferent to their work. That makes the crime rate in this country higher than in other countries in the region. Perhaps the government is afraid Bitcoin may unknowingly assist the criminal force, laundering money. And so, they issue bans on Bitcoins.

[tdtduy]

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.

This is unfortunate. Because India is a highly developed country in information technology, and its people are exposed to technology in large proportions. This means that people can collect and use Bitcoin as well as Altcoin at very high rates. But the ban from the government has had an impact on the personal economic development of the people of India. Perhaps in the future, hope the government will change the decision.

[bitfocus]

the one and the only reason any government bans bitcoin in their borders as they can't control Bitcoin.

[ProstoCrypta]

There is no suitable legislative framework. Officials did not have time to develop the necessary documents. I think this is temporary and in a couple of years India will legalize cryptocurrency.

[Satish147]

i dont know why india is not legalizing the cryptocurrency ? 

Indian Govt is not in a position to understand the potential of blockchain and cryptocurrencies. RBI issued directions to banks to restrain access to exchanges without any proper research.

Right now India is thinking to regulate the blockchain technology but not cryptocurrency.

I don't think it is possible.

[Wangbo28]

India is a very complex country with a federal structure and many different independent institutions.I think Cryptocurrencies aren’t properly regulated. This makes them extremely volatile and vulnerable to price-manipulation. Crypto users like myself are okay with it, but some larger investors are hesitant to enter because of it.

[annaso]

It seems India is missing forward thinking leadership in central bank which is  RBI. Lot of decision makers are old and they can't understand bitcoin easily. It might possible smart politicians don't want to loose control of printing fiat. One day countries like India will again open doors for bitcoin and cryptocurrency but definitely it will be late for common peoples as bitcoin’s value is continuing to soar, despite its volatile price swings, proving that the demand for it is still stronger than it ever has been.

[Bakugan]

i dont know why india is not legalizing the cryptocurrency ? 

I dont think that there is a specific reason about that, but no matter what it is I know that it is valid. Maybe its because they cant control bitcoin and it was also a big threat to the banks in India, or maybe they are not yet familiar with that they dont have any idea. We cant determine what it is , But Im hoping that they will change their mind and let their people invest in bitcoin.

[jhonnydeep87]

The government or any third party cannot regulate the world of cryptocurrencies. This made government officials very worried. It is probable that even illegal activities are very high for the government to worry that the world of cryptocurrencies can damage the country's economy. Some countries can adapt widely to use cryptocurrencies in the country.

[aryaadikariyansyahsuwarto]

maybe in India bitcoin has been polluted by irresponsible people, who use bitcoin for crimes or other crimes, so that makes the Indian government angry and angry, then forbids bitcoin from circulating in his country ... !!

[harobaru]

the reason behind ban cryptocurrency in india is its damaged the currency of india which is used. india currency price is also decreased and many peoples are believing in cryptocurrency.

[ajuelnah akun]

they are afraid of bitcoin, and obviously they don't believe it.
maybe the fluctuations and volatility of prices that make them reject bitcoin, just relax without India bitcoin will still be there.

[xanaxxx]

i dont know why india is not legalizing the cryptocurrency ? 

it's for their own bad. It means they're missing out on all the good stuff that is coming not only from crypto currencies, but blockchain too. As naturally the leading blockchain pioneers will move to another countries

[bitbunnny]

India is obviously one of the countries who doesn't know how to deal with progress and new technologies. And when you don't know what to do and you are afraid that you are losing control, the logic move is ban. But this is not good decision but on the other hand I don't think this will stop Bitcoin users in India.
I also don't think this will influence Bitcoin in some negative way.