what is the main reason for india to ban cryptocurrency

[conanrien]

at first I want to clarify it that India didn't ban cryptocurrency the Central Bank of india disagree to deal with it and the reason can be the lacking of knowledge regrading this market that's why they don't can't trust on it with their money , many other countries are legalizing it so hopefully soon india will be also inspired

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[cryptohopes]

India is not the first country to ban crypto that you are so astonished at this. Though I didn't expect it too but unfortunately it happened. I think the reasons behind the ban are India is taking crypto as a competitor to the usual fiat currency and they are afraid of the volatility of crypto.

[Marlo Stanfield]

i dont know why india is not legalizing the cryptocurrency ? 

how could u tell that
pls dont give wrong information to peoples it may panic them
 before adding some posts please add some related news or links with your posts

as per u r opinion crypto is not legalized in india
 then how could it possible to trade or exchange in india

Lots of times something is not legal, not supported, or outright banned and people still do it or use whatever it is. Don't be surprised if crypto gets banned in India and the status quo continues on like nothing happened.

[Ghayoor]

I think only RBI or the banks only banned crypto currency, not India as a whole. I think they are taking crypto as a threat as they barely control it. Besides, they think that crypto can replace fiat currency very soon which is actually not possible to happen.

as far as i know bitcoin is legal in india and indian bank also accept bitcoin because its playing avery big role in their economy.

[ResuLT]

Major reasons for fear of crypto or ban on crypto transactions in any country may :
1  Developing nations need surplus stocks of foreign currency.  These countries fear with the legalization and permission of trading in crypto ; there may be uncontrolled outflow of currency resulting in very tight foreign currency resources available.  
2.  Terror funding ; black marketing; money laundering becomes easy.  Many nations like India are suffering from the threat of islamic terrorists.  If their funding increases the attacks will increase.
3  Many citizens of a country having black money will easily divert their funds to safe heavens like Switzerland.

So India like many other nations is having fear for it.  Though Indian government wants the currency to be digitalized .  May be they are doing any research work for allowing crypto transactions legal because they also know it's benefits.

Seems like this guy have been answered clearly of all your question regarding the regulations made by the Indian government in recent days.

[Roche44]

Recently RBI has banned the digital currency from India. There are many reasons behind this step. But I think the main reasons are India is a developing country and there are many black money holders India they can easily make their money white by the help of cryptocurrency. Maybe for this reason cryptocurrency is banned in India.

[CoinstarF]

I think it is due to their fear of tax evasion. Recently they simply outlawed the use of one of their high denomination notes so there were huge queues of people at banks trying to convert their savings which they keep hidden at home. Bitcoin will make it easier to hide money

This situation is not our control, India is still developing thier systems maybe they afraid descentralized currency can beatb thier monetary compensation which is also in low price to convert dollar they are only trying to rise thier economy who knows by joining bitcoin they will rise.

[shursight]

India might be a poor country and a 3rd one, but i am more than sure in that they want to keep the entire government centralized and the entire monetary system, that is the main reason of why they decided to regulate it, or just to ban it, it is all a huge conspiracy for me.

[hukes]

In Indian crypto is banned. Because they feel this market will destroy the economic system of India and also so many crime transactions are occur from this market and also they can’t control of this market.

[bitfocus]

Maybe issues like this are pulling Indian government to change their stands
https://www.bitcoinmarketinsider.com/multi-million-dollar-money-laundering-bitcoin-scam-alleged-in-gujarat/

[bellamente]

Governments fear large outflows of capital to other countries. Cryptocurrency are now anonymous and governments can not track where the money goes. In addition, the police do not have personnel who are well versed in cryptocurrency

[Kittygalore]

i dont know why india is not legalizing the cryptocurrency ? 

Because of the cons or maybe the theory they have in there mind. Such as it will be easier for terrorism to enter funds, the black market transaction and many more. They also fear the inflation they might face. But the thing js they did not recognize the pros crypto currency can help the country like them. They only need to have proper regulations in order to control people investing therefore they will also gain in that situation. Maybe if they seen the improvement in the country who accepted bitcoin like Korea, they will realize that crypto has a big role in the society today.

[gbsray]

With India in general, everything is complicated, crypto is allowed, then it's forbidden, now it's again allowed? In India, even their stock exchanges opened. I dont know, may be they affraid black money so much, thats why there are so many difficulties with crypto.

[sandialoveth]

The main reason for any country for not legalizing the crypto currency is the fear of the government of loosing the usage of fiat money.

[cutecute]

i dont know why india is not legalizing the cryptocurrency ? 

Actually I did not know also what is the main reason why india ban cryptocurrency in their country but I think they also know that there is a chances that cryptocurrency can make their bank disappear.

[bitcoinking11]

Indian government fears cryptocurrency can be used for money laundering and terror financing, it is also in a direct conflict with the traditional financial system.

[Cult]

With India in general, everything is complicated, crypto is allowed, then it's forbidden, now it's again allowed? In India, even their stock exchanges opened. I dont know, may be they affraid black money so much, thats why there are so many difficulties with crypto.

I think Indian politicians must be doing it for selfish reasons as they are afraid of losing the power. The shadow area of economy is really huge in India and that is what basically lets people get out of poverty as there are mechanisms of earning money without paying taxes. With all that in mind, black money looks more like an excuse than a real reason for banning.

[Ekim22]

Actually we don't know the reason why India banned the cryptocurrency  in there countries.maybe because they thinking that Bitcoin will  lose  there economy so that they ban it.

[senin]

For a long time, the Indian government has pointed out that investing in crypto currency is very risky and encourages citizens not to deal with it. Especially this is the beginning of a clear sound after bitkoin in December last year reached its record rate and began after that to dramatically lose its value. After that in bitcoin, they saw the manifestation of a financial bubble. However, while the crypto currency is not banned in India, it continues to walk relatively freely in this country. Its attitude towards it should be indicated by the legislative body of this country, by adopting the corresponding law.

[tetyulfania]

I am still confused whats going on and why India want to banned bitcoin and cryptocurrency at their country, why have to banned crypto any dangereuos effect of bitcoin or not. We have promote and give more about how cryptocurrency and bitcoin work because we won’t to see another country will be banned bitcoin transaction. How to see if cryptocurrency was banned and how bitcoin price later will be more dump and lower price when bitcoin was banned.