what is the main reason for india to ban cryptocurrency

[elachious123]

India is one of the world poorest country, I feel the ban result from the fact that some few among them can abuse it and use it to control their economy. Also, remember that traditional financial institutions like banks are doing their best to eradicate Bitcoin existence.

[1714842696]

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[1714842696]

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[avikz]

i dont know why india is not legalizing the cryptocurrency ? 

I think the reason is like others country. Government or central banks must be saying that bitcoin ban because it can use for any illegal activity etc etc. They should take and regulate bitcoin because it will helping many peoples

Yes, that is one of the reasons as Banks are seeing crypto currencies as a direct competitor of their business. However, the main reason behind this ban is the over reserved mentality of Indian government. For every new thing related to money, they show a negative view at first and then slowly adopt it. The same thing will happen for bitcoin too. The way blockchain technology is progressing, no governments will be able to keep themselves blind for longer time. It has to be adopted to be prepared for the future.

Also one funny explanation given by one of the senior officials of Indian government is that, the government is worried about the possible tax evasion. In a country of 1.3 billion people, the number of taxpayers are only 12.5 million. People are not paying taxes anyway. What change crypto will make in that scenario. It's laughable! The banking cartel is opposing it and government is listening to them.

[hualy2]

India is a country with a large economic bubble. Those big capitalists monopolize real estate, transportation, finance. But the decentralized nature of cryptocurrencies is something they don't like,they choose to exclude it if they don't have full control over Bitcoin.

[InterFinex_JB]

I don't think India cryptocurrency is illegal in India.  In a recent article from Forbes, Ajeet Khurana, head of the Blockchain and Cryptocurrency Committee (BACC) of Internet and Mobile Association of India (IAMAI) said the cryptocurrency was even mentioned in India's national budget. Here's what he said, “I recognized that it was a step in the right direction. Having the finance minister say that cryptocurrency isn’t legal tender is perfectly logical –-- every nation barring Japan has taken this stance. It doesn’t mean crypto trading is illegal, but comes with its own risks like any other investment asset in the market.”

Read the full article here:
https://www.forbes.com/sites/sindhujabalaji/2018/02/06/india-is-not-banning-cryptocurrency-heres-what-it-is-doing-instead/#1273b9587c6f

Hope this clears out the misconception.

[alizalela7]

The trading floors in India are operating at full capacity, as the number of investors registering to buy Bitcoin has increased tremendously. I have not heard Indian news banned bitcoin

[DavidCallahan]

The government has a fear when it comes to the market of crypto currency. Mainly because of the anonymity of the users in it where it is tough to find the transactions are done by whom. This unavailability of tacking out the people may cause fear in the government of something illegal taking place.

[BitcoinCommodor]

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

All cryptos including bitcoin, ethereum , LTC are banned by Reserve Bank of India with immediate effect, a window of 3 month was given to all traders and investors to cash out their bitcoin or any crypto, some did cashout and rest have there cryptos trapped in their wallet, well by trapped I mean they can’t sell it in Indian market although cryptos can be traded peer to peer which indeed shows the limitation of the ban that it only limits buying and selling of cryptos but not trading among peer to peer.

[Voevoda]

i dont know why india is not legalizing the cryptocurrency ? 

I think the reason is like others country. Government or central banks must be saying that bitcoin ban because it can use for any illegal activity etc etc. They should take and regulate bitcoin because it will helping many peoples

Yes, that is one of the reasons as Banks are seeing crypto currencies as a direct competitor of their business. However, the main reason behind this ban is the over reserved mentality of Indian government. For every new thing related to money, they show a negative view at first and then slowly adopt it. The same thing will happen for bitcoin too. The way blockchain technology is progressing, no governments will be able to keep themselves blind for longer time. It has to be adopted to be prepared for the future.

Also one funny explanation given by one of the senior officials of Indian government is that, the government is worried about the possible tax evasion. In a country of 1.3 billion people, the number of taxpayers are only 12.5 million. People are not paying taxes anyway. What change crypto will make in that scenario. It's laughable! The banking cartel is opposing it and government is listening to them.

the absence of global regulators greatly complicate life with the emergence of global technologies, public authorities are more difficult to perform the usual duties.

[asmasadiq]

i dont know why india is not legalizing the cryptocurrency ? 

Actually they are trying to digitalise all money transactions so that there would be no anonymous transactions and more taxes could be applied.They fear that if they allow cryptos,then they would not be able to control the illegal money flow.

[Joemzz31]

India is one of the countries wherein there is a huge population.
The reason about that is many people don’t used banks in their daily life therefore the cryptocurrency will be hard to approach them if that is happening right now.

[Voevoda]

i dont know why india is not legalizing the cryptocurrency ? 

Actually they are trying to digitalise all money transactions so that there would be no anonymous transactions and more taxes could be applied.They fear that if they allow cryptos,then they would not be able to control the illegal money flow.

States will always try to collect from their citizens who are more solvent. but citizens are trying to defend their freedom in the crypto world.

[tutorroma]

There is no need for much reason, and the Indian government has not benefited from an encrypted currency deal, has not been taxed, and will of course introduce policies that do not welcome Bitcoin.

[Nisharawal]

i dont know why india is not legalizing the cryptocurrency ? 

India is really a big country and it's going to be a major participant of the Cryptocurrency trading soon in coming months. I believe that the Indian government is planning to take some actions before regulating it completely all over the world. Actually, it takes some time to prepare a best regulation plan and conditions by which Indian people can safely trade the cryptocurrency so that Hackers cannot hack their cryptocurrency by any means. I think its soon going to be legal in India just wait & watch.

[Charles Warren]

Indian Government is also not sure about future of Cryptos in India. If we take this year’s budget statement of finance minister of India(Arun Jaitley) , he clearly said that “Cryptos are not legal tender in India and we will explore future of Blockchain Technology”.

[Peter Bailey]

I also think it’s a failure of Government if they banned cryptos in India. World is moving fast now and they have to allow citizens to explore and invest in Virtual currencies. Indian Government is worry for Banks or either they do not want citizens to make good profit.

[Daday23]

i dont know why india is not legalizing the cryptocurrency ? 

Not only india not legalizing cryptocurrency there are more coumtry until now legalization of crypto currencybis under observation.And the worstbis the other country banned bitcoin in no reason.

[kenziefried]

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.

Exactly that is the matter why cryptos have been banned from the Indian market, India being a developing country cannot take any chances which might cause an economic instability in the region and also due to internal and external conflicts among the neighboring countries and the people of India, economic state of India decides a lot and thus if by any chances cryptos causes instability in economic condition it can be a great threat to the country itself.

[voztata]

i dont know why india is not legalizing the cryptocurrency ? 

India is a developing country and hence cannot take any risks in its economy, and no economists can predict what kind of effect bitcoin or any crypto can bring to the Indian economy also the fact being India is somewhat of a business hub in the south east Asia it can be easy for frauds to take place and with cryptos which don’t have a proper govt body to look after situations can become dire in no time and hence can affect the economy of India, and no country be it developing or developed doesn’t want an economic instability in them.

[opendata]

RBI and Indian Government is hesitate for cryptocurrency because they think its a biggest security thread for India, money laundering and mafias can do illegal activity from this currency but Indian government can Legalize this currency making a new law and policies for investors who wanna invest in cryptocurrency i think this will make strong Indian economy.

[boyptc]

To make this short and summary, AFAIK central bank of India is still skeptic about crypto's so there's a conflict on their agency but their government is stating that they would adopt it.

And from what I read, they will now consider crypto as a commodity. If there's an Indian there to give more precise and briefer explanation on what's really happening there will be much appreciated.