what is the main reason for india to ban cryptocurrency

[maxy1999]

i dont know why india is not legalizing the cryptocurrency ? 

[1714828881]

1714828881

[1714828881]

1714828881

[Dasha88fed]

Perhaps for the same reason as all other countries. Everyone is afraid of the consequences, they are afraid to take the first step, because they do not know what it will lead to, although they understand that cryptocurrency is not the future, but the technology of today. South Korea shows an example of introducing taxation and regulation of the crypto currency market and I am sure that further countries will follow Korea and will begin to make changes in their legislation and adopt cryptocurrency.

[YuginKadoya]

Well the RBI or the Reserve Bank of India was the one who are pulling the plug on the country’s cryptocurrency ecosystem by forbidding banks from having any business relationships with exchanges even thought their government may launch its own cryptocurrency, Well the bank had it's issue with Cryptocurrency because of the possibilities that cryptocurrencies may pose potential financial and legal customer protection and security related risks.

[virendarnagpal]

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.

[shivakumar D S]

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

[Annaray.tejith30]

i dont know why india is not legalizing the cryptocurrency ? 
I think there is no such peoples in India to understand the same so only still its not been legalized in India.

[Osakrita]

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.

[budismile]

i dont know why india is not legalizing the cryptocurrency ? 

The reason the Indian government forbids Bitcoin, Bitcoin is a Ponzi scheme that can deceive all the people of India. therefore the Reserve Bank of India (RBI) has unilaterally refused to legalize Bitcoin without authorization from the Indian government.

After the RBI submitted its request not to legalize bitcoin and considered Bitcoin a Ponzi scheme, many others who criticized RBI even cointelegrap loudly criticize for describing Bitcoin being a Ponzi scheme.

but you do not worry, on 20 June the government of India has legalized Bitcoin and refused the RBI request, because the application and decision unilateral of RBI does not make sense and there is no strong law.

[sakahayang]

i dont know why india is not legalizing the cryptocurrency ? 

I think you read the news that has been very long, indeed in March last Indian government especially RBI Bitcoin forbid because it considers there is fraud in it. But the latest news in June the Indian government has made a decision by legalizing Bitcoin, assuming there is no fraud inside Bitcoin.
Here's the link the news
https://inc42.com/buzz/bitcoin-cryptocurrency-india-government/

[royal slave01]

i dont know why india is not legalizing the cryptocurrency ? 

 May be the Indian government did not trust bitcoin and other altcoins and they think that they need to protect their people from any investment that possibly may risk the money of their people.

[chidrawarster]

Its still not banned and instead put up in front of a committee to understand the pros and cons.I do agree that the banks are not allowed to carry out any crypto transactions but still many are doing by hook or crook.I also feel the blockchain technology is the future but i dont know what India is thinking about crypto space.I feel India should also take some bold steps like Korea and move ahead for having a bright future.

[pixelvault]

so basically the government that cannot control the wealth of citizens bans it.
There needs to be a big power shift in this world imo

[Chetan04]

I think lot of black money being transferred in the name of crypto. Govt. could not regulate it so they banned it i guess.

[demenBTC]

i dont know why india is not legalizing the cryptocurrency ? 

from news that I read that the crypto ban in India has been challenged by the Internet and Mobile Association of India (IAMAI), and the trial will take place on July 20, we are waiting for the RBI decision to be considered in court

[Wicked Sick]

Well the main reason behind Bitcoin being banned in India is that the transactions are anonymous and they think that it can be used by terrorists to fund their operations. Although I don't know how they are going to stop people from using it cause Bitcoin is decentralized and there is no way they are going to be able to track people using it.

[mohammedmattar]

The Indian government's decision has several reasons
Withdraw money, especially hard currency from banks and exit abroad
Money laundering operations related to drug money
and corruption and funding of Hindu terrorism against Muslim
 minorities and some radical groups belonging to Islam

[Slash61]

The ban for India is very common for all countries participating in the ban, so they have not fully stem the risks that will occur, have not been anticipated so that they will only take a safe path for the future to temporarily analyze and develop the nature of cryptocurrency, because when legitimized from now fear all shack money and transactions are not controlled thoroughly (overwhelmed).

[Gameroid]

Its still not banned and instead put up in front of a committee to understand the pros and cons.I do agree that the banks are not allowed to carry out any crypto transactions but still many are doing by hook or crook.I also feel the blockchain technology is the future but i dont know what India is thinking about crypto space.I feel India should also take some bold steps like Korea and move ahead for having a bright future.

I also do not think that they have still taken such a step. May be they are thinking about it but nothing is so much clear about it, i think that even if they will do so i am sure that very soon they will change their decision, because almost all the countries of the world are going to legalize bitcoin. Because it is becoming the common currency of the world.

[5ensei]

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

[cryptodalton]

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.