what is the main reason for india to ban cryptocurrency

[Marlo Stanfield]

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.

They can regulate it if they want. Whether or not they can effectively enforce those regulations is another question. But even so, any types of regulations where there are penalties will surely influence people's decisions and such related to interacting with the currency.

[ToniJu]

I think this may be related to the power of the economy, because cryptocurrencies are decentralized. If cryptocurrencies are legal in India, they may lose complete control over the economy!

[Bitocek100000]

India is a conservative country, so any innovations, especially those relating to money and the possibility of their concealment, are perceived negatively by the authorities.

[ayambawang]

India has worried that some things that have a negative impact from Crypto. The Indian government thinks cryptocurrency will only take over India's official currency function and the government will not be able to control cryptocurrency. Which will only have an impact, especially in the economic field.

[GlobeTrott]

The same reason South Korea (at least temporarily) placed a ban on crypto & ICOs -- the government needs time to understand it and put systems in place to account for its effect on the economy.

[Bara420]

As far I know India banned bitcoin because they can not regulate it and also they don't want digital currency they give importance to their currency.

[sneeze11]

i dont know why india is not legalizing the cryptocurrency ? 

I do not know what is the main reason of india to ban cryptocurrency in their country. Bitcoin only wanted our country better so why some country ban it. There are so many people that is now rich and successful because of bitcoin.

[Renai0925]

They simply don't understand cryptocurrency fully and cannot recommend it as scams are also prevalent in their country. Just their way of protecting their citizens. But it would be great if they commit a group to research further into it for regulation.

[Joewright91]

They know what they are doing. Their owners (banks and media) do not like crypto. It undermines their power. Therefore, they have asked domestic media to scare people from buying crypto.

[bitfocus]

e3rd world governments are control-freak, that kills anything that opposes, bans anything they can't control.

[lamcouz]

Very probably is because of fraud. Many residents do not even know how to use cryptocurrency. And the economy of some countries does not allow you to enter even such new ventures like crypto and ICO.

[brijeshmota]

stop with this clickbait, they have not banned it _ they just stopped banks from participating in crypto transactions.

[nikki4]

It is too sad to have this kind of update that the country of India really ban crypto currency. As far as I know, there are really a lots of crypto persons there that keep on using crypto currencies and gladly use it in their life. I have a friend in India and I was so sad to have this kind of news. I hope that no more countries will ban crypto currencies but indeed more countries will accept it and make it legalize formally and implement different crypto related matters.

[InboundMercury]

There is the major fact behind the ban as far i know is the regulation problem, Indian government wish to regulate it and when he unable to do this ban it.

[BTCempires]

RBI representatives believe that cryptocurrencies seriously undermine the anti-money laundering standards developed by FATF, adversely affect the markets, reduce the effectiveness of control over the movement of capital, and are also used to Finance terrorism, but I do not believe that this is true.

[GreatGEEK]

Well, I’m not sure about anything on this matter, but I think that reasons of unaccepting btc are the same for almost everybody. Some people and/or governments might be afraid of bitcoin, coz it is something new and unknown. Besides, government can’t regulate crypto, so it's not surprising that it's banned in some countries.

[Firefox07]

i dont know why india is not legalizing the cryptocurrency ? 

Only the government of India know what are the real reasons why they are not legalizing cryptocurrency. And we cannot force India to legalized cryptocurrency because they have freedom to reject what they don't want.

[korg1960]

Most likely, the main reason for the cryptocurrency ban in India is that the government is not able to exercise control over the cryptocurrency.

[karagun125]

I also do not know the main reason why india doesn't like bitcoins, maybe its just they have contradiction to the bitcoin about their government rules, or maybe they just afraid that illegal activity will be made if they allow bitcoin in their country.

[Shubhamgill33]

First of all, cryptocurrency is not banned in India. Its just that Reserve bank of India has stopped banks from dealing with crypto exchanges in the country. They made this decision, till the time they can study how crypto can affect monetary system in the system. They cannot allow anything to run in country without knowing its legal/illegal aspects. Supreme court is hearing the arguments between RBI and crypto exchanges and all are hoping that Court will allow Banks to support crypto exchanges.