what is the main reason for india to ban cryptocurrency

[alexgreen2018]

The main reason seems that Indian government and Reserve bank of India are studying the pros and cons of crypto in India and till then have stopped banks to provide services to crypto exchanges.

[MalcolmBee]

India has not  banned Crytpocurrency it's the complex situation to summarize, but the central bank of India (known as Reserve Bank) believes that it is a speculative game, which may lead to lot of people losing money; apart from crypto being used for illegal trades & movement of money. In the past, they had cautioned people against risks of speculative trades, but did not do anything beyond that.and government can not control cryptocurrency.

[sarungmen]

using bitcoin is too high risk, instead the Indian government considers that bitcoin can exacerbate the economic situation because bitcoin is a bubble that can simultaneously erupt and many bitcoin investors lose a lot of assets when the sale of prices falls to its lowest

[buy_crypt_sell]

Bankers and oligarchs are afraid of competition from the cryptocurrency. It is more affordable than the traditional currency, and therefore holders of ordinary money are afraid of losing their exclusive position.

[CoinsGazer]

First, they are concerned that cryptocurrencies will expose investors and banks to fraud risks.
RBI seems to be concerned about the anonymity and hard-to-trace nature of cryptocurrencies.
The last (and very critical) concern of RBI is that they believe that cryptocurrency has no intrinsic value, and it has essentially no value because it has no viable asset support.

[KingScorpio]

i dont know why india is not legalizing the cryptocurrency ? 

cryptos and central banking are also in a zero sum game

[dillonplayadoe]

i dont know why india is not legalizing the cryptocurrency ? 

To keep the 1 billion Indians poor and without a means to raise out of poverty.  The government prints money and pays it out to all their cronies.  You don't honestly think they want things to be fair do you. 

Just keep filling out your KYC and begging for government regulations.  The people that think the government is here to help are lost souls to the fullest extent.  I'm not sure how we will win with all the poor unwashed masses who do not even realize government is the issue.  The sad thing is they are the ones getting fucked over the most and calling the hardest for more abuse.   

[Netnox]

Like many other third world nations, India is also facing the problem of tax evasion and black market. The current government has taken a tough stand against tax evasion, and as a result all the financial transactions are carefully screened. The issue with Bitcoin is that it is a medium for tax evasion in India.

[Xxmodded]

i dont know why india is not legalizing the cryptocurrency ? 

according to news sources that I have read, India has now allowed crypto trading from per to per, this indicates that crypto is not completely banned in the country of India and there are only rules that must be followed

[libert19]

i dont know why india is not legalizing the cryptocurrency ? 

according to news sources that I have read, India has now allowed crypto trading from per to per, this indicates that crypto is not completely banned in the country of India and there are only rules that must be followed

No. They haven't allowed anything, it's just that many folks are doing trading on p2p platforms.

There is hearing about that but it's getting adjourned since the original hearing date.

[rafi035]

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.

of course the Indian government has a strong enough reason that it might only be seen from the negative side so that the Indian government prohibits the presence of crypto currency in the country

[HashimotoreReika]

i have a same question with you bro. so if anyone know the answer please explain me too

[Jansaa]

I do not know for sure, but most countries do not have management plans that prohibit or restrict the use of Bitcoin and altcoin.

[finlandais]

According to me the main reason is that it will affect the economy of the country.Indian government is still deciding that whether to legalise it or not.Decision is still pending.Their is no central management to control it due to which indian government is still working on the last and final decision.Rest what exactly the reason about this is not known to anyone.

[rumexx]

India is claiming that bitcoin can not remain anonymous  and will not be centralized that is like a scam and can easily be used to commit crime like funding terror , drugs and and money laundry. Though there is still hope for my friends in India who if possible use bitcoin in their country again  because the case is in  front of India supreme court to decide. Let us pray for success at supreme court for the cryopto families  in  India .                                                                                                                                                                                                                                                                                                                                                                             

[delphic]

But in India, almost all types of drugs are legalized. Maybe this was the reason for the prohibition of cryptocurrency. To limit the import and export of prohibited substances.

[Violettochka]

Maybe same with other countries? The main reason is that affect the economy of the country, and India doesn't want to destroy the economy which is already quite poor.

[BigSamson5]

I also do not know the main reason why India does not like bitcoin, maybe just that they have a conflict with bitcoin about their government rules, or maybe they are afraid that illegal activity would be done if They allow bitcoin in their country. India has not banned Cryptocurrency which is a complex situation to summarize, but the central bank of India believes it is a game of speculation, which can lead to a lot of people losing money; In addition to crypto being used for illegal transactions and transfers. The government can not control electronic money. Banks and oligarchs are afraid of competition from electronic money.

[Tahir460pk]

I think is the main reason for India to ban crypto currency is might be they think if crypto market without legislation works it's would effect on the economy and make it poor thats why india ban the crypto market.

[EmmaBen]

think greed is. The craze for "easy"
 money" in that country became feverish, and now people deal with cryptocurrency with negligence to government's financial regulations. This spurred a ban on the use of crypto.