Instead of a ban, India may turn cryptocurrencies into a commodity

[lordquanta]

Things are still haywire as far as bitcoin is concerned. Also considering  bitcoin as commodity will pave a way to other ICO to be treated as commodity and given a situation India does not have proper governing  body for monitoring crpto things are not that bright.

[suchi2591]

Latest update is India may lift ban on crypto due to law reform committee accepts cryptocurrency as a valid mode of payment.

[Vineeta2oct]

Regulating crypto currency trading is better alternative than banning it. If crypto trading continues in India, then I think it will give Indian economy a good boost plus Govt will get more taxes from people who will gain from Crypto. Due to regulations, scams will reduce. So regulating the crypto trading is win win for the Govt. and Indian Public.

Before regulating bitcoin,authorities must catch scammers who are run MLM type bitcoin business to cheat people.India Govt must make good regulations and also create awareness among people.

Yeah. As the regulation will come into picture, most of the scams will not work due to some requirement by the Govt. But it will take some time to have the perfect regulations because scammers are always creative and they find good ways to scam people.

[RocketSingh]

Latest update is India may lift ban on crypto due to law reform committee accepts cryptocurrency as a valid mode of payment.

I wish, there is no hasty decision, which is reversed at a later date.

[Cassidyblaze55]

it would be a good thing for crytocurrency at large.

[Fafabol]

maybe if India will legalized these cryptocurrencies.To become this as commodity,these cryptocurrencies would be regulated by the local government by providing laws and also the banks will provide procedures on how to manage these cryptocurrencies in every bank transactions.Cryptocurrencies can be used as local currency which are now available anytime of the year,which also brought a high demand on cryptocurrencies and other alternative coins.

[Helex]

yes i also heard that, but it is all speculation, let's wait for september hearing.

[RocketSingh]

maybe if India will legalized these cryptocurrencies.To become this as commodity,these cryptocurrencies would be regulated by the local government by providing laws and also the banks will provide procedures on how to manage these cryptocurrencies in every bank transactions.Cryptocurrencies can be used as local currency which are now available anytime of the year,which also brought a high demand on cryptocurrencies and other alternative coins.

India never declared cryptocurrencies as illegal. All it did is asked regulated financial institutions, like banks, to stay away from it.

[jatin729]

If Indian govt. recognize crypto as a commodity than it will new startup to start their own ICO for raise funds from cryptocurrency, in directly it will contribute into GDP because people will get income, work from it. One more important thing govt. can earn billions of dollars taxes from crypto currency traders.