India Considering Cryptocurrency Ban

[Lmaooo]

Indian regulatory body the Financial Stability and Development Council (FSDC) is considering measures to ban the use of private cryptocurrencies while encouraging distributed ledger technology instead, after a meeting on Thursday.

    Mr. SC Garg briefed FSDC Council about the progress in the Inter-disciplinary committee on Crypto "to devise an appropriate legal framework to ban use of private crypto currencies in India".

    Read the official press release. #regulation pic.twitter.com/XrU8BIHuAt

    — Crypto Kanoon (@cryptokanoon) October 31, 2018


Ban On Private Cryptocurrencies

The FDSC’s 19th meeting of the year convened on the subject of global and domestic economics, as well as India’s performance in the financial sector. The Council noted that advancements in fintech cybersecurity had been made, including steps toward a threat response team it named the Computer Emergency Response Team in the Financial Sector (CERT-Fin).

Despite that, the regulator will still move forward with consideration of a crypto ban, stating in the official release:

    “The Council also deliberated on the issues and challenges of Crypto Assets/Currency and was briefed about the deliberations in the High-level Committee chaired by the Secretary (Economic Affairs) to devise an appropriate legal framework to ban use of private cryptocurrencies in India and encouraging the use of Distributed Ledger Technology, as announced in the Budget 2018-19.”

India’s finance minister Arun Jaitley attended the meeting, as well as members of the Reserve Bank of India (RBI), the country’s central financial institution. Both have been critical of cryptocurrencies in the past, according to a report by The Next Web.

Read more | https://cryptoslate.com/india-considering-cryptocurrency-ban/

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[bitfocus]

Yes, just read it this morning, and its really very sad news for Indian Crypto Community.

[Rajs64]

Falling rupee, increasing unemployment, ever increasing rape cases, corruption, increasing political tension with neighbouring countries etc are relaxed by Indian government. They seems to have blind eye towards it.

Something innovative, bringing wealth to general public is prick to their sentiments.

We STILL are LIVING in a poor country afterall!! Not to expect much here....

[proTECH77]

Devise a proper legal framework to Ban cryptocurrency is dishearteningly. Countries like USA, Canada, Australia, The European Union, Finland, Belgium, Cyprus, Germany, Bulgaria, UK says yes to cryptocurrency(Bitcoin) while India is considering a ban on it, though not withstanding the existence of cryptocurrency has come to stay and is a matter of time for it to get global attention which will lead to it acceptance and adoptability.

[erdemdio]

Enough with these bans. What they want from crypto. They are too late for this kindnof actions they cant ban anything. We are living in internet world now.  If they ban people will find another solution. They need to ban all internet

[sinkfish]

There they goes, back to the cow feeding era. and i thought India value tech and crypto. It is rather irrational decision.

[Rajs64]

Devise a proper legal framework to Ban cryptocurrency is dishearteningly. Countries like USA, Canada, Australia, The European Union, Finland, Belgium, Cyprus, Germany, Bulgaria, UK says yes to cryptocurrency(Bitcoin) while India is considering a ban on it, though not withstanding the existence of cryptocurrency has come to stay and is a matter of time for it to get global attention which will lead to it acceptance and adoptability.

They have to understand first what is crypto currency. I doubt if they intend to educate themselves on crypto..

[gaslyant]

I thought India was at a good position on cryptocurrencies. They were looking into the technology too iirc.

[digitalcryptocoin]

Falling rupee, increasing unemployment, ever increasing rape cases, corruption, increasing political tension with neighbouring countries etc are relaxed by Indian government. They seems to have blind eye towards it.

Something innovative, bringing wealth to general public is prick to their sentiments.

We STILL are LIVING in a poor country afterall!! Not to expect much here....

Obviously.

India is currently listed as Tier 3 country in World. Which represents economically, educationally poor country.

[Lmaooo]

Falling rupee, increasing unemployment, ever increasing rape cases, corruption, increasing political tension with neighbouring countries etc are relaxed by Indian government. They seems to have blind eye towards it.

Something innovative, bringing wealth to general public is prick to their sentiments.

We STILL are LIVING in a poor country afterall!! Not to expect much here....

Obviously.
India is currently listed as Tier 3 country in World. Which represents economically, educationally poor country.

Countries should stop blaming bitcoin for their misfortunes. The Indian government should create more jobs for the youth to reduce the high rates of unemployment in the country. Politicians always want to play their dirty game called politics for their own goods. So, if India is trying to jump out of the train now - thank god, China is trying to hup on

[munareal]

Good things will always prevail. The ban on cryptocurrencies cannot be justified and I believe over time bitcoin will cross all the hurdles that are keeping it away from massive adaptation. The blockchain technology usefulness which the bitcoin is created on cannot be overemphasized

[dmamigo]

Oh great India is the new China, it's banned and unbanned on the weekly. When will these countries quit fooling around?

India after restricting the Banks is now planning to completely make the usage or even crypto-crypto trading to a halt in India. But the irony is they are planning to make their own crypto equivalent to INR. About China recently I read somewhere they are planning to make it legal and regulate it and probably imposing taxes. I guess they will need more time to stop fooling around or after losing some good opportunity related to this.

[dothebeats]

Considering cryptocurrency ban and pushing their own cryptocurrency for the public's consumption? That seems a very legitimate move to me. Instead of focusing on enriching their economy--and allowing cryptocurrency and related services includes them--they instead built a giant statue worth 29 billion Rupees which symbolizes "India's integrity and resolve". What has that to do with the evident poverty within the country? India, instead of progressing, is regressing towards the Stone Age. Well what do we know about their internal policies and such, anyways.

[cryptohunter]

another place to be very glad you do not live unless you are in the rich tiny minority that is in control.

[avikz]

It's a sad news for me because I belong from this country where the government is run by a religious group who are more keen to build temples and statues instead of trying to become a technological superpower.

India is talent rich country and all major IT gients are led by indians. For example, Google, Microsoft, Mastercard, Nokia, LSI Corp etc. It's sad to see that India is taking a step backward and discouraging the population from using cryptos.

The only hope is that, nothing has been finalized yet and a lawsuit is still pending for decision in Supreme court. If the ban comes into effect, we will effectively taking a step back from a future revolution!

[amishmanish]

Considering cryptocurrency ban and pushing their own cryptocurrency for the public's consumption? That seems a very legitimate move to me. Instead of focusing on enriching their economy--and allowing cryptocurrency and related services includes them--they instead built a giant statue worth 29 billion Rupees which symbolizes "India's integrity and resolve". What has that to do with the evident poverty within the country? India, instead of progressing, is regressing towards the Stone Age. Well what do we know about their internal policies and such, anyways.

The possible ban on cryptocurrency will be an enormously regressive step if implemented. But the statue you speak of is an attempt towards consolidating a conservative, right-wing identity. There has been a revival of right-wing politics around the world. India was moving on that path before Trump was elected.
The problem is that while the present Govt. earned people's confidence by campaigning on an anti-corruption and development plank, they have shown provocative rhetoric despite India being a very diverse country.

The cryptocurrency ban is a result of the cases of fraudulent activites by the, dare i say, early adopters. In India, and most countries with a colonial past, we have this explotation syndrome where people want to take advantage of those with lesser knowledge/ power than them.
There were cases of Ponzi schemes, extortion, people buying bitcoin with black money during demonetization etc etc. Its not a surprise that the Govt views it as a thorn in its side.

[Danish Mohiuddin]

I think the indian mindset is sort of confused right now they dont have any idea what they intend to achieve with such an measure with larger economies like USA,Japan etc at the same time they are trying to emulate with china which is always a great mistake on their part no wonder we will miss the blockchain train for sure for economic development

[eternalgloom]

What do they mean exactly when they're saying private cryptocurrencies?
That's the first time I've ever seen the word 'private' used with regards to cryptocurrency.

Further in the article I also read that they're also proposing to add a sales tax to all cryptocurrency trading.
That's also a bit worrying, I'd say.

A proposal currently under consideration by the Indian government would apply a goods and services tax of 18 percent to cryptocurrency trading.

[jrrsparkles]

It's a sad news for me because I belong from this country where the government is run by a religious group who are more keen to build temples and statues instead of trying to become a technological superpower.

India is talent rich country and all major IT gients are led by indians. For example, Google, Microsoft, Mastercard, Nokia, LSI Corp etc. It's sad to see that India is taking a step backward and discouraging the population from using cryptos.

The only hope is that, nothing has been finalized yet and a lawsuit is still pending for decision in Supreme court. If the ban comes into effect, we will effectively taking a step back from a future revolution!

But I think you no need to worry for now since there is no further information about their decision we got so they may have postponed about crypto currencies decision to the near future because they have lot of serious problem facing in their country like fuel prices increases historically.And also they are going to have an election in 2019 so they may not take anything about cryptos for now.

[378budiman]

Designing the right law to ban cryptocurrency is very disappointing. Countries such as the United States, Canada, Australia, the European Union, say yes to cryptocurrency (Bitcoin) while India is considering the ban, although it does not restrain the existence of cryptocurrency.