India Considering Cryptocurrency Ban

[gentlemand]

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

The difference is that no one gives the slightest shit what India does. It's always been nowhere in crypto terms and they're ensuring that it remains so as well. Let them hang themselves.

This shouldn't be surprising to anyone. They've restricted gold imports and thought nothing of demonetising their bank notes and thus rogering their own population for several weeks.

And good luck encouraging 'blockchain' with zero incentive to use or secure it.

[STT]

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!

I'm also disappointed often India is not striding forwards like it could be, it would literally change the world if India matched its full potential but its a big ask apparently.   As always I dont blame the people or nation so much as over inflated government and self importance of those who know best and think the answer is always more laws and restrictions on how people should trade legally.

Theres great wealth in just allowing people and enabling even people to do what they do best and all of society is richer for it imo

[eaLiTy]

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

The present Indian government is a failure in every aspects and it is not a big surprise that they could not frame anything Even though they started taking actions against the market and the citizens who have already invested in the emerging market are finding it difficult to trade freely and to stiffle the growth and make it hard for new investors the goverment is doing their best they can. India needs to wake up during the next electoral poll and hopefully will see changes after that .

[BitcoinPanther]

Well, the move is to ban private cryptocurrency ownership (and perhaps operation), and now i wonder what India would consider as a public cryptocurrency. As they support snd encourage the use of public ledgers or blockchain technology, it feels like India is to roll out their own government backed cryptocurren y soon.

[zolfa]

I think the india government must think critically to improve its economy. if crypto does not make a positive decision, then India will never be a developed country.

and India must learn from several countries that use crypto like Venezuela.

[Dexion]

Crypto development in India is very fast, and there are hundreds of thousands of users of virtual currencies in India.
the main reason the Indian government bans crypto is to avoid criminal acts such as money laundering and others.

but the Indian government will explore the use of blockchain technology by proactively supporting the digital world economy.

in my opinion, the Indian government will receive crypto in the future.

[calandra78]

that's news will kill bitcoin again. but we all know bitcoin can't be dead when goverment such on hearts.
Regulation can be change by time and good news will coming soon

[pakhitheboss]

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/

It is being considered that doesnot mean thar they have placed a ban on cryptocurrency.

So, Chill.

India is a Democratic country and it is not so easy for the Goverment to  take such harsh decision when Election are schedules next year April.

The Indian crypto exchange and community is already contesting the decision by RBI in Supreme Court. We need to wait for the verdict and believe in Democracy.

India is not a Banana Republic where few people can decide and implement a LAW. It is a Democracy where people have the power to decide, what is good for them..

P.S - The term PRIVATE CRYPTOCURRENCY is quite confusing. If they wanted to BAN cryptocurrency, why write PRIVATE CRYPTOCURRENCY.

[snipie]

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

Only high profiles have the access to the wealth gentleman... Other people have to work hard to stay poor or else they will be homeless. Poor Chinese and Indian, even the possibility of getting extra money from cryptocurrencies are illegal.

[Herbert2020]

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.

I mean more so on the back and forth, it's just like China was a little while ago. Next week it'll be somewhat okay then three weeks later a complete full ban.

it is like China in the sense that their government is NOT changing their position about bitcoin. the NEWS is changing what they report about their government stance every couple of days! and that is a big distinction.
for example from about 2012-2013 they have been saying China banned bitcoin but they never did it. what they did was for instance banning "banks" from investing in bitcoin. or some dude in some low government position talked somewhere randomly that bitcoin should be banned and the news reported it as an official law! LOL.
the same thing is happening with India. their "Reserve Bank" closed bitcoin exchange accounts and the media went crazy saying the "government" has banned bitcoin!

[panukurap]

that's news will kill bitcoin again. but we all know bitcoin can't be dead when goverment such on hearts.
Regulation can be change by time and good news will coming soon

yes, bitcoin will not die with a country that prohibits it bitcoin will only die if there is no internet connection, I am sure in the future all countries that forbid it will change its regulations and legalize bitcoin.

[jseverson]

Wait, private cryptocurrencies? Surely Bitcoin doesn't fall under that? And if they're encouraging distributed ledger technology, then that means they're okay with Bitcoin, right?

Still, what the hell is the Indian government thinking lol. It's not like India is a cryptocurrency hotspot. All of these developments seem like a waste of time and resources to me. The central bank circular should be more than effective enough in curbing crypto growth, if that was their goal.

[Pursuer]

Wait, private cryptocurrencies? Surely Bitcoin doesn't fall under that? And if they're encouraging distributed ledger technology, then that means they're okay with Bitcoin, right?

that is what I don't understand too. my first assumption was that there is some sort of "translation" problem where they translated "crypto" as "private" or something like that. and the source of the news (the link OP posted) is not reliable either so we can not be sure. and this is so out of context, the "council" might have been talking about "anonymous" cryptocurrencies which is translated to "private" which is a whole different discussion!

[jrrsparkles]

This shows how they are doin better ruling than 16th century.

I got a idea for the people who want to make the bitcoin completely legal in India,just bribe the most powerful government official in India then the problem will be solved.

I think now India is the most corrupted country in the world.

[jseverson]

Wait, private cryptocurrencies? Surely Bitcoin doesn't fall under that? And if they're encouraging distributed ledger technology, then that means they're okay with Bitcoin, right?

that is what I don't understand too. my first assumption was that there is some sort of "translation" problem where they translated "crypto" as "private" or something like that. and the source of the news (the link OP posted) is not reliable either so we can not be sure. and this is so out of context, the "council" might have been talking about "anonymous" cryptocurrencies which is translated to "private" which is a whole different discussion!

I'm on my phone so I can't really fact check right now, but maybe private means opposite of distributed ledger, whatever that is? I mean, they're banning one and encouraging the use of another, so it would probably be reasonable to assume that they'd be the opposite of one another. But yeah I see what you're saying, it could easily mean fully anonymous crypto.

If they mean stuff like Ripple and Tether though, I'd have no complaints lol.

[aad140386]

The Indian leadership has long been trying to put pressure on cryptocurrency, but before that they had not expressed a total ban on the use of cryptocurrency. As far as I know, earlier in India it was forbidden by a banking institutions to conduct any operations with cryptocurrencies and banned crypto-exchanges, but the use of cryptocurrency for the population was not prohibited. I'm not sure that they will be able to prohibit the use of cryptocurrency to the people. This is technically very difficult to do.

[Epimetheus]

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

Yes it was right that indian government ban bitcoin in their country. According to Indian government online bitcoin sites like zebpay, unocoin, koniex etc cannot exchange bitcoin or any other cryptocurrency with Indian currency. You can do all bitcoin or other cryptocurrencies related work in India except mining but you cannot convert your earned bitcoin into Indian currency. According to Indian government bitcoin affects their country economy by affecting their country national currency value and bitcoin users doesn't pay taxes and this thing ultimately affects the country economy

[Sandus_Cryptolover]

This shows how they are doin better ruling than 16th century.

I got a idea for the people who want to make the bitcoin completely legal in India,just bribe the most powerful government official in India then the problem will be solved.

I think now India is the most corrupted country in the world.

The level of corruption in India is very alarming. Hope a good change occur within though!

India intending to ban Bitcoin will only cause more harm to them than the cryptospace generally. With the dilapidated economy they have yet they want ignore such great technology, surely they need serious help.

[kissme09]

Restrictions may restrict some Bitcoin and Cryptocurrency activities and activities in the country. This will make it difficult to operate and expand, but it will not have a significant impact on investors here if all transactions are through anonymous exchanges.

[clickerz]

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

Yes it was right that indian government ban bitcoin in their country. According to Indian government online bitcoin sites like zebpay, unocoin, koniex etc cannot exchange bitcoin or any other cryptocurrency with Indian currency. You can do all bitcoin or other cryptocurrencies related work in India except mining but you cannot convert your earned bitcoin into Indian currency. According to Indian government bitcoin affects their country economy by affecting their country national currency value and bitcoin users doesn't pay taxes and this thing ultimately affects the country economy

While other country are easing on bitcoin and other cryptocurrency, India  seems moving backward. Though we  understand their action but they prefer to protect their economy. But India are benefiting from  cryptocurrency boom too,  like many Indians got opportunities in this new  category. India is a big market, and I hope that sooner, their government is ready and open to crypto.