Here is why Cryptocurrency future in India is in danger

[libert19]

2 days ago, the previous governor of RBI Urijit Patel resigned from his position citing personal reasons.

Now, the new governor is Shaktikanta Das, who few months ago told this:



You can read the full interview here: https://www.google.com/amp/s/qz.com/india/1224492/bitcoin-just-cant-be-regulated-in-india-insists-an-influential-former-bureaucrat/amp/

:/

[1714886622]

1714886622

[1714886622]

1714886622

[avikz]

I am deeply concerned about what's going on in India. The current government is a backward thinking government who are more interested in building temples and creating religious collisions within the country. They are also trying to include their own people as the head of every institution. New Governor is just another example of that initiative. BJP is trying to get hold of the cash reserve of the country to control their own agenda.

I don't see any hope for cryptos in India until the current government stays in Power. They are trying to establish a cottage industry based on cow dung and cow pee. It seems like we are travelling back in time instead of moving forward while the brightest minds are opting to stay abroad.

[lrvjvt]

I am deeply concerned about what's going on in India. The current government is a backward thinking government who are more interested in building temples and creating religious collisions within the country. They are also trying to include their own people as the head of every institution. New Governor is just another example of that initiative. BJP is trying to get hold of the cash reserve of the country to control their own agenda.

I don't see any hope for cryptos in India until the current government stays in Power. They are trying to establish a cottage industry based on cow dung and cow pee. It seems like we are travelling back in time instead of moving forward while the brightest minds are opting to stay abroad.

The government with backward thinking is not just India. In fact, other countries in Asia except Japan，they are keen to establish their own monetary system and regard crypto as a threat.
You can see the situation in several major Asian countries. In some countries in the Middle East, even using crypto may be a crime.
In contrast, India is much better, at least they won’t catch you because you use crypto.

[livingancient]

It just happened that the market now is in danger zone to economic growth of the country. Moreover, despite of the present government thinking with regards to adoption of cryptocurrency to their boundaries, still I am hopeful that India will be more open to welcome crypto not as garbage but one of the most helpful source to enhance the market or economic growth of the country and in the lives of the citizens. I understand that everything should not happen in hurry but everything should be in the process most specially we are in decline. Possible it affects the thoughts of government officials.

[libert19]

I am deeply concerned about what's going on in India. The current government is a backward thinking government who are more interested in building temples and creating religious collisions within the country. They are also trying to include their own people as the head of every institution. New Governor is just another example of that initiative. BJP is trying to get hold of the cash reserve of the country to control their own agenda.

I don't see any hope for cryptos in India until the current government stays in Power. They are trying to establish a cottage industry based on cow dung and cow pee. It seems like we are travelling back in time instead of moving forward while the brightest minds are opting to stay abroad.

The government with backward thinking is not just India. In fact, other countries in Asia except Japan，they are keen to establish their own monetary system and regard crypto as a threat.
You can see the situation in several major Asian countries. In some countries in the Middle East, even using crypto may be a crime.
In contrast, India is much better, at least they won’t catch you because you use crypto.

They already banned banks from giving services to individuals who deal in cryptocurrency. But, it's still alive via p2p methods.

However, if they completely ban it or term it illegal then it won't be any less than crime in the country.

[bitfocus]

these 3rd world countries are so control-freak! I think then even dream to control the breath of the citizens!

[BurgerCash]

These people can't enforce a ban.
Losers like him will be remembered and laughed at by future generations.
Never stop using crypto, don't be on the wrong side of history like your government is. Make your children proud!

[prasad87]

Bans have been tried but never success for them.
What you expect - police will come to your house to see if you own a Ledger?
It will stop merchant adoption which is sad. But it can't stop users.

[nicster551]

2 days ago, the previous governor of RBI Urijit Patel resigned from his position citing personal reasons.

Now, the new governor is Shaktikanta Das, who few months ago told this:



You can read the full interview here: https://www.google.com/amp/s/qz.com/india/1224492/bitcoin-just-cant-be-regulated-in-india-insists-an-influential-former-bureaucrat/amp/

:/

People inside the crypto space is aware of these things to happen and it will not make any more FUD to them, but at the end it will always be okay for use to use crypto since they really can't regulate it at all. Unless you can get caught.

[dothebeats]

Or they imply cannot come up with effective solutions to try and regulate crypto? If other giant countries can do it, why can't they? Their priorities are far more focused on something that doesn't benefit the citizens much, just look at the giant statue that they erected. This is simply neglecting their citizens from the benefits of bitcoin and cryptocurrencies IMO, and not some case of regulations that are hard to impose.

[maxamus]

these 3rd world countries are so control-freak! I think then even dream to control the breath of the citizens!

The government is not focusing on crypto market and also Economic growth of country is also not good and also they want to have control over the currency system which is opposite in crypto world which is decentralized in nature and no authority can control the market which is not accepted by these politicians and they need control over all.

[libert19]

Or they imply cannot come up with effective solutions to try and regulate crypto? If other giant countries can do it, why can't they? Their priorities are far more focused on something that doesn't benefit the citizens much, just look at the giant statue that they erected. This is simply neglecting their citizens from the benefits of bitcoin and cryptocurrencies IMO, and not some case of regulations that are hard to impose.

I think they are right about effective regulations part, still complete ban would be kind of overestimation. Hope that doesn't happen.

[Robbie2334]

2 days ago, the previous governor of RBI Urijit Patel resigned from his position citing personal reasons.

Now, the new governor is Shaktikanta Das, who few months ago told this:

https://i.loli.net/2018/12/12/5c10883180b1c.jpg

You can read the full interview here: https://www.[Suspicious link removed]

:/

:
maybe crypto is not profitable for their country.

[shamc]

Crypto is already banned in India so does it matter if they switch to this bitcoin hating finance minister. I don't think it makes any difference globally, but in India it will take a long time to gain acceptance

[jatin729]

As we know no one can control crypto currency. I have some reasons why india does not regulate it ?
i think govt. take it as headache because india is in developing stage right now and govt does not want to have any financial instrument into the system. 

[tomahawk9]

Weird how they didn't come up with some sort of regulations or taxes to actually profit from cryptos, are they too scared to lose control and give the citizens the freedom to do anything they want with their own money? Perhaps the banking system sees cryptos as a real threat in the future?

This is a major step back for India (if they actually end up banning cryptos), the rest of the world is getting ready to embrace the future with cryptocurrencies like bitcoin while India will be left behind with their own centralized digital currency.

[Snyderfx2]

It is really a major issue for the Indian crypto community and there are many occasions that governments has interfere with the expansion of cryptocurrencies inside India which has made some crypto enthusiast in bad situations and it is a huge disadvantage for the crypto world too because India is a large economical country that is developing rapidly so the market might loose many potential investors that might be the reason why we don't see many ICO projects that are functioning in India like previously due to government regulations and restrictions 

[kokobaba880]

We have heard these news many times that a politician is against of crypto currency and just one country like India if bane crypto it will not possible for them and people will still use it for trade and other payments but other countries are crypto friendly's they have launched their own ICO in the present time so we have to see the market more better in the future.

[Peacemaker1994]

This would deal a strong stinging blow to cryptocurrency enthusiast in India and considering the population of India this would also affect the cryptocurrency world.

I hope this doesn't happen

[kryptqnick]

2 days ago, the previous governor of RBI Urijit Patel resigned from his position citing personal reasons.

Now, the new governor is Shaktikanta Das, who few months ago told this:



You can read the full interview here: https://www.google.com/amp/s/qz.com/india/1224492/bitcoin-just-cant-be-regulated-in-india-insists-an-influential-former-bureaucrat/amp/

:/

First of all, that guy could've changed his mind over the months. Secondly, India is not some absolute monarchy where Shaktikanta Das is a ruler. Even if he is the head of the bank, it means only that he can give some useless interviews and probably advices. He cannot influence the legislation directly. Moreover, the head of the bank probably also doesn't make serious decisions on his own. In my country there is a situation in which the National Bank is quite against cryptos. Nevertheless, it does not affect crypto legislation project laws at all. I hope India is going to be fine.