Here is why Cryptocurrency future in India is in danger

[absurde]

Bad news are coming continously about regulation of crypto market, i know something when regulation will be ended they will find something new to damage crypto. No doubt.

[valisa]

many countries do not like and prohibit the use of bitcoin, usually the ban on the use of bitcoin by the government of a country is not clear why, this kind of thing disturbs the development of bitcoin and other cryptocurrency I hope that more countries will emulate Japan which legalizes bitcoin

[ralle14]

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

It's not completely banned in India you can still see people trading on localbitcoins every day. The only ban they did was between their own banks they don't won't allow anyone to do bank transactions related to cryptocurrencies everything else is currently untouched. I agree that it doiesn't make any difference globally because there's not a lot of volume. On the other hand if India does pull the trigger others countries might be encouraged in banning Bitcoin.

[burky156]

That is a very dangerous situation. Not just for India, dangerous for all of us. India has nearly 1 billion population and very large ammounts of Bitcoin and altcoins trading in their market and exchanges. The ban could effect all the market in very bad way. I believe this rumor already efected bad. This kind of news make me very uncomfortable..

[Gary Levanevskii]

Regulators are a big problem for the cryptocurrency market. Regulators are trying to fully regulate cryptocurrencies. If they cannot do this. They begin to ban it.

[libert19]

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.

They literally shot in their own foot with banking ban, before it indian exchanges used to pay taxes to government, plus users were verified so they could know their holding. Now, all trading is via p2p, hard to track.

if they ban completely, people will still find some other ways to trade or they will move to other country.

[DainnyRobin]

you shareing is nice information with me. thank you

[Mayoreetre]

why it danger? i think maybe it bring a safe

[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/

:/

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.

This is most sensible reply haha

Yes he can not influence legislation directly. Supreme court is hearing petitions on allowing, regulating or banning cryptocurrencies.. next date is jan 15.

[jjjfff]

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.

They literally shot in their own foot with banking ban, before it indian exchanges used to pay taxes to government, plus users were verified so they could know their holding. Now, all trading is via p2p, hard to track.

if they ban completely, people will still find some other ways to trade or they will move to other country.

But unless regulators can glue crypto to present day markets somehow, crypto will not fly.

Crypto will take off for good when businesses are able to pay their utility bills using it. When a business is able to buy their stock using crypto. Without some regulation this is impossible because at some point you'll need to use Bitcoin tx's as receipts for stuff. Right now a TX has no legal power. Showing a judge that you paid for something using a big hash of numbers will mean nothing legally.

We are at the very early stages of crypto still. Most people in crypto are simply hoarding coins for the future. Some regulation is needed to glue the technology to real world legally binding actions.

[b3llsf1l3s]

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/

:/

if it's really like that, then it seems like India has closed the possibility of crypto going to develop there. What about the ICO whose CEO and Team are Indians and also their companies in the country ? Do they continue the ongoing project?

[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/

:/

if it's really like that, then it seems like India has closed the possibility of crypto going to develop there. What about the ICO whose CEO and Team are Indians and also their companies in the country ? Do they continue the ongoing project?

Team may be from India but i don't think any icos would be registered in India. Singapore, malta - most icos get license from there.

[AltcoinTradingSignal.com]

It's not India, but almost every government out there. They don't like decentralization as it will take control away from them. However, I do hope that India regulates crypto rather than banning it. If they ban crypto, it will not help them progress rapidly compared to other countries with proper crypto regulations

[leetcoiner]

It's not India, but almost every government out there. They don't like decentralization as it will take control away from them. However, I do hope that India regulates crypto rather than banning it. If they ban crypto, it will not help them progress rapidly compared to other countries with proper crypto regulations

This is not just about India - it's about every state, because decentralization as a phenomenon is not beneficial to any government. In fact, decentralization is a direct antagonist of government and administrative power, since power is the systematic management of one entity over another, and decentralization is the independence of each entity in the system.

[NoMoreForksPls]

India is like the next China, banning crypto every few months, it seems like.
But I agree governments might make buying it harder, but they can't totally ban crypto, I just don't see it happening.

[kamBlanV]

the government of india is faced with 2 public conditions:
1. a large public demand for crypto regulation.
2. high crime, the government is worried that crypto will be used for criminal acts.
the government of india must unite 2 different conditions of society with a 1 regulation.
but, I think, if global finance accepts crypto as legal money, then India will make regulations.

[redsap]

Wow, that was a quiet determined issues that make a big impact on the india economic, i think cryptocurrency can being regulated but it needs take a little longer too wait the technology development that can match to regulated crypto technology because i think it is a high tech in economic need a lot of development to compare that

[loveinberlin]

It was interesting to read this information. I think that crypto is in danger not only in India. It is going to be in danger for some time but in future it will be safe when all governments accept it

[libert19]

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

There is reason they are 3rd worlds, they need to learn from Japan, USA. They should be following such examples rather than going against it.

[jcarlo]

I am still optimistic cryptocurrency market will be regulated. Recently, country member G20 already make a statement that cryptocurrency will regulated and i think most country will follow this step. Cryptocurrency is uninviteable market and government should regulating it and can gain taxes from this market