Here is why Cryptocurrency future in India is in danger

[Duzter]

This news rolled out last year, and now we've crossed more than three months time. By now India might have changed the plan of banning bitcoin usage in India realizing the need of cryptocurrency. As every government, Indian government too have stated the issue of regulating bitcoin as the major factor for banning. Perfect plan could sought these issues.

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[lyks15]

When you are living in India it is very hard to invest in cryptocurrency because on that statement but I think that statement is very unreasonable said because how can cryptocurrency will be possible if their minds are always close in proposing of use and regularization of bitcoin. When it is already implemented many of bitcoin investor in that country will loss.

[michellee]

When you are living in India it is very hard to invest in cryptocurrency because on that statement but I think that statement is very unreasonable said because how can cryptocurrency will be possible if their minds are always close in proposing of use and regularization of bitcoin. When it is already implemented many of bitcoin investor in that country will loss.

I am sure that in someday, they will realize their mistake and they will allow cryptocurrency in India. They don't know that their people can earn money because of cryptocurrency and if they know that and they join in cryptocurrency too, I am sure that they will understand how cryptocurrency can make people have a new source to make money. It's not because of regulating cryptocurrency or not, but it's about how people can earn a new opportunity to make money.

[Sultanar484]

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/

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India is one of the largest countries for crypto If India is suitable for crypto, South Asian countries like Bangladesh, Pakistan, Srilanka will take actions by the influence of India but if India is against crypto, our future related to crypto will become gloomy.

[Johnzky]

The last time i have read about this issue is Rural Bank of India has lowered the policy towards crypto associated things?or maybe i missed something on that part as I can’t find the thread in which i read that

This news rolled out last year, and now we've crossed more than three months time. By now India might have changed the plan of banning bitcoin usage in India realizing the need of cryptocurrency. As every government, Indian government too have stated the issue of regulating bitcoin as the major factor for banning. Perfect plan could sought these issues.

Yeah thats what I thought also since the India government is in need a help and that can be done with cryptocurrency for their economic stability

[Question123]

It will not happen I thinl and I hope Im right, India is one of the good country who accepting the cryptocurrency and I don't like if they ban cryptocurrency to their country. I don't think why still some of the offciail of the government are really want to ban cryptocurrency even it's very helpful to most of the user of it. I hope future of cryptocurrency in India will be good not in danger.

[shamc]

India is known for being unstable, they say one thing and then it changes and something else happens. That is why they will never be able to compete with China. East Asia will embrace the blockchain, while India is going to lag behind as they always do

[Netnox]

I am not really concerned about the future of Bitcoin in India. They don't even rank among the top 5 economies and there is too much corruption, red tape and bureaucracy. IMO, we need to concentrate more on markets such as the US, EU, Japan, ex-USSR and China.

[eaLiTy]

India is one of the largest countries for crypto If India is suitable for crypto, South Asian countries like Bangladesh, Pakistan, Srilanka will take actions by the influence of India but if India is against crypto, our future related to crypto will become gloomy.

Asian countries have a huge population and majority of the financially upwards countries accepted bitcoin and the new market, only emerging countries and third world countries have no clue on how to regulate the market and they find it difficult to come up with any regulatory framework and that does not make any difference in the global scheme of things.

India is known for being unstable, they say one thing and then it changes and something else happens. That is why they will never be able to compete with China. East Asia will embrace the blockchain, while India is going to lag behind as they always do

Corruption is the major issue when it comes to third world countries and there is nothing good you can represent that they do when it comes to political correctness where the world can follow, even the current Supreme court verdict about the crypto market is being extended for the past one year and i am sure there is nothing positive to come from the current government and with elections in the corner, who knows what is going to happen.

[Teawhalee]

this is just a confirmation that the revolution that the blockchain technology is erupting through cryptocurrency is a real one and now its now a threat to some governments because they do not want their citizens to be free and also its very difficult for them to manipulate it. these countries like India are placing bans on cryptocurrency trades and usage. but it will be dawn on them very soon because they wont have a choice when top nations have legalize  bitcoin and other cryptocurrency.

[libert19]

I am not really concerned about the future of Bitcoin in India. They don't even rank among the top 5 economies and there is too much corruption, red tape and bureaucracy. IMO, we need to concentrate more on markets such as the US, EU, Japan, ex-USSR and China.

lol, sure you can concentrate on nations you are interested in but Indians can't ignore this, just two days ago there was draft bill proposing blanket ban and jail term for crypto users.

[libert19]

I'm not really bothered about the future of bitcoin in India because they aren't stable. They say one thing today and say another the next day. That's why block chain technology can never grow in some Asia countries like India.

Pretty much, we are confused as well. Yesterday night, Subhash Garg, who was DEA and the head of comitee who proposed ban on cryptos just got replaced my someone else.

[Kakmakr]

India is 78th on the 2012-2018 Corruption Perceptions Index table. Source : https://en.wikipedia.org/wiki/Corruption_Perceptions_Index
What did you expect from a corrupt government like that? They will never allow a currency that would give transparency to their tender corruption and the power to manipulate the value of their reserve currency.

They simply want to control their citizens and they want to protect their own reserve currency and the only way to do this is to ban competing technologies.  

[dimox]

not only in India i think, other country have problem like this. and i think you still use crypto, can invest, trading, and other actifity. crypto cant be banned because crypto is special.
maybe there is some reason why government banned crypto from India, and it will have good reason for that country.

[DarkDays]

Let me quote something for you guys “Presently, there is no separate law for dealing with issues relating to cryptocurrencies,” wrore Thakur in his response. “Hence, all concerned Departments and law enforcement agencies, such as RBI, Enforcement Directorate and Income Tax authorities, etc. take action as per the relevant existing laws.”  This is what the Minister of State for Finance and Corporate Affairs Anurag Thakur had to say about the legality of Bitcoins. Remember the asset is not yet banned and the report was prepared months before Libra's announcement. If anything the current BJP government is greed af and caters to big corporates. All facebook has to do is grease the right palms and everything will be okay.

[Haunebu]

Let me quote something for you guys “Presently, there is no separate law for dealing with issues relating to cryptocurrencies,” wrore Thakur in his response. “Hence, all concerned Departments and law enforcement agencies, such as RBI, Enforcement Directorate and Income Tax authorities, etc. take action as per the relevant existing laws.”  This is what the Minister of State for Finance and Corporate Affairs Anurag Thakur had to say about the legality of Bitcoins. Remember the asset is not yet banned and the report was prepared months before Libra's announcement. If anything the current BJP government is greed af and caters to big corporates. All facebook has to do is grease the right palms and everything will be okay.

Good point. Facebook would have prepared itself for the worst and will probably deal with all the bullshit in its own way and launch Libra around the world no matter how many governments oppose them.

Their inspiration : BTC. Bitcoin has survived ever since its inception in 2009 and it has grown drastically in value over time no matter how many governments opposed it.

[erikalui]

India is 78th on the 2012-2018 Corruption Perceptions Index table. Source : https://en.wikipedia.org/wiki/Corruption_Perceptions_Index
What did you expect from a corrupt government like that? They will never allow a currency that would give transparency to their tender corruption and the power to manipulate the value of their reserve currency.

They simply want to control their citizens and they want to protect their own reserve currency and the only way to do this is to ban competing technologies.  

The countries that are bitcoin friendly too are in the list so corruption hasn't to do anything with crypto being considered legal or illegal but they are just threatening to ban it as they want to show the country how they are dealing with money laundering (like they did with demonetizing big currency notes which flopped badly). Also, not to forget that there is no legal argument to prove how crypto can be beneficial as it can't be regulated which makes RBI's case stronger. The draft of the bill to ban cryptos has already been approved now (not passed yet).

[libert19]

India is 78th on the 2012-2018 Corruption Perceptions Index table. Source : https://en.wikipedia.org/wiki/Corruption_Perceptions_Index
What did you expect from a corrupt government like that? They will never allow a currency that would give transparency to their tender corruption and the power to manipulate the value of their reserve currency.

They simply want to control their citizens and they want to protect their own reserve currency and the only way to do this is to ban competing technologies. 

The countries that are bitcoin friendly too are in the list so corruption hasn't to do anything with crypto being considered legal or illegal but they are just threatening to ban it as they want to show the country how they are dealing with money laundering (like they did with demonetizing big currency notes which flopped badly). Also, not to forget that there is no legal argument to prove how crypto can be beneficial as it can't be regulated which makes RBI's case stronger. The draft of the bill to ban cryptos has already been approved now (not passed yet).

When draft bill passed?

Edit: when was it approved too? Which news site you follow for your updates. I think you need to change it.

[ElmedoRator]

They are concerned that their currency will be badly affected. Security issues in the sale of weapons and money laundering will increase sharply if the Indian government does not ban Crypto. They are a country with a tradition of Buddhism and ancient times. Perhaps they will miss the technology in the future, the currency that changes the world. Yield the blockchain sweet cake to China and Western countries

[libert19]

They are concerned that their currency will be badly affected. Security issues in the sale of weapons and money laundering will increase sharply if the Indian government does not ban Crypto. They are a country with a tradition of Buddhism and ancient times. Perhaps they will miss the technology in the future, the currency that changes the world. Yield the blockchain sweet cake to China and Western countries

India is combination of all casts, however most follow hinduism and not Buddhism.